Reversal in the Crypto Market – Weekly Update

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The cryptocurrency market has been under prolonged bearishness; however, the recent week brought good news to the crypto space as the bulls began to dominate the market. Like the previous week, the gaming tokens are coming on top with phenomenal gains although other cryptocurrencies are catching up as well.

Highlights of the week

Here are the top developments that happened around the market:

  • The market sentiment shifted drastically after prolonged bearish momentum. Bitcoin’s price hit $40k after 6 weeks while Ethereum touched $2,500. However, both the king and queen of the market fell – not being able to sustain the bullish momentum
  • According to Bloomberg’s senior analyst, Bitcoin may be seeing good days soon as 60k seems more likely than 20k
  • The IMF had not been a fan of El Salvador making Bitcoin legal tender in the country. It has issued yet another veiled warning as two officials listed down the potential problems that cryptocurrencies could cause
  • Binance will be issuing tokenized versions of masterpieces of Van Gogh, Monet, Da Vinci, and Giorgione through its NFT marketplace in partnership with a Russian museum, State Hermitage Museum
  • Shopify has announced support for NFTs. The ecommerce firm’s partners will now be able to sell NFTs to fans directly
  • With the growing popularity of the blockchain technology, Coinbase believes that a Bitcoin Exchange-Traded Fund is a matter of when and not if anymore in the United States. The crypto exchange believes that the country’s policies are “softening” towards crypto
  • Brazil is going stringent of crypto regulation. The country has launched Operation Exchange with the aim to stop money laundering through the crypto space. A seizure of $33 million has been reported in the operation so far
  • Rumors about Amazon’s exploration into crypto space and the possible acceptance of cryptocurrencies as a payment method were rampant; however, the tech giant has denied all rumors. Although a spokesperson revealed that Amazon is still interest in the exploration of the technology
  • The investment giant – JPMorgan – has announced access to cryptocurrency exposure for its wealth management clients
  • Dfinity has been under controversy since the launch of the Internet Computer Protocol. The firm now finds itself amidst a class-action lawsuit in California which alleges the sale of ICP as an unregistered security

Top Weekly Gainers

The past few weeks have been dominated by gaming tokens. The trend appears to continue this month too as our top performer’s list is mostly filled with gaming tokens with phenomenal gains.

CryptoBlades (SKILL) ranks first in our list with a staggering gain of 367% in the weekly timeframe. The cryptocurrency stands at a price level of $138. After minor corrections, CryptoBlades appears to be moving in the upward direction once again. In the daily timeframe, CryptoBlades has increased by 16% while the trading volume has fallen by 13%. CryptoBlades is an NFT game based on Binance Smart Chain.

Massnet (MASS) has exploded since the beginning of the week. The cryptocurrency is on a steep upward trend which appears to have toned down a bit. Massnet had a phenomenal gain of 226% in the past seven days. At the time of press, Massnet stands at a price level of $1.25. In the past twenty-four hours the price of the cryptocurrency has increased by 15% while the trading volume has gone up by nearly 60%. Massnet provides consensus services to public blockchains – being a basic infrastructure layer.

Axie Infinity (AXS) has been the best performer in the top hundred cryptocurrencies consistently. The trading and battling game has grown by 148% in the past week alone. Axie Infinity has also managed to establish a new all-time high at $49.58. The price of the cryptocurrency has dropped by 23% from the ATH. In the daily timeframe as well, the cryptocurrency is falling – with a decrease of nearly 5%. The trading volume has also fallen by 5%. Market corrections appear to have begun for the cryptocurrency. The question is now, how hard will AXS fall?

Alien Worlds (TLM) is a long way from its all-time high but it has surmised amazing gains in the past seven days. The cryptocurrency has increased by 100% in the weekly timeframe. At the time of publication, Alien Worlds is trading hands at $0.27 apiece. The trajectory of the cryptocurrency appears to have been reversed as it is moving downhill in the daily timeframe. The price of the cryptocurrency has declined by 10% while the trading volume has gone down by 40% in the past twenty-four hours. Aline Worlds is an NFT and DeFi gaming platform.

My NeighborAlice (ALICE) is the final top performer of the week. The cryptocurrency appears to be starting an upward trend. ALICE token has surged by 112% in the past week. At the time of writing, the cryptocurrency stands at a price level of $10.32. The price of the cryptocurrency has increased by 3% while the trading volume has declined by 33% in the daily timeframe.

Top Weekly Losers

The past week has been marked by increased bullish momentum in the market. Cryptocurrencies have started moving upwards after prolonged bearishness in the market. Hence, the top losers of this week’s list have relatively lower losses.

ASTA (ASTA) has been on a downhill since the beginning of July. The cryptocurrency has fallen by 18% in the past seven days. At the time of writing, the cryptocurrency stands at a price level of $0.022. The price of ASTA has observed a decline of 11% in the past twenty-four hours while the trading volume has jumped up by 30%. The cryptocurrency has a market cap of $40 million.

RedFOX Labs (RFOX) has been under the grips of the bears for a while now. The cryptocurrency has started its descent after it peaked in the 2021 bull run and has been falling steadily since May. RedFOX Labs has declined by 15% in the past seven days. At the time of publication, the cryptocurrency stands at a price level of $0.034. The price has also fallen by 14% in the daily timeframe while the trading volume has declined by 50%. RedFOX Labs builds blockchain solutions.

Ecomi (OMI) has been relatively stable on its downward trajectory which started in the second week of July. The cryptocurrency has fallen by 15% in the weekly timeframe. At the time of publication, Ecomi stands at a price level of $0.0026. The price has declined by 7% in the daily timeframe while the trading volume has fallen by 4%. Ecomi is an ecosystem for digital collectibles.

Galastasary Fan Token (GAL) showed some bullish momentum in the beginning of July; however, it could not be sustained and the cryptocurrency started off downwards. In the weekly timeframe, the fan token has fallen of 14%. At the time of press, Galastasary Fan Token stands at a price level of $10.52. The price of the cryptocurrency is showing a minor positive change in the daily timeframe while the trading volume has declined by 15%.

The final loser of the week is Kadena (KDA) with a loss of 11%. The cryptocurrency has been moving downward – although with short bursts of bullish divergence – since the peak of the bull run in early May.  At the time of press, Kadena stands at a price level of $0.30. The price has also declined by 15% in the past twenty-four hours while the trading volume has dropped by 30%.

All-time High Coins

The bullish momentum of the market has helped many cryptocurrencies reach towards newer highs. Here is a list of the cryptocurrencies that managed to fully take the gains from the bullish divergence:

Wall Street Games (WSG) shot upwards in the daily timeframe after consolidating price movements. The cryptocurrency recorded a new all-time high recently. The upward trajectory of the cryptocurrency does not appear to be slowing down yet. Wall Street Games is a hybrid gaming platform based on the blockchain.

Metahero (HERO) established its all-time high at $0.017 in the daily timeframe. The cryptocurrency has fallen by 8% from its ATH – currently trading at $0.016. The price of the cryptocurrency has increased by 11% in the past twenty-four hours while the trading volume has increased by 36%. Metahero is brining 3D scanning and modelling tech ology into the blockchain space for NFTs and other virtual items.

Rakon (RKN) is another ATH coin with a new high established at $0.56 in the past twenty-four hours. At the time of writing, Rakon stands at a price level of $0.49 with the price falling in the daily timeframe. Rakon has been highly volatile in the recent timeframes and a sharp decline can be expected from it. The network aims to connect various technological infrastructure in a decentralised manner.

FaraLand (FARA) has been moving upwards sharply. The cryptocurrency established its all-time high at $5.13 in the past twenty-four hours. At the time of writing, FaraLand stands at a price level of $5.10. The cryptocurrency has gained by 17% in the past twenty-four hours while the trading volume increasing by 63%. Faraland is one of the top games on Binance Smart Chain.

Cryptocean (CRON) is the final ATH cryptocurrency in our list. Cryptocean established its all-time high at a price level of $2.15 in the past twenty-four hours. The current price of $2.05 has fallen by 4% from the ATH. The price of the cryptocurrency has not yet confirmed a downward movement. Cryptocean is a processing platform which aims to integrate technology into financial services.

Hot ICOs to Watch Out For

Active ICOs

The crypto market is flooded with new projects every day because of how novel it is and the scope of exploration it possesses. Initial Coin Offerings are one of the ideal ways to invest in the market which has the potential for greater returns. Here is a list of some of the hot ICOs going on right now:

DeRace is a virtual NFT horse racing game. Since the past few weeks have seen an explosion of gaming tokens, it may be an ideal time to invest in NFT based virtual worlds. The ICO of the project is set to end in a day. The fundraising goal of the project is to raise $2,040,000 with each token priced at $0.05.

Kalata Protocol is a decentralized finance platform. The platform can be utilized to trade stocks, commodities or any other derivative through decentralized price collateral. The ICO of the project will end on July 30th. Kalata Protocol aims to raise $500,000 with each token priced at $0.20.

Cardence is a multichain decentralized presale platform based on the blockchain of Cardano. The ICO of the project had begun on July 20th and will last through August 20th. The project aims to raise $100,000 through the token sale with each token priced at $0.04.

DinoX is a combat and strategy game themed on dinosaurs. This is another good project to look into given the current market hype of gaming tokens. The project aims to raise $1,280,000 through the token sale. So far, it has managed to collect $1,000,000.

Hi is a not-for-profit digital banking service aimed at eliminating the problem of centralized banking. Hi wants to provide banking services to for everyone, feeless. As a paradigm shift is being observed towards decentralized technologies, platforms like Hi can gain a lot of popularity.

Upcoming ICOs

Investing in ICOs is a tricky business so it is important to do your research and due diligence. We have compiled a list of some of the good upcoming projects that you can look into.

Yield Guild Games is a decentralized autonomous organization aimed at investing in non-fungible tokens used in blockchain-based games. The ICO of the project is set to begin in a couple of hours. No fundraising goal or closing date has been announced yet.

Only1 is the first social media platform powered by non-fungible token technology built on Solana. The project aims to cut out middlemen so as to make users feel more connected with content creators. The ICO of the project will begin on 2nd August with a fundraising goal of $100,000. Each token will be priced at $0.06.

Creator Platform is a Blockchain-As-A-Service with the aim of aiding entrepreneurs and firms in building decentralized apps. The token sale will begin on 5th August with a fundraising goal of $400,000.

PandaSwap is a decentralized exchange based on OKEx Chain. However, PandaSwap takes it to the next level and has added a lot more features. The token sale aims to raise $100,000 with each token priced at $0.03. The date for the token sale is yet to be announced.

CoinsPaid is an established financial ecosystem with around 700 merchants registered. CoinsPaid provide various crypto products and services. The project is launching its token, CoinsPaid Token, which will serve the purpose of utility in the ecosystem. Further details of the project are yet to be revealed.

Ended ICOs

Here are some of the good projects that have ended:

  • Coinburp is the first NFT crypto wallet. The project’s ICO ended on 26th July and managed to raise $250,000
  • Coin98 Labs is a DeFi platform which offers the full range of DeFi services and products. The token sale ended on 23rd July raising $15,000,000
  • Vent Finance is a community-based IDO launchpad. The ICO ended on 23rd July and managed to collect $1,360,000
  • Scaleswap is another IDO launchpad but it is completely decentralized. The token sale ended on 21st July – raising $2,680,000
  • PolkaCipher is a cross-chain oracle focusing on NFTs. The project managed to raise $2,170,000

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