The new week brought in bulls for some of the cryptocurrencies – most notably, Bitcoin and Ethereum. Our weekly newsletter will take you on trip around the crypto market – exploring different asset classes and newer innovations.
Highlights of the week
Here are the top developments that happened around the market:
- Bitcoin has passed $46,000 for the first time since the crash in May with a weekly gain of nearly 20%. Ethereum is operating over $3,000 with 27% gain in the past week. The king and queen of the market are picking up the pace once again.
- An amendment in the US senate’s $1 trillion infrastructure bill which exempts non-custodial crypto users from taxation has been rejected by the senate
- Circle’s USDC stablecoin functions on state bank regulations and it is now seeking to become a national digital currency bank. USDC will face stringent regulations and more intensive oversight
- Axie Infinity gained phenomenal growth in the DeFi gaming sector explosion. It has become the first Ethereum-based NFT game to cross $1 billion in sales
- After Ripple, the SEC has targeted another crypto project. The SEC alleges that the Ethereum-based network DeFi Money Market has raised $30 million through the sale of unregistered securities
- The crypto brokerage firm Genesis revealed that institutional investment in Ethereum and in the DeFi sector has increased sharply in the past month
- EIP-1559 – the highly anticipated upgrade of Ethereum – is now live. The upgrade is expected to reduce gas fees and boost ETH’s price through deflationary pressures
Top Weekly Gainers
The highly volatile cryptocurrency market moves up and down regularly. Cryptocurrencies are usually correlated and move in tandem with the trend and the minor bullish momentum has resulted in plenty of cryptocurrencies accumulating high gains.
Alchemy Pay (ACH) takes the first place on our list with a phenomenal growth of 745% in the past week. The cryptocurrency is the first of its kind which is designed to bridge the fiat and crypto economies. Alchemy Pay surged upwards with the start of the new month and even established a new all-time high. The bullish momentum has died down a bit and the cryptocurrency is oscillating downwards. At the time of writing, ACH coin stands at a price level of $0.10 with a 2% downside move in the past twenty-four hours. The daily trading volume has also declined by 40%.
Wirex Token (WXT) is the second-best performing cryptocurrency with an increase of 300% in the weekly timeframe. The bullish momentum has been going strong for the cryptocurrency since the beginning of August and does not appear to be dying down. At the time of publication, Wirex Token stands at a price level of $0.015. The price has surged upwards by 100% in the past twenty-four hours. The daily trading volume has surged upwards by 770%.
Badger DAO (BADGER) has shot upwards by 137% in the past seven days. The bullish momentum has slowed down for the cryptocurrency but the bulls have dominated the market once again. Badger DAO currently stands at a price level of $25.94. The price has increased by 20% in the past twenty-four hours. The DAO is dedicated towards products and services which simplify the use of Bitcoin.
Casper (CSPR) is another well-performing cryptocurrency of the week. Casper has increased by 104% in the past seven days. At the time of writing, the cryptocurrency stands at a price level of $0.13. The uptrend has been broken and has moved to the downside by 4%. Casper is the first live Proof-of-Stake blockchain. It is aimed towards increasing the adoption of smart contracts and the blockchain technology.
Ravencoin (RVN) is on a strong uptrend since the end of July. The cryptocurrency has had an increase of 76% in the past seven days. At the time of publication, Ravencoin stands at a price level of $0.11. The price has increased by nearly 20% in the past twenty-four hours. The daily trading volume has shot upwards by 280%. Ravencoin is a hard fork of Bitcoin’s code and focuses on increasing the transferability of assets across blockchain.
Top Weekly Losers
The market has not been highly bearish with a near neutral move. However, some cryptocurrencies have still portrayed strong bearish momentum. Here is a list of the top five losers to bet on for a good short trade:
Egoras (EGR) peaked at $0.23 early June. Ever since then, the cryptocurrency has been moving downhill. In the past week, Egoras declined by 36% and the downtrend continues to go strong. At the time of writing, Egoras stands at a price level of $0.02. The price has declined by 2% in the past twenty-four hours while the daily trading volume has increased by 15%. Egoras is designed to solve the problems facing the microfinance sector.
RChain (REV) had not been able to pick up the pace during the bull run of 2021. It was not able to skirt even close to the ATH of the 2018 bull run. The cryptocurrency is in strong grips of the bears. In the weekly timeframe, RChain declined by 22%. At the time of publication, the cryptocurrency stands at a price level of $0.135. The price has declined by 4% in the past twenty-four hours while the trading volume has increased by 80%.
YOUcash (YOUC) is another top loser of the weekly with a seven-day decline of 17%. The cryptocurrency has been highly volatile and moving downwards. At the time of writing, YOUcash stands at a price level of $0.07. The price has declined by 6% in the past twenty-four hours while the trading volume has declined by 45%.
Numeraire (NMR) had started off on an uptrend; however, bearish momentum overtook the market in the recent timeframe. The cryptocurrency has declined by 17% in the past twenty-four hours. The price of NMR token has increased by 4% in the past twenty-four hours. A trend reversal may be seen soon as the cryptocurrency is moving upwards in the daily timeframe.
THORChain (RUNE) begun declining on 5th August and the uptrend was broken. In the past seven days, THORChain has declined by 7%. At the time of writing, the cryptocurrency stands at a price level of $6.76. The price has declined by less than 1% in the past twenty-four hours while the daily trading volume has surged upwards by 25%. THORChain is a decentralized liquidity protocol.
All-time High Coins
The market is flooded by ATH coins every day especially if the market shows a positive movement. We have compiled a list of five cryptocurrencies that have established their all-time highs in the weekly timeframe.
Evolution Finance (EVN) has been trending upwards since 20th July. EVN token has established a new all-time high at $845 a couple of hours ago. The price has declined by 3% since the ATH. At the time of press, Evolution Finance stands at a price level of $821. The price has increased by 5% in the past twenty-four hours.
EpiK (EPK) is another cryptocurrency that established an all-time high in the weekly timeframe. The bulls are going strong for the cryptocurrency. The ATH was established at $1.53 a couple of hours ago. The current price stands at $1.52 – down by only 0.36% from the ATH. In the daily timeframe, EPK coin has increased by 39% while the trading volume has shot upwards by nearly 200%.
DigitalBits (XDB) is on a strong uptrend since the past week. The all-time high was established at $0.1951 in the past twenty-four hours. The price of the cryptocurrency stands at $0.1905. The price has increased by 5% in the past twenty-four hours while the trading volume has increased by 20%.
Vectorspace AI (VXV) had pulled back from the bullish momentum; however, the bulls dominated once again and the cryptocurrency established a new all-time high. The ATH stands at a price level of $4.95 in the past day. At the time of press, Vectorspace AI was trading hands at $4.82. The price has increased by 6% in the past twenty-four hours while the trading volume has increased by 60%.
Thoreum (THOREUM) is the final all-time high crypto in our list. The cryptocurrency reached for $0.019 in the past twenty-four hours. At the time of press, the price has declined to $0.018. The bullish momentum has slowed down as in the daily timeframe the cryptocurrency has begun moving downwards.
Hot ICOs to Watch Out For
Active ICOs provide an ideal way to invest in a project and get involved in it right from the beginning. ICOs although riskier also have a higher potential for returns. Here is a list of some of the active projects in the market:
Kalata Protocol is a platform for decentralized finance which is powered by peer-to-peer engine that enables the trade of any asset. The platform also uses a decentralized price collateral. The token sale has been going on since August 7th and will last through August 12th. The project has set up a fundraising goal of $300,000 with each token priced at $0.27.
Cardence.io is a decentralized presale platform based on the blockchain of Cardano. The platform creates a trustless fundraising ecosystem. Cardence is the first of its kind to also integrate affiliate marketing projects, vesting schedules, whitelisting and auto locking of liquidity. The ICO has been live since July 20th and will end on August 20th. Cardence has a fundraising goal of $100,000 with each token priced at $0.04.
Ethereum Eagle is a community led effort focused on minimizing the lack of transparency between the community and miners. The holders of the token can influence the gas prices on the network and, in turn, reward miners for listening to the community. The token sale has been live since August 4th and will end on August 14th. The project’s fundraising goal is to raise $5,790,000.
dYdX is a decentralized protocol for financial derivatives built on Ethereum and Ox. The project uses off-chain order books and on-chain settlement to create efficient markets. dYdX provides lower fees, deep liquidity and greater buying power.
Hi is a not-for-profit financial service provider which aims to eliminate the need for centralized banks. The end of the token sale is not specified and neither is the fundraising goal. Each token of the blockchain is priced at $0.01.
Investing in ICOs require a lot of in-depth research and careful consideration. If investing in ongoing ICOs sound like a no-no, then we also have some hot upcoming projects which you can explore.
Toy Doge Coin is regarded as a friendlier meme token. The token also lays the foundation of the Toy Doge Ecosystem. The ecosystem will act as an educational platform as well as with high participation in children’s charities. The token sale starts in one day on 11th August. Toy Doge Coin has a fundraising goal of $50,000.
Kryptomon is an NFT-based virtual world where users can breed their own krypto creatures. The ecosystem of the virtual world is a combination of Pokemon with Cryptokitties and Tamagotchi. The token sale will begin on August 17th and has a fundraising goal of $33,000.
Alkimi is a decentralized advertising exchange based on Constellation Network’s technology. The exchange will host media exchange auction in real-time through Constellation’s technology. The ICO of the protocol will begin on 11th August and last till 19th August. The token is priced at $0.0.08 each.
Step Hero is a fantasy game based on Polygon and Binance Smart Chain. The game combined NFT and DeFi to offer a lucrative profit potential to players which can be earned easily. The ICO will begin on 15th August. Each token is priced at $0.08 for the ICO with further details to be revealed.
Gold Fever is another blockchain based game which may have great potential. The video game is free to play and earn. The players will also be able to earn directly through the game and to support the game’s ecosystem. Further details are to be revealed for the ICO.
Here are some of the good projects that you may have missed on:
- Only1 is the first social media platform powered by NFTs built on Solana. The ICO of the project ended on 3rd August while the next phase in the fundraising process is to start soon
- DeRace is an NFT horse racing game which allows players to earn profits while raising their horses. The project collected $2,040,000
- Port Finance is a decentralized money market built on top of Solana. The project ended on 9th August and raised $1,160,000 – completing its fundraising goal
- Equify regards itself as the one-stop shop for all things DeFi. It aims to make DeFi easier to use for end-user. The project ICO ended on 6th August and raised $290,000
- Bright Union is a decentralized insurance aggregator for comparing and trading crypto coverages. The ICO ended on 6th August and managed to raise $250,000
Get your hands on some of the hottest airdrops currently going on. Here is our list of some of them:
Binance P2P Summertime Special
- Create an account on Binance
- Complete KYC verification
- Invite friends to register and win up to 5 BUSD each
- Each referred has to buy at least $100 worth of cryptocurrencies through Binance peer-to-peer
- Create an account on DeFi Cake
- Complete all verifications
- Deposit $50 worth of any supported currency
- You will receive $50 worth of DFI tokens if the above referral link is used; otherwise, $20 will be received
- Create an account on Binance
- Complete KYC verification
- Connect to Binance pool and contribute 50 TH/s to win a share of BUSD 10,000
- Visit the Morpher airdrop page
- Click on “Claim your crypto”
- Create a Fortmatic wallet through Metamask
- Complete email verification
- Complete “KYC” verification
- Claim 100 MPH
- Download the SwissBorg application
- Create an account and enter the code “WUUY4TQ” to receive 3,000 points
- Play and predict
- Earn a share of up to $500,000 in Bitcoin
- Collect badges and earn up to 250 CHSB tokens