The past week has been highly bullish and the bearish trend has been reversed. We have compiled some of the gainers and losers as well as other opportunities that you can cash in on in the market. Read on to find out more!
Highlights of the week
Here are the top developments that happened around the market:
- The cryptocurrency market is surging with coins recovering the losses of the market crash. Bitcoin is touching $50,000 for the first time since the crash while Ethereum stands at $3,325
- Although BTC has gained significantly, the trading volume remains to be stagnant – which is a concern. Glassnode reveals that BTC transactions are at historically low levels
- The Ethereum’s EIP-1559 upgrade has been one of the most anticipated upgrades. Per the proposal, $221 million worth of ETH has been burned so far.
- Substack, a popular US-based newsletter platform, has announced to accept payments in Bitcoin, although only for a few publishers for now
- The second-largest stablecoin, USD Coin (USDC), will now be held only in cash and US securities as announced by the stablecoin’s firm, Circle
- PayPal has launched cryptocurrency services for its UK userbase. Users will now be able to buy, sell and hold Bitcoin, Ethereum, Litecoin and Bitcoin Cash through PayPal’s website and application
- The accounting firm Deloitte performed a survey of accounting professionals and the survey revealed that 76% of the respondents think cryptocurrencies will replace fiat in 5 to 10 years
- The NFT bandwagon is going crazy. An NFT of a picture of a rock was sold for $608,000 and this is just one of the many crazy purchases of NFTs going on
- A DeFi protocol on Solana by the name of Luna Yield has disappeared with $6.7 millions of investors’ money just two days after launch
- El Salvador’s Bitcoin bill has been highly controversial. President Bukele states that the use of Bitcoin as a mode of payment is not compulsory – which is contradictory to what the law states
- Iran is responsible for 4.5% of global Bitcoin mining and the rate is expected to go much higher as the country is set to lift its Bitcoin mining ban
Top Weekly Gainers
The cryptocurrency market has been bullish for the past week. Most cryptocurrencies appear to be recovering since the market crashed badly after the bull run. Here is a list of some of the top performers of the week:
Avalanche (AVAX) is the top performer of the week with a gain of 156%. The cryptocurrency has been trending upwards since the beginning of August. The steep uptrend is moving fast towards the all-time high of $59. At the time of writing, AVAX stands at a price level of $49.50. The bullish momentum has slowed down in the daily timeframe but it can be considered a consolidation period with further chances of upside moves.
Whale (WHALE) has started off a steep upward trajectory in the weekly timeframe. The weekly performance stands at an increase of 135%. At the time of press, WHALE crypto is trading hands at $27 apiece. The cryptocurrency has surged up by 87% in the past twenty-four hours while the trading volume has increased by 670%. Whale is the first NFT-backed social token.
Wax (WAXP) is designed to bring speed to the e-commerce sector. The cryptocurrency has begun a price rally in the weekly timeframe with an increase of 96%. The price of Wax stands at $0.35 at the time of writing. However, Wax has begun a downside move in the daily timeframe. The coin lost 15% of its value in the past twenty-four hours while the trading volume has declined by 32%.
Ontology Gas (ONG) is another of our well-performing cryptocurrencies in the past week as it shot upwards. The ONG token has gained 71% in the past seven days. At the time of press, Ontology Gas stands at a price level of $1.58. The price has gained by 65% in the past twenty-four hours while the trading volume has shot upwards by 3,084%. ONG is the utility token of Ontology’s blockchain which specializes in digital identity and data.
Near Protocol (NEAR) started going upward since the beginning of August. The cryptocurrency has gained by 48% in the weekly timeframe. The price of the cryptocurrency stands at $5.57, at the time of writing. NEAR coin appears to have broken its uptrend as it started moving downhill during the past day. The trading volume has also lost 45% of its value. Near Protocol aims to make decentralized applications usable on the web.
Top Weekly Losers
While the market trend has been bullish in general, the momentum has not been successful in pulling all the cryptocurrencies up. We also have some losers in the weekly timeframe.
The first loser of the week is Radix (EXRD) with a loss of 35%. Radix has been moving downhill since the beginning of the week. The downward move is going strong and may be expected to continue for a while. At the time of writing, EXRD stands at a price level of $0.1075. The price has declined by 2% in the past twenty-four hours while the trading volume has declined by 71%.
Edgeware (EDG) has lost 24% of its value in the past seven days. At the time of writing, Edgeware stands at a price level of $0.0103. The price may have broken it downtrend as the cryptocurrency has increased by 3% in the past twenty-four hours while the trading volume has declined by more than 10%.
Centrifuge (CFG) has been one of the low performing cryptocurrencies with a weekly loss of 18%. However, the trend may be reversed as the cryptocurrency gained by 2% in the past twenty-four hours while trading volume has also increased by nearly 20%. Centrifuge stands at a price level of $1.23 at the time of writing.
Audius (AUDIO) had been trending upwards; however, in the recent timeframes the cryptocurrency began falling. The coin has fallen by 16% in the past week. At the time of writing, AUDIO stands at a price level of $3.00. the price has declined by 3% in the past twenty-four hours while the trading volume has gained by nearly 50%. Audius is a decentralized music sharing and streaming platform.
Smooth Love Potion (SLP) is one of the utility tokens of the Ethereum-based NFT game, Axie Infinity. The token had been surging as the game exploded but the market appears to be in corrections now. SLP token lost 11% of its value in the past seven days. At the time of writing, Smooth Love Potion stands at a price level of $0.15. The price has declined by 3% in the daily timeframe while the trading volume has moved down by 10%.
All-time High Coins
The bullish momentum of the week is undoubtedly to result in cryptocurrencies reaching for new ATHs. We have compiled a list of some of the few cryptocurrencies that established a new all-time high. Check it out!
Terra (LUNA) established a new all-time high at $34.51 in the daily timeframe. The current price stands close to the ATH at $34.00. So, a new ATH can be expected to be formed by the cryptocurrency once again as the bullish momentum has not ended yet. The price of the cryptocurrency has increased by 16% in the past twenty-four hours while the trading volume has surged upwards by 78%.
Constellation (DAG) is another token that recorded a new all-time high in the daily timeframe. The ATH stands at $0.39 and the current price is down by 2% from the ATH – at $0.38. The price of Constellation has increased by 12% in the past twenty-four hours while the trading volume has increased by 134%.
Unibright (UBT) has recorded the new ATH at $3.04. The current price is at $2.70. The cryptocurrency has been on a strong uptrend since the end of July. The price of Unibright has increased by 16% in the past twenty-four hours while the trading volume has surged by more than 200%. Unibright stands at a market rank of 140.
Bifrost (BFC) established its all-time high at $0.795 nine days ago. The price of the cryptocurrency has fallen by 30% since the ATH. At the time of writing, Bifrost stands at a price level of $0.544. Bifrost fell to market corrections after the ATH but the upward momentum appears to be restored as the token has been moving up in the past twenty-four hours.
TomoChain (TOMO) is the final ATH coin for the week in our list. The cryptocurrency’s new all-time high stands at $3.84. The current price of the cryptocurrency is at $3.75. The bullish momentum has not died yet so the ATH can be expected to be broken. In the daily timeframe, the price has increased by 7% while the trading volume has surged up by 10%.
Hot ICOs to Watch Out For
Investing in ICOs is one of the best ways to capitalize on the gains of the cryptocurrency market as they have a much higher profit potential. Here is a list of some of the top projects that you can explore:
Synapse Network is aims to bring investors and projects that need funding together. It aims to serve as a bridge – helping both investors as well as startups. The project will make investing in new projects as well as fundraising much more accessible and easier. The ICO of Synapse Network will end on 25th August. The fundraising goal of the project is to raise $255,000.
As the cryptocurrency market is taking off, new projects are coming which are targeting fundraising problems. TenUp is another such project. TenUp is a micro-finance platform based on the blockchain technology. The project is powered by the community and will help startups raise fund but the interesting part is that the network also aims to help refugees and the unbanked population of the world.
The growth of the NFT space has been commendable which makes new NFT projects an attractive proposition. You may want to look up a new NFT marketplace called AirNFTs. The marketplace is based on Binance Smart Chain. The fundraising goal is at $10,000,000. The ICO has bene live since 12th August.
CoinsPaid is one of the largest payment ecosystems for cryptocurrencies. The success of the project is commendable which is why it is expanding into the decentralized finance sphere. CoinsPaid is also launching its utility token with the ticker CPD. Given that the network is well established, the ICO is expected to go well so it may be a good investment.
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.
Since ICOs has a high profit potential, they are also much riskier which means thorough consideration is needed before investing. For this reason, we have also compiled a list of some of the upcoming projects.
BitDAO is one of the most hyped-up projects with the ICO beginning on 25th August. The network is focused on increasing the adoption of the blockchain technology, especially the decentralized finance sector, all the while fostering innovation and collaboration in the market. The fundraising goal of the project is $100,000,000.
Daisy Network is a trading platform and launchpad which utilizes the blockchain technology as well as artificial intelligence. The project also aims to give exposure to retail investors for fundraising. The ICO sale will begin on 25th August. Daisy Network has set its fundraising goal at $84,125with each token priced at $5.
Multigame is a modern GameFi platform. With the explosion of the NFT gaming sector, a boom may be expected soon again which makes upcoming projects in the sector worth exploring. Multigame focuses on the ease of use as well as fairness. The project is based on Binance Smart Chain but will also be made compatible with Ethereum. The ICO will begin on 30th August with a fundraising goal of $110,000.
Another blockchain-based game is Star Atlas. The game has a futuristic SciFi backdrop which focuses on strategy, tactics, and exploration. The ICO of the project is expected to begin tomorrow. Each token is priced at $0.0013 while the fundraising goal is yet to be announced.
Swaperry is a decentralized exchange built on top of Polkadot. The DEX offers many features with a focus on performance and transparency. Moreover, Swaperry also enjoys the security and scalability of the Polkadot network. The ICO of the Dex will begin in three days. The project has set its fundraising goal at $100,000 with each token priced at $0.05.
Here a list of some of the projects that have ended if you want to know:
- Ethereum Eagle is a project focused on bridging the gap between the community and miners. The project was able to raise $48,000,000
- StartFi is a network for NFT creators based on Web3. The project raised $1,400,000 through the ICO.
- Mango Markets is a decentralized trading platform which is focused on the ease of use for traders. The ICO ended with a staggering $70,000,000 raised.
- Port Finance is a decentralized money market based on Solana. The project was able to raise 100% of its fundraising goal of $1,160,000
- Bright Union is a decentralized insurance aggregator. The project raised $250,000
Free tokens? Yes, please! Here is a list of some of the airdrops going on:
QTUM Trading Competition
- Create an account on Binance
- New users who join during the activity period with a total trading volume of 190 QTUM or more will be eligible for a challenge
- 50 winners will be selected from the challenge each winning $200 worth of QTUM vouchers
- The top thirty users on the basis of trading volume will be selected to share a pool of $330,000 QTUM tokens
- Check out the article for more details
Trial Fund Voucher
- Create an account on Binance
- Complete intermediate verification
- Receive 500 BUSD Savings Trial Fund Voucher
Dego Trading Competition
- Create an account on Binance
- New users who join during the activity period with a minimum trading volume of 45 DEGO in any DEGO trading pair will be eligible to share a prize of $10,000 in DEGO vouchers
- All users will a trading volume of 460 DEGO or more will share a pool of $40,000 in DEGO token vouchers based on their proportionate trading volume
- 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