Another week, another newsletter. The bullish momentum of the market may have ended but the recent developments in the market indicates good things for the future of the cryptocurrencies. With the NFT sector exploding, the crypto market has crossed $2 trillion market cap. Sit tight for a quick ride through the past week in the market.
Highlights of the week
Here are the top developments that happened around the market:
- Bitcoin – after some bullish momentum – has turned bearish again. The king of the market stands at a price level of $47,345 while the queen – Ethereum – was trading hands at $3,329 at the time of writing
- After the $1 trillion infrastructure bill, the Biden Administration is coming after cryptocurrency with a $3.5 trillion budget reconciliation bill. More regulations for tax compliance are expected to be added to the bill
- DeFi leaders Aave, Sushi, Celo and Curve have joined hands to launch a $100 million initiative to make DeFi more accessible
- Binance has partnered with The State Hermitage Museum to launch NFTs of some of the most renowned artworks by artists like Da Vinci, Van Gogh, Monet and the likes
- Cryptocurrencies still have a lot of skeptics. Billionaire investor John Paulson regards cryptocurrencies to be worthless in the future
- The gaming sphere has been surging once again with cryptocurrencies like Decentraland, Enjin and Flow ending the week with high gains.
- Ethereum upgrade EIP-1559 which burns ETH instead of using it to pay miners have now burnt $400 million worth of tokens
- The NFT sector has been surging. Ethereum-based NFT marketplace OpenSea and NFT project Cryptopunks have both cross $1 billion in total sales
- The government of Cuba has announced to recognize and regulate cryptocurrencies. The country may become the second – after El Salvador – to do so
Top Weekly Gainers
The bullish momentum of the crypto market has toned down; however, some cryptocurrencies continue to move uphill. Here is a list of some of the top performers of the past week:
CVCoin (CVN) is the top gainer in our list as it had shot upwards during the past day. The cryptocurrency has gained by 160% in the weekly timeframe although the coin has begun declining in the past twenty-four hours with a loss of 39%. CVN token stands at a price of $11.87. It may be an ideal time to go short on the cryptocurrency giving the steep sudden decline.
The second winner of the week is Suku (SUKU) with an increase of 153% in the price level during the week. Suku coin is trading hands at $0.83 apiece. The price has increased by 14% in the daily timeframe – suggesting the uptrend to hold in the upcoming days. Suku blockchain is working in supply chain management. Suku has recently released a social impact DeFi protocol. The platform has also partnered with multiple entities for digitizing the supply chains in the fashion industry.
eCash (XEC) has been steadily going up after establishing a new all-time high in the weekly timeframe. The cryptocurrency has increased by 135% in the past seven days while the daily performance is up by 20%. XEC coin stands at a price level of $0.00018. eCash was originally known as Bitcoin ABC but recently rebranded. The rebranding is fueling the upward trend of the cryptocurrency.
Celo (CELO) has exploded in the weekly timeframe. The cryptocurrency rode the bulls well and established a new all-time high at $10.66. The current price of the cryptocurrency stands at $6.35. The price has increased by 55% in the daily timeframe while the weekly performance has seen a gain of 100%. Celo has recently partnered with Aave, Curve, and Sushi to launch a $100 million initiative in the decentralized finance space to boost the sector.
Arweave (AR) is another well-performing cryptocurrency that managed to record a new all-time high at $63.95. The current price is down by 12% from the ATH at $56.48. The cryptocurrency has increased by 37% in the past twenty-four hours while the weekly performance shows an increase of 86%. Arweave is a decentralized storage network which provides the indefinite storage of data.
Top Weekly Losers
As the bullish momentum has subsided in the market, cryptocurrencies have started losing their value. Corrections are bound to happen after price rallies. We have compiled a list of some of the cryptocurrencies with the worst performance in the weekly timeframe.
Dero (DERO) established a new all-time high in the past week; however, the trajectory could not be upheld and Dero fell brutally. The cryptocurrency declined by 30% in the weekly timeframe – making it one of the worst performers. The cryptocurrency stands at a price level of $11.73. The coin continues to fall with a drop of 13% in the past twenty-four hours alone. Dero regards itself as the first project to combine the Proof-of-Work mechanism with a DAG block structure for added security and increased speed.
Kin (KIN) is the top loser of the week with a loss of 32%. The bullish momentum of the market helped Kin upwards but the bulls could not be sustained and Kin is suffering. Currently, the cryptocurrency stands at a price level of $0.00011. The downward trend continues in the daily timeframe with a decline of more than 2%. Kin coin is the mode of payment within a digital ecosystem.
MaidSafeCoin (MAID) has not been able to benefit from the bulls of the market and the cryptocurrency had been highly volatile. The weekly performance of the cryptocurrency has declined by 26% which makes it one of the worst performers. MAID coin stands at $0.43 with the technical indicating a sharp downtrend. MaidSafeCoin aims to decentralize the internet and works similarly to the TOR. The network claims to have launched before Bitcoin.
XinFin Network (XDC) established a new all-time high during the past week. The cryptocurrency moved towards corrections subsequently. XDC coin has declined by 25% in the weekly timeframe. The coin stands at a price level of $0.13 with the price declining in the daily timeframe. XinFin is a hybrid blockchain designed for international trade and finance.
The last loser of the week is Dash (DASH) with a decline of 18% in the past seven days. Currently, the cryptocurrency stands at a price level of $223.59. The on-site metrics show a decline in the past twenty-four hours. Dash is an open-source blockchain with a focus on cheap and fast global payments.
All-time High Coins
The market has been flooded by new projects and so has been our list. New projects are reaching towards new all-time highs. Here is a list of the top five ATH coins of the week:
Solana (SOL) established its new all-time high at $120.33. The current price stands at $118.87. The price level of the cryptocurrency is up by 20% in the past twenty-four hours. Solana’s steep upward trend has not been broken yet. The development team of Solana has been highly active and had recently launched an educational section for developers to increase the development activity on the network.
Moonriver recorded a new all-time high at $252. Moonriver is an Ethereum-compatible parachain on Kusama and is essentially a platform for the development of smart contracts. The cryptocurrency has fallen by 30% from the ATH – at a current price of $177. In the daily timeframe, the price has upped by 25%. The network went live on 26th August on Kusama and the price has been trending since.
Bonafida (FIDA) is another cryptocurrency to establish its all-time high in the weekly timeframe. The new ATH of the cryptocurrency stands at $5.41. The current price of $5.34 is close to the ATH price; hence, the uptrend has not been broken yet. Although the daily trading volume has begun declining with a drop of 24% in the past twenty-four hours.
Clover Finance (CLV) is a newly launched project that is going upward but with high volatility. The new all-time high of CLV coin stands at $2.17. The price has declined by 12% since the ATH and currently stands at $1.88. Clover Finance is a blockchain operating system that provides infrastructure for substrate-based applications.
Solanium (SLIM) is another new project that has made it to our list. Solanium is a decentralized platform for fundraising and trading based on the blockchain of Solana. The cryptocurrency established its new all-time high at $1.46. Currently, the coin stands at a price level of $1.38 and the price has increased by 40% in the past twenty-four hours. The uptrend may be expected to continue in the upcoming days.
Hot ICOs to Watch Out For
One of the best ways to increase your return on investment by many folds is to invest into ICOs. We have compiled a list of some of the hot projects for you to look into:
Star Atlas is a strategic game of space exploration which involves conquests, political dominations and the likes. It is a gaming metaverse. According to the ranking of icodrops.com, the return on investment and hype rate is high while the risk rate is low. The token sale ends in two days and it has received 50% of its fundraising goal. The project aims to raise $1,000,000 through the ICO.
Skyrim Finance is the first multichain decentralized structured financial protocol specifically targeted towards fixed-rate and leveraged-yield DeFi products. Skyrim Finance aims to build the first robot advisor for the decentralized finance sphere. The ICO of the project will end in two days. The project has received $2,100,000 up till now. As the DeFi space is exploding, it may be a good opportunity to get involved into it.
Mobox is another good project to look into. The project is aimed at the gaming sphere. It is essentially a community-driven GameFi platform which empowers users and incentivizes them for their involvement in the project. The project has landed a lot of high-profile firms as its strategic partners. Some of the partners include Coinbase, Binance, CoinGecko etc. – indicating a strong footing of the platform.
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.
AirNFTs is a new NFT marketplace to consider investing in. The marketplace is based on Binance Smart Chain. Users can easily create, buy and sell NFTs efficiently and cheaply. The fundraising goal is at $10,000,000. The ICO has been live since 12th August.
Initial coin offerings require an in-depth review and research which is why you should never rush in the decision to invest in an ICO. Instead of looking into ongoing projects, explore upcoming ones so you can make an informed decision.
Flurry Finance is a DeFi protocol which offers cross-chain yield aggregation. The platform automatically farms for yields across a variety of different DeFi networks without locking up users’ funds. The platform offers much lower gas fees. It has a strong team with members from some of the renowned institutions in the world. The ICO of the project will begin on 5th September with a fundraising goal of $50,000.
Chronicle is a creator and marketplace for non-fungible tokens. However, only officially licensed NFTs can be sold over the platform. The native token XNL offers many exclusive benefits to users. The ICO of the project is set to begin on 6th September. Chronicle aims to raise $280,000 through the initial coin offering.
Immutable X is the first layer-2 solution for the non-fungible tokens based on Ethereum. The layer-2 solution will offer almost instant trade confirmation as well as massive scalability and zero gas fees. The initial coin offering of the project will begin on 8th September. There are 1,000,000 IMX tokens for sale with each token priced at $15.
DeSpace Protocol is aimed to become the most advanced decentralized finance and non-fungible token navigation platform. The platform will solve the problems that are faced while interacting with multiple networks by giving them a single interface. The protocol is powered by a layer-2 scaling solution called DeChain. The token sale will start on 10th September with the fundraising goal set at $75,000.
Bloktopia is another project that can be explored as it has an interesting idea. Bloktopia is essentially a skyscraper with 21 levels and aims to give an immersive experience. The skyscraper will have informational content and various streams of revenue for users. The ICO will begin on 29th September with the fundraising goal yet to be announced.
Here is a list of some of the good projects that ended in the past week:
- OpenSwap is an integrated DeFi hub. The project was able to raise $1,850,000 through its ICO which ended on 31st August 31, 2021
- Kaby Arena is a free-to-play NFT game. The game raised $1,610,000 through the initial coin offering.
- Netvrk is a virtual reality game where anyone can create their own VR worlds. The project raised $2,500,000 through its ICO
- YAY.games is a completely decentralized gaming marketplace. The project was able to raise $1,900,000 – 100% of its fundraising goal
- EPIK Prime aims to connect brands with video games, AR/VR, and other applications. The ICO raised $4,470,000
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