The cryptocurrency market has been surging with altcoins leading the rally. NFTs have flooded the market and altcoins have been breaking ATHs. Let us take you on an overview of the past week.
Highlights of the week
Here are the top developments that happened around the market:
- Bitcoin had taken a backseat in the market as altcoins rallied; however, the king of the market reached its four-month high of $51,908. The price has increased by 7% in the daily timeframe
- Today onwards, Bitcoin is officially legal tender in El Salvador. The cryptocurrency has been bullish as a social media campaign urged users to buy small amounts of BTC on September 7, 2021
- Despite Bitcoin being considered legal tender in El Salvador a new poll backs results from las year and confirms that most Salvadorians do not want Bitcoin.
- Ethereum currently stands at $3,737 with the price being up by 12% in the daily timeframe. The London fork upgrade has burned more than 200,000 ETH tokens
- Altcoins like SOL, ADA, LINK & DOT have accumulated phenomenal gains in the week.
- Solana CEO Anatoly Yakovenko compares cryptocurrencies to the Email technology and disregards claims of crypto bubble
- Binance has been under fire by regulators throughout the world. South Africa’s Financial Sector Conduct Authority is the recent regulator to issue warning to Binance; however, Binance replied stating it does not recognize the authority of FICA as cryptocurrencies are out of its jurisdiction
- The NFT space has been surging with millions going in and out of the sector. Ethereum’s classic NFT CryptoKitties saw a twenty-four-hour trading volume of more than $7 million
- After Ripple Labs, the SEC has now targeted Uniswap. The SEC has launched a probe into the development team of the largest decentralized exchange
- Britain’s Financial Conduct Authority chair Charles Randell has proposed three ways for cryptocurrency regulation – stringent regulations, supporting useful innovation and preventative measures.
Top Weekly Gainers
The bullish week in the market has resulted in phenomenal gains for some cryptocurrencies. We have compiled a list of the top gainers of the week to bet on:
Velas (VLX) is the top gainer of the week with a gain of 218%. The cryptocurrency had dropped sharply during July. However, the market has turned bullish and VLX token has embarked on a steep incline. Currently, Velas is trading hands at $0.17. The cryptocurrency has been gaining in the daily timeframe as well with the trading volume increased by 333%. Velas is a Delegated Proof-of-Stake blockchain powered by AI.
BSCPAD (BSCPAD) had been surging upwards with a weekly gain of 187%. The cryptocurrency stands at a price level of $1.92; however, the bullish momentum has slowed down in the daily timeframe while the trading volume is still surging at 673%. BSCPAD is a next generation launchpad poised to solve the problems with the current launchpads
Polymath (POLY) has accumulated gains of 126% in the past seven days. The cryptocurrency has been increasing sharply with the bullish momentum continues in the daily timeframe as well. The cryptocurrency is standing at a price level of $0.78. Polymath’s network is based on Ethereum’s blockchain with the aim of boosting the security tokens’ sector.
Fantom (FTM) has broken its all-time high with the current strong bullish momentum. The cryptocurrency has gained by 97% in the past seven days. FTM token currently stands at $1.65 – down only by 4% from the ATH of $1.74. The recent bullish momentum can be attributed to the upcoming launch of an Ethereum bridge to Fantom as well as the adoption of Fantom by Atari Chain.
Convex Finance (CVX) has also been a good performer in the past week with a gain of 84%. However, the market has turned bearish as the cryptocurrency broke its uptrend. CVX token stands at a price level of $11.64 with the price declining by more than 10% in the daily timeframe. Convex increases users’ yield on the platform of Curve.
Top Weekly Losers
The cryptocurrency market has been majorly bullish; however, that did not stop from some cryptocurrencies spiraling downwards. Here is a list of some of the top losers of the past week:
Wilder World (WILD) formed its new all-time high as the month of August ended. However, the cryptocurrency submerged in bearish momentum as the corrections overtook. The cryptocurrency is the top loser of the week with a decline of 35%. Wilder World is a large-scale decentralized autonomous organization. It is a 3D and VR-based social network.
MOBOX (MBOX) has been declining gradually; however, the bearish momentum strengthened during the past day. MBOX fell by 33% in the past week. Currently, the cryptocurrency stands at a price level of $5.86 with the price declining by 15% in the daily timeframe. Mobox is a play-to-earn and a free to play gaming ecosystem.
Yield Guild Games (YGG) had been trending upwards but the market was overtaken by bearish momentum. The cryptocurrency declined by 21% in the past seven days with the price standing at $6.90 currently. The downtrend appears to be continuing strongly. YGG is an ecosystem for investing in non-fungible tokens.
Celo (CELO) established a new all-time high on 30th August and the market subsequently fell into corrections. The cryptocurrency dropped by 27% in the weekly timeframe. The token is priced at $4.75 with the price declining by 11% in the daily timeframe as well. Celo is aimed at increasing the adoption of blockchain in smartphone users.
Constellation (DAG) is another cryptocurrency which established its all-time high and fell to corrections. The cryptocurrency fell by 11% in the weekly timeframe while the daily trading volume has increased by 40%. The network achieved a milestone as the United States Air Force partnered with Constellation to provide blockchain security to data sharing; hence, the cryptocurrency may soon reverse its trajectory.
All-time High Coins
The bullish trend in the cryptocurrency market has resulted in a lot of cryptocurrencies reaching for higher highs. Here is a list of some of the cryptocurrencies that broke their ATHs:
FTX Token (FTT) – the native token of FTX exchange has broken its record and established a new all-time high at $75.69. The bullish momentum has not broken yet for the cryptocurrency so another ATH may be expected from it. The bullish momentum can be attributed towards the recent acquisition of LedgerX by the exchange. FTX plans to offer CFTC-regulated crypto derivatives in the US market.
Fetch.ai established a new all-time high at $0.96. The cryptocurrency has since fallen by 8% from the new ATH; however, the bullish momentum continues in the daily timeframe. The platform is designed to connect the Internet of Things devices with algorithms. Fetch.ai is a sharded ledger which offers AI and ML solutions for the DeFi space.
IDEX (IDEX) has surged upwards by a staggering 239% in the daily timeframe. The cryptocurrency stands at a new all-time high price of $0.52. The new ATH is not finalized yet as the cryptocurrency is still rallying upwards. IDEX is a hybrid decentralized exchange and was recently welcomed by Polygon into its ecosystem. It is one of the oldest DEX in the market.
HUNT (HUNT) established a new all-time high at $1.39. The cryptocurrency is currently operating at $1. The price of the cryptocurrency has increased by 15% while the trading volume has dropped by 35%. Hunt is a platform which utilizes gamification for digital nomads through decentralized applications.
Solanium (SLIM) is a fundraising platform for Solana. The project has been performing extremely well ever since its launch. SLIM established a new all-time high at $4.39 in the daily timeframe. The cryptocurrency has declined by 5% in the daily timeframe; however, the downtrend has yet to be confirmed.
Hot ICOs to Watch Out For
The market is flooded with new projects every day. Although a lot of projects are not even legit, there are also some hidden gyms. Here is a list of some of the ongoing projects to look into:
Chronicle is a publisher as well as a marketplace for non-fungible tokens but only licensed ones. The platform will allow users to buy, sell, trade, bid and gift authentic NFTs licensed by brands. The ICO is set to end tomorrow. Chronicle aims to raise $280,000 through the sale of 2,800,000 tokens each priced at $0.10.
Phantom is a DeFi protocol for synthetic assets and their IDO issuance. The protocol is poised at solving some of the major problems that have been plaguing the DeFi sector. The token sale of the project will end on 8th September. Phantom has put up 20,050,000 PHM tokens for sale with each token priced at $0.005.
IX Swap is the world’s first DeFi AMM and Liquidity Pools for security tokens and tokenized stocks. The platform offers significantly reduced fees. The platform regards itself the last crucial missing piece to the tokenized stock industry. The token sale will end in two days. IX Swap has set up the fundraising goal at $700,000. Each IX token is priced at $0.14.
Mobox is a community-based gaming platform based on the blockchain technology. The platform is aimed at empowering users through engagement and enjoyment. The token sale is set to end in 11 days. The platform aims to sell 3,000,000 tokens through the ICO.
DeFi Warrior is another game based on the blockchain. The project may have a good potential as gaming tokens have been surging. Users fight each other for rewards. The token sale is set to end in a couple hours and has managed to raise $2,300,000 up till now.
We have also compiled a list of some of the upcoming projects that have a good future potential for you to delve into:
Immutable X is the first of its kind which makes it a good investment potential. It is the first Layer-2 scaling solution for non-fungible tokens on Ethereum’s blockchain. It offers instantaneous transactions, zero gas fees and high scalability. The ICO will begin tomorrow with each token priced at $15.
Braintrust is blockchain based network which connects skilled workers with companies throughout the world. The workers on the network are the ones responsible for running the platform. Braintrust is used by some of the leading institutions of the world. The ICO of the project is set to begin in two days. Each token is priced at $0.99.
Vent Finance is a full stack launchpad ecosystem for Cardano and Polygon. The platform is aimed at making DeFi accessible for everyone and increasing the ease of investment in the sector. The ICO of the project will begin on 11th September. The fundraising goal for the project is $168,000 with each token priced at $0.028.
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 also a list of some of the closed projects that have been performing well:
- HeroFi is a mobile aRPG game where users earn tokens through battles.
- Skyrim Finance is a multichain protocol focused on fixed-rate and leveraged-yield DeFi product which was able to raise $2,100,000
- NearPad is a decentralized finance hub for NEAR blockchain. The project raised $2,000,000
- Star Atlas is a virtual gaming universe which managed to collect $1,000,000
- OpenSwap is another project for DeFi which raised $1,850,000
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