Weekly Brief: Riding The Ups And Downs Of Crypto Market

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Amidst fear in the global financial market, the cryptocurrency market has turned bearish. But a bear market also presents numerous opportunities. We have compiled a compact analysis of what has been up and what has been down in the market.

Highlights of the week

Here are the top developments that happened around the market:

  • BTC has turned bearish currently at a price level of $43,297 – although some believe that the price may not fall below $40k again. Ethereum is following suit with the king of the market and stands at $3,057
  • The global finance market has entered into a phase of fear as China’s property giant Evergrande was enveloped in a debt crisis. The sentiment is also reflected in the cryptocurrency market as top coins suffered from double-digit losses
  • Coinbase has been a target of SEC’s threats. The exchange has dropped the lend product that attracted the SEC’s attention. The product was designed to provide 4% annual interest on USDC holdings
  • Coinbase has also signed a deal worth $1.36 million with U.S Homeland Security for providing the Immigrations and Customs Enforcement Branch with blockchain analytics software
  • Where Coinbase is complying with the SEC, Binance has now been targeted by the CFTC as well. Adding to previous allegations, the CFTC will now be probing the exchange for insider trading as well
  • FTX Exchange has unveiled ambitious expansion plans. The cryptocurrency exchange is moving to Bahamas and Gibraltar
  • It may not have been a good week for the crypto market as amidst a sentiment of fear pNetwork – a DeFi bridging protocol – suffered from a hack of $12 million
  • Nayib Bukele – the president of El Salvador – has revealed that the country has bought 150 BTC during the dip in the market

Top Weekly Gainers

There is not going to be a shortage of top performers in the cryptocurrency market any day of the week but we have chosen the top five coins with the most potential to watch out for. Take a look!

Alitas (ALT) is the top gainer of the week. The cryptocurrency gained by 120% in the weekly timeframe. It had established its all-time high at $8.54 four days ago but the market appears to be moving towards corrections as the daily performance has begun a minor decline. Currently, Alitas stands at a price level of $7.42. Alitas serves as the infrastructure for a new generation of networks on the blockchain.

LCX (LCX) recorded a new all-time high at $0.17 a couple of days ago which pushed it to our top performers’ list. LCX cryptocurrency has increased by 61% in the weekly timeframe; however, the bullish momentum has ended and LCX has begun moving downwards. LCX is a cryptocurrency exchange but one focused on compliance with regulations. It operates with multiple registrations and is completely compliant with laws.

Conflux (CFX) has turned bearish after a brief price rally. The cryptocurrency had gained by 58% in the past week. Currently, the cryptocurrency is standing at a price level of 0.40. The price has declined by 14% in the past daily timeframe. Conflux is the first state-sponsored blockchain in China. The network recently announced it will be piloting the offshore renminbi in Shanghai Free Trade Zone.

TROY (TROY) had started off on a steep upward trend in the weekly timeframe and increased by 45%. In the daily timeframe, the trend has been reversed and TROY lost 13% of its value – currently at a price level of $0.012. Troy Trade is a global broker with a focus on cryptocurrency trading and asset management.

Celo (CELO) is the final top performing cryptocurrency in our list. The cryptocurrency is trending upwards with a weekly incline of 35%. At a price level of $6.98, Celo is skirting close to its all-time high and with the bullish momentum going strong, there is a chance of recording a new ATH. Celo focuses on boosting cryptocurrency adoption among smartphone users.

Top Weekly Losers

Where on one hand the cryptocurrency market is filled with coins reaching towards the moon, we also have plenty of coins that are tumbling downwards. Here are the top five coins that have lost the most value in the weekly timeframe:

LGCY Network (LGCY) is the top loser of the week with a decline of 41%. The steep decline indicates the strength of the bears in the market. Currently, LGCY stands at a price level of $0.011 with a decline of 11% in the daily timeframe. LGCY Network is dApp-based blockchain which is designed to run on Libertas Protocol which will boost engagement.

Wilder World (WILD) has been declining since the establishment of its ATH during August. The cryptocurrency has moved to the downside by 40% in the past week. WIND is the governance token of the platform. Wilder World is a decentralized marketplace for NFTs and artist guild. The network has recently announced its roadmap for 2021 with a lot of activities planned. This may help the cryptocurrency recover its bullish momentum.

IDEX (IDEX) established its all-time high at $1.01 right in the beginning of September. The market soon fell into corrections and IDEX has been declining since. During the past week, the cryptocurrency fell by 40%. The current price is down by 66% from the ATH at $0.33. The downtrend may be soon reversed as the development team has announced to launch IDEX v3 in fall.

SingularityNET (AGIX) has declined by 37% in the weekly timeframe. The cryptocurrency has been moving downhill since the beginning of September. Currently, AGIX stands at a price level of $0.28 and the price has decreased by 21% in the past twenty-four hours. SingularityNet is a blockchain platform which enables users to easily create, share and monetize AI services.

Tezos (XTZ) is the final loser of the week with a loss of 35%. Tezos is trading hands at a price of $5.05. It has been on a sharp decline after a price rally which nearly touched the 52-week high. XTZ is the thirty-first largest cryptocurrency with a good long-term potential. It is believed to help Asian economies transition to the blockchain in a sustainable manner – which positions it at an important place.

All-time High Coins

In a bearish cryptocurrency market as well, there is no shortage of new ATH coins – all thanks to the uncorrelatedness of cryptocurrencies. Here are some of the coins that established a new ATH during the week:

Cosmos (ATOM) established its all-time high at $44.70 just a day ago. The cryptocurrency has begun moving downwards in the daily timeframe. Currently, cosmos stands at a price level of $35 with a decline of 13% in the daily timeframe. Cosmos aims to solve the problems facing the blockchain industry through interconnection. The network has also announced Interchain Security for the network – which may have pushed the cryptocurrency upwards.

Avalanche (AVAX) recorded its all-time high two days ago at $76.21. The price of the cryptocurrency has fallen by 20% from the ATH – currently standing at a price level of $62.44. AVAX token appears to be in a consolidation phase with the price being relatively stable in the daily timeframe. AVAX is the native token of the Avalnache blockchain. The blockchain is focused on delivering high speed and low transaction cost.

Rocket Pool (RPL) had shot upwards in the weekly timeframe and had established a new all-time high at $37.76. The price is showing high volatility with no trend confirmed as of yet. RPL token is trading hands at $31.32. Rocket Pool may be expected to break upwards once again as the mainnet is set to be launched on October 6th.

Kadena (KDA) is another ATH coin in our list as it recorded a new all-time high at $2.44 two days ago. Although the price of the cryptocurrency has fallen by nearly 20% from the ATH, Kadena appears to be bullish with a minor upside movement in the daily timeframe. Kadena is a specialized blockchain aimed at increasing the interconnection between enterprises across industries.

The final ATH coin in our list is Wanaka Farm. WANA – the native token – established a new all-time high at $5.08 in the current day. At the time of writing, the cryptocurrency was trading hands at $4.75. The uptrend of WANA token is going strong and a new ATH may be formed soon. Wanaka Farm is a blockchain-based game.

Hot ICOs to Watch Out For

Active ICOs

ICOs can be utilized to maximize the yields from the cryptocurrency market. We have compiled a list of some of the good active projects in the market:

Parallel Finance is a decentralized borrowing protocol. It offers margin staking, auction loans, staking derivatives and an automated market maker. The AMM is targeted towards Polkadot and Kusama holders and rewards them with higher yields. The token sale has been going on since 28th August and an ending date has not been announced. The project has raised $22,000,000 as of now.

Divergence is a blockchain-based platform aimed at hedging the volatility of the cryptocurrency market. Divergence protocol also offers trading, DeFi farming, staking and interest rewards. The token sale will end in a couple of hours. The project has raised $3,600,000 up till now.

Chatex is another good project to watch. It described itself as the second largest cryptocurrency wallet. Moreover, Chatex is also a peer-to-peer exchange in-app in Telegram. The token sale has been live from 20th September and will end on 21st September. Chatex has completed 88% of its fundraising goal by raising $2,280,000 out of $2,580,000.

MatrixETF is one of the most advanced decentralized platforms for ETFs. It also has cross-chain compatibility. Users can utilize the platform to create their customized and diversified portfolios and benefit from long-term and stable rewards. The project’s ICO will end in two days. The fundraising goal of MatrxiETF is $40,000.

Blocto is the utility and governance token of the Blocto blockchain. The Blocto token will link the ecosystem – serving to be a link between Wallets and other Blocto-made products. The token sale will end in 19 days. Blocto has completed 33% of its fundraising goal by raising $500,000 out of the total goal of $1,500,000.

Upcoming ICOs

Investing in ICOs is a great way to get involved in a project but since ICOs are riskier, it requires a great deal of research. Here are some upcoming projects that you can look into:

After the blockchain gaming arena had exploded there are a lot of new projects being introduced. Step Hero is one such project. It is an NFT-based RPG game on Binance Smart Chain as well as Polygon. Step Hero combines DeFi with a fun gaming environment to enable users to earn while playing the game. It also has a cross-chained NFT marketplace, NFT collectables and a native token, HERO. The ICO of the project is set to begin on 22nd September with each token priced at $0.05.

Mobius is another good project to watch out for. It is a decentralized synthetic trading protocol. The niche Mobius is targeting is pretty small which increases its chances of success. Moreover, Mobius not just offers creating and trading of synthetic assets but it also ensures zero slippage while trading. The token sale will begin on 24th September. The fundraising goal has been set at $70,000 with each token priced at $0.25.

Amy Finance is a layer-2 based lending protocol with a focus on providing liquidity. It is a community driven project which helps users to earn safe and high yields. Apart from staking, users can also borrow from the liquidity pool to conduct margin trading. Being a layer-2 protocol, Amy Finance provides fee lower than the industry standard. The ICO of the project will begin in a couple of hours with the fundraising goal at $310,000.

Weld.Money is a cryptocurrency card which aims to boost the adoption of cryptocurrencies by allowing users to use cryptocurrencies for their daily expenditures. The goal of the project is to bridge the cryptocurrency world and traditional finances. The ICO of Weld.Money will be help on 22nd September. The project has set up a fundraising target at $3,600,000.

Another project with a good potential if Gro Protocol. The network’s aim is to empower users by giving them the necessary tools to enable them earning through the cryptocurrency market. Some of the offerings of the network are leveraged yield and deposit protection. Gro Protocol can also be utilized to launch decentralized apps. The ICO of the network is scheduled to begin on 22nd September.

Ended ICOs

Here is a list of some of the ended projects that have ended:

  • Revolve Games is blockchain gaming platform which raised $2,320,000 during its ICO
  • Parrot is a platform focused on providing liquidity for decentralized borrowing and lending. It has raised $90,000,000 through the token sale
  • Mobox is a community-driven GameFi platform which ended on 18th September 21, 2021
  • Opulous the first peer-to-peer decentralized finance platform which is backed by real world assets. The project raised $6,450,000
  • Braintrust is a decentralized platform for connecting workers with firms. The project raised $12,450,000
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