The week in the cryptocurrency market went well as altcoins were mostly bullish. The market capitalization of the global cryptocurrency market has increased by 3.21% during the day while the king and the queen of the market has stabilized at higher price levels. The bullish market presents a lot of opportunities for high returns and we take you on a ride around the market with our brief but detailed newsletter.
Highlights of the week
Here are the top developments that happened around the market:
- BTC has sustained above $60k – currently standing at $61,160 – with the daily performance showing a positive change. Ethereum, too, is stable above $4000 at $4,327
- The week had been dominated by meme coins with phenomenal gains as the king and queen of the market took a backseat
- Dogecoin rivals have defeated the original meme coin, Dogecoin. Shiba Inu increased by 800%, Samoyedcoin gained 2,388% while Dogelon Mars took the lead with an increase of 3,984%
- President Biden’s Working Group on Financial Markets has issued its report on stablecoins and its calls for regulations similar to those faced by banks. The report’s findings mean trouble for stablecoins like Tether that have already been under scrutiny
- Ethereum’s scalability issues have been on the forefronts during the bull run. The network’s gas fees have risen by 2,300% since June. The current hike in the fees is regarded to the increased demand caused by a new upgrade, Altair
- Bitcoin mining has gained back its momentum since China’s ban. BTC mining recorded the eight consecutive increase in difficulty
- Patreon is debating to let creators’ issue social tokens which would earn them exclusive membership
- MicroStratgey has been raking up its Bitcoin stockpiles. The firm now holds over 114,000 BTC tokens amounting to more than $7 billion.
Top Weekly Gainers
The bullish outlook of the crypto market has resulted in altcoins surging to new all-time highs and gaining at a phenomenal pace. We have compiled a list of the top performers of the market during the week. Take a look!
Dogelon Mars (ELON) is the top performer of the week with a gain of 314%. The meme coin and Dogecoin rival is set to break its all-time high soon if the bullish momentum sustains. The meme coin is gaining credibility in the market as it received official status on Telegram. Moreover, the network has also partnered with Metusaleh Foundation for research on healthy life and longevity.
Decentraland (MANA) is another top-performing cryptocurrency as it garnered gains of 294% during the weekly timeframe. The cryptocurrency has been surging upwards and has also established a new all-time high at $4.69. Currently, the token stands at $3.23. MANA token has been moving upwards during the day as well with a gain of 18%. The bullish momentum appears to be getting stronger and if that is the case, a new ATH can be expected.
The Sandbox (SAND) has surged upwards by 229% during the week. The cryptocurrency also established a new all-time high at $3.27 during the day. The price has fallen to $2.69 currently but the bullish momentum has not ended yet. The Sandbox is a metaverse and gaming platform. The network recently launched its metaverse and is currently holding a giveaway of 200k.
Dvision Network (DVI) has spiked upwards with an increase of 121%. The cryptocurrency also established a new all-time high during the past week. The steep uptrend of the network can be attributed to the launch of Division World which is the ultimate NFT metaverse based on the blockchain. The metaverse utilizes its unique VR technology and has a lot to offer.
Loopring (LRC) is our final gainer of the week which had increased by 118% during the past week. The cryptocurrency is on a steep uptrend. Currently standing at $0.955, the price of the token has surged by 47% during the past day. Loopring recently launched its application-specific Layer 2 which is built on top of Ethereum’s blockchain – leveraging its security.
Top Weekly Losers
While the cryptocurrency market is bullish, there are also tokens that are moving against the trend of the market and are tumbling downwards. Here are the top five losers of the week:
Proton (XPR) is the top loser of the week with a decrease of 28%. The cryptocurrency has been falling since October. Although the daily performance shows a minimal positive change, the bearish momentum appears to continue for the token. Proton is a blockchain and smart contract protocol designed for consumer applications as well as peer-to-peer payments.
Hex (HEX) is another one of our top losers as the cryptocurrency is in the grips of strong bears. The token’s bullish momentum ended in early October and it has been falling ever since. The downtrend is going strong and can be expected to continue for a while. Hex declined by 26% during the week with the price standing at $0.21 at the time of writing.
Propy (PRO) has lost 23% of its value during the week. The decline comes after the token displayed some bullish movement to the upside. The market corrections are not to last as the beginning of a trend reversal are being observed. Propy token stands at $1.82 with the price increasing by 6$ during the day.
BinaryX (BNX) has been tumbling downwards after a new all-time high was established towards the end of October. During the week, the cryptocurrency fell by 22%. The token stands at a price level of $93 while the onset of bullish momentum can be seen during the daily performance as the token increased by more than 1%. BinaryX is a play-to-earn game based on Binance Smart Chain.
Celer Network (CLR) is our final loser with a loss of 21% during the week. CLR token like most tokens in our list has been in the grips of the bears after it showed bullish momentum during October. The cryptocurrency currently stands at $0.1212 with a positive change during the daily timeframe. Celer is a layer-2 scaling solution with high speed and throughput.
Hot ICOs to Watch Out For
ICOs can be used to increase the returns from the crypto market by many folds. However, with the rise of blockchain technology, the market is flooded with new projects every day which is why we have compiled a list of some of the hot new projects:
Envoy Network is planning on building community-driven NFT projects targeted at the fanbase of premium collectables and artists. The team aims to create a new breed of NFTs that exists in real life as well. NFTs can be launched into five different tiers, depending on who the project is for. The ENV token can be used to unlock NFTs and the collector’s deck as well as for staking purposes. The token sale has raised $2,500,000 out of the total $2,750,000 – completing 91% of its fundraising goal. The token sale will end in a couple of hours.
ThorSwap is a multi-chain decentralized exchange aggregator which is based on THORChain’s cross-chain liquidity protocol. ThorSwap will allow users to swap layer-1 assets earn yields and bond nodes on THORChain. The token sale of the project will end in two days. The project has completed 83% of its fundraising goal up till now – managing to raise $3,750,000 out of $4,500,000.
Ariadne is a cross-chain decentralized finance marketplace. The platform is designed to lower the fees required while entering and exiting yield farms on blockchains. It is a multi-chain aggregator which allows users to move and re-allocate assets faster and cheaper. The token sale will end tomorrow. Ariadne has set up the fundraising goal at $150,000.
Solend is a lending and borrowing protocol based on the blockchain of Solana. It is regarded as the autonomous interest mechanism for lending on Solana. With the protocol, users will be able to earn interest, borrow, leverage long as well as short. The project will benefit from the advantages of one of the top blockchains in the crypto market – allowing Solend to be 100x cheaper and faster.
Ardana a stablecoin protocol and a decentralized exchange built on top of Cardano. The protocol is aimed at bringing the necessary requirements of DeFi to the ecosystem of Cardano to help it function at its full potential. The token sale will end in three days and the fundraising goal has been set to $1,000,000.
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:
Aurora is an Ethereum Virtual Machine built on NEAR Protocol. The protocol serves as a solution for developers allowing them to operate their decentralsised applications on an Ethereum-compatible, high throughput, scalable and safe platform. It offers an environment similar to Ethereum’s but offers transaction costs that are much lower. The token sale of the project will begin on 4th November.
Yin Finance is a proactive liquidity management platform. It regards itself to be the solution for the problem of lack of liquidity in the decentralized finance sphere. Users can choose between various liquidity management strategies. Earnings of users are automatically re-invested and also provide multi-party yield mining. The ICO of the project will begin on 4th November with the fundraising goal set at $1,980,000.
Elemon wants to build a simple, creative, and enjoyable NFT and blockchain-based gaming world in order to make the technology accessible to the masses. The team has major developments planned for the upcoming months which can potentially increase the value of this project by many folds. The token sale of the project will begin on 6th November. Elemon has set up its fundraising goal at $2,290,000.
Zeitgeist has combined the novel blockchain technology along with the many uses of data. It is an evolving blockchain designed for prediction markets. Zeitgeist is built for Kusama and Polkadot’s ecosystems and aims to facilitate prediction markets for Web 3.0. The token sale of the project will begin on 8th November. Zeitgeist has set up its fundraising goal at $11,500,000.
Iotexpad is an incubator and launchpad for projects in the IoTeX ecosystem. It is the first native IDO and launchpad to be built on the blockchain of IoTeX. It is designed to enable and foster innovation of the IoTeX blockchain. The token sale will start on 3rd November and the project has set up its fundraising goal at $1,980,000.
Here is a list of some of the ended projects that have ended
- GooseFX is a full suite DeFi protocol built on Solana and Serum. The project raised $4,850,000 through its ICO that ended on 1st November.
- Entropyfi is a decentralized gaming prediction market. The token sale was able to raise $500,000
- DotOracle is a network designed to increase interoperability between Polkadot and other blockchains. The ICO ended on 31st October and raised $3,400,000
- Scallop is a decentralized protocol for wealth management in crypto as well as fiat. The ICO raised $2,480,000
- Swash is a blockchain designed for the monetization of data. The ICO ended on 30th October – raising $12,000,000
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