The cryptocurrency market has been performing well. With surges in the past few weeks, the market has stabilized on a bullish note. The global cryptocurrency market cap lies at a high of $2.93 trillion and saw an increase of 2.95% over the past day. The bullish momentum of the market presents good investment opportunities. Read on to find out what’s been up and what’s been down in the market!
Highlights of the Week
Here are the top developments that happened around the market:
- BTC is continuing its bullish rally currently at a price level of $68,419. Ethereum is following suit with the king of the market and stands at $4,810
- The inflows for all digital assets have surpassed 2020 by $2.2 billion. The year-to-date inflows of Bitcoin has hit an all-time high at $6.4 billion – indicating the ever-strengthening confidence in cryptocurrencies
- Eric Adams, the mayor of New York, has brought a cryptocurrency project to the city. CityCoins enable people to invest in their city
- The US Treasury has added crypto exchange Chatex to its Sanction List for facilitating links to ransomware
- The NFT segment continues to surge as the NFT marketplace OpenSea records $10 billion in total trading volume
- The after effects of China’s lockdown on cryptocurrencies are lingering in the market. Crypto exchange Huobi expects a 30% decrease in revenue
- The US Congress has passed the $1.2 trillion infrastructure bill which will impose additional taxes on cryptocurrencies in the US
Top Weekly Gainers
The bullish momentum of the cryptocurrency market has resulted in tokens vying for the moon. With an abundance of bullish altcoins, we present to you the top five in the market:
Sologenic (SOLO) is the top performing cryptocurrency of the week with an increase of 209%. The cryptocurrency is on a fast track towards its ATH level and if the bullish momentum sustains, a new all-time high can be expected from Sologenic. The team is working arduously on the development of the network and an upgrade which fixes minor bugs was recently released.
Atari Token (ATRI) is the second best-performing token of the week with a positive change of 194% during the past seven days. Currently, the token stands at a price level of $0.17 with a 10% increase during the day. Atari has been giving phenomenal performance during the week had also entered the top ten gainers in the NFT sphere.
Kadena (KDA) although a recent launch in the market is surging up strongly. The cryptocurrency is currently the best performing token out of the top 100 cryptocurrencies. During the past week, KDA token reached upwards by 134%. The community of the token is growing with an incredible speed and is amassing up to 10K followers every week. Kadena is believed to facilitate the mass adoption of cryptocurrencies through its scalable layer 1 protocol and its safest smart contracts.
Flux increased by 129% during the past week. It also established a new all-time high amidst the surge. Currently, the token stands at a price level of $1.36 although the cryptocurrency has been hit by market corrections so it may see a period of bearishness in the upcoming days. The project is growing at lightning-fast speed and the Twitter community crossed 30k followers. The team believes that Flux is the true leader of the Web 3.0.
Loopring (LRC) has surged upwards by 127% during the week. The cryptocurrency is fast-approaching its all-time high of $2.59 which was established during the bull run of 2018. The price currently stands at $2.09 with a positive change of 34% during the day. LRC token can establish a new all-time high if bullish momentum is sustained.
Top Weekly Losers
Although the cryptocurrency market is bullish, the infamous volatility of the market ensures there are losers in the market too. Here are the top five losers of the week:
Mines of Dalarnia (DAR) is a recent launch in the market. After reaching a price of $4.58 immediately after its launch, the cryptocurrency started declining fast. During the past week, DAR token has declined by 58%. The price can be considered in the discovery phase which means anything in possible for now and the upcoming days will clarify the standing of the token. Currently, the token stands at $2.0.
YooShi is the second top loser of the week with a decline of 31%. The cryptocurrency has been undertaken by strong market corrections. After establishing the all-time high at $0.0000042 towards the end of October, the cryptocurrency started spiraling downwards. Currently, the price has tumbled downwards to $0.0000022 and the downtrend is going strong.
Hoge Finance is another token that has been undertaken by market corrections. The cryptocurrency performed phenomenally well towards the end of October and has now fallen prey to the bears of the market with a loss of 26% during the week. Currently, the token stands at a price level of $0.00050 with a decline of 7% during the week.
Bora recently migrated from Ethereum’s blockchain to Klaytn Network which resulted in a sharp spike of the cryptocurrency. However, as the market began cooling down the cryptocurrency started tumbling downwards. Bora declined by 23% during the past seven days – making it into our top losers’ list of the week.
Shiba Inu (SHIB) is the final loser of the week. The meme coin had been making headlines with its phenomenal performance as the token overtook the original meme coin, Dogecoin. However, Shiba Inu is under strong bearish momentum as the market is correcting itself. During the past week, the token declined by 19%. The daily price movement shows a positive change indicating the bearish momentum may have ended.
Hot ICOs to Watch Out For
ICOs can be utilized to maximize the yields from the cryptocurrency market. Get involved in crypto projects right from the beginning through ICOs. Here are some of the active ICOs going on in the market:
Chatex is the second largest crypto bank based on Telegram. It is a peer-to-peer exchange platform as well as a crypto wallet. It is aiming to become a full-fledged bank allowing users a wide variety of crypto-related services. The token sale for the project will end today and it has managed to raise $2,580,000 up till now.
As the blockchain-based gaming industry has gained traction a lot of new projects are entering in the segment. One such project is Sipher. Sipher is a casual fighting and exploration game with the aim of creating an open world experience. The game is based on Ethereum – the top choice for NFTs and games. The token sale will end during the day and the project has raised 99% of its fundraising goal.
Another blockchain-based game which is hosting its token sale is Oly Sport. Oly Sport is expected to become one of the biggest horse racing games on the blockchain. It will also allow users to own, breed and sell NFT horses and own real estate in the game for returns. The token sale of the project will end in two days. Oly Sport has set up its fundraising goal for the ICO at $140,000.
Genopets is the first free-to-play and move-to-earn game on the blockchain. A genopet is the user’s spirit animal which is encoded with data of the user’s personality and fitness. Staying active will earn you rewards in the game. The game is based on the blockchain of Solana. The token sale is expected to end in 9 days and the project has raised $8,300,000 up till now.
Last but not the least, Aurora is an Ethereum Virtual Machine that is built on NEAR Protocol. The decentralized applications developed on Aurora enjoys compatibility with Ethereum but NEAR Protocol also ensures a high throughput, scalable and affordable development environment. The ICO is expected to end in nine days.
Spur of the moment decisions do not end well in the market which is why it is necessary to do research if you don’t have a good idea about the ongoing ICO projects. Here are some upcoming projects that you can look into:
Manta Network is an interoperable privacy layer aimed at the Polkadot blockchain. The aim of the protocol is to bring interoperability and higher security by enabling privacy on all blockchains. Utilizing Polkadot’s blockchain will ensure that the network is compatible and interoperable with other chains as well. The token sale will begin in 26 hours.
Planet Sandbox is a virtual world where players can build, play and own assets and, in turn, monetize them through their virtual experiences. Players will be able to build and customize their own sandbox worlds and the game has an interesting sci-fi theme to it. The token sale of the blockchain-based game will begin in 28 hours.
XDEFI Wallet is aiming to become the fastest wallet in the DeFi segment. Moreover, the wallet also has multi-chain capabilities. The wallet is designed as a chrome and Brave extension. It is specifically geared towards DeFi and NFT users. The ICO of the project will begin in 32 hours with the fundraising goal of $12,000,000.
Numbers Protocol is a decentralized photo network which is aimed at building community and creating value and trust in digital media. Numbers Protocol aims to solve the problem of picture theft by giving the owners of photos ownership through copyright. This will ensure trust and traceability for digital media. The token sale will begin in 32 hours.
NuNet describes itself as a global economy for decentralised computing. The platform will allow anyone to monetize their idle computing resources and provide truly decentralised computing to the blockchain industry. The token sale of the project will begin on 17th November. NuNet has set its fundraising goal at $2,000,000.
Here is a list of some of the projects that have ended:
- Elemon is a blockchain-based gaming world which managed to raise $2,290,000 through its ICO which ended on 6th November
- SubDAO is a DAO infrastructure built on Polkadot which will allow the creation and management of DAOs. The project raised $15,000,000
- Merit Circle is building a DAO which will enable earning opportunities for those who want to help build the metaverse. The ICO was able to raise $100,000,000
- Yin Finance is a liquidity management platform for solving the problem of liquidity in the crypto market
- Ardana is an asset-backed stablecoin platform and decentralized exchange built on Cardano. The project raised $11,000,000
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