The past month has been quite bullish for the market. The start of Q3 has been highly good for cryptocurrency. BTC and Ethereum have achieved their new its new all-time high. A number of other altcoins have also achieved new ATH values. The Meta news hasn’t faded away and many metaverse coins are still pumping and continuously creating new higher highs.
Read on to know about the recent development in the crypto market. We are here to provide you with the necessary information to keep you updated with the current market condition so that you can take a sound approach towards cryptocurrency. Greed and Fear Index has been included to give you an idea about the market sentiments along with top movers. NFT market is going down as the money is flowing into the altcoins to rally them dropping the prices.
Highlights of the Week:
The week has been bullish for the crypto market. Following are the highlights:
- Bitcoin (BTC) jumps to new all-time and achieves a price of $69k. The price is currently being traded at $64,969 with a decrease of 2.25% in the past 24 hours.
- Ethereum (ETH) is also following BTC footsteps and has created a new all-time high today to reach a value of $4,868. Currently being traded at $4,640 with a decrease of about 0.85%. in the past 24 hours.
- The market has bled after Bitcoin (BTC) has dropped down from $69k down to $62.5k today. As a result, the whole alt coins started to bleed.
- Apple’s CEO Tim Cook has been making rounds on social media after revealing that he owns crypto. The social media was taken by storm and many people became euphoric after the news was released. He went on to state that he has no plans to buy cryptocurrency for the company i.e. Apple.
- Nike appears be entering the metaverse market after filing for trademarks for the virtual apparels and footwear. The news was quickly pushed to social media although no official citations have been provided other than the trade markings and Job openings.
- Tether USDT is going to be launched on Avalanche (AVAX). This will allow the AVAX users to hop into the biggest stablecoin in operation.
- Ethereum Naming Service (ENS) has boomed on the first day of trading. It was a token less project but when it launched its token, the price surged. They also had airdropped its users a number of tokens.
- The Crypto Marketcap is nearing $3 Trillion for the first time. Thanks to meme coins and the top high market cap coins the Crypto Market volume is continuously growing and it wouldn’t be long before it crosses the 3T level.
- Coinbase shares have fallen down after their Q3 earnings were released where it fell short of the estimates. The price of the share dropped from $364 to almost $316.
- For the supposedly bull run, money from the NFT market has been flowing into Bitcoin and altcoins to take them into price discovery. As a result, an overall NFT market cap has been dropping down.
Crypto Fear & Greed Index
Greed and Fear Index shows the general sentiments of the market. It takes a number of things into consideration such as Momentum, Volume, Survey, and Social Media, and ranks an index out of 100.
Since the reversal of the market, the fear has started to diminish. The final blow to the nail was when bitcoin (BTC) crossed the $52k barrier. More and More money started to flow into the market. Since the past week after the creation of a new all-time high for Bitcoin (BTC) and Ethereum (ETH), the market has become extremely euphoric. Calls for $80k BTC has already been made by many people and some people are also calling for $150k BTC.
According to an index current greed lies at around 75/100 today. This shows how people are highly euphoric. The past month has shown a similar value. The start of Q3 was highly bullish for many coins and the way many coins had achieved their new all-time highs. It was expected that this month was going to have the same sentiments as well.
Overall, the market has been printing green candles meaning that more and more money is continuously flowing into cryptocurrency. High market cap coins have not given any sort of buying opportunities to many people and FOMO is there.
All-Time High Coins
Along with a weekly bullish move for a lot of coins, some coins moved to such an extent that they have achieved their new all-time highs.
- Bitcoin (BTC) has achieved a new all-time high and touched a price of $69k.
- Ethereum (ETH) went on to create an ATH and touched $4,868. It has been following in Bitcoin (BTC) steps.
- Avalanche (AVAX) created its ATH three days ago and touched the value of $96.46. It wouldn’t be long before the price hits a triple-digit.
- Terra (Luna) has achieved a new all-time high and wicked to the price of $54.77. It is currently being traded at $50.0358. Luna has been one of the most fundamentally strong coins that manage the Terra Stable coins system. With more adoption of its stablecoins, it is reasonable to expect a much higher value in the future.
- CRO the native token of Crypto.com had been one of the slow movers but surprisingly created a new ATH and touched a price of $0.41. for the first time ever.
- KCS another native token of KuCoin exchange was also fast enough to reach a value of $25.06 to create a new ATH two days ago. KuCoin had been celebrating its two-year anniversary of operation.
Top Gainers This Week
Meme and spam coins are spreading fast and furious and with a lack of knowledge about coins and ingrained greed to become rich quick, some altcoins have vied better than others with the King and Queen of the Market reaching all-time value and the crypto-market, at the time of writing, nearly at $2.97 trillion dollars. But among all of these, some trustworthy ones might be important to keep eyes on. The following are the biggest 5 gainers of the week:
Kadena (KDA): This was the biggest gainer of the week with, at the time of writing, a price of $24.66, and an increase of 217.03% over the past week from the previous value of around $8.08. Kadena is a hybrid blockchain and its prospects are bright. It claims to be open for everybody and tries to solve all the problems that are faced by other crypto-coins, particularly the King and the Queen.
Loopring (LRC): Loopring is another one of the major gainers that have had a good week. It had an increase of 167.94% over the past, with a current value of $3.30. It believes that the future of marketing is built on Ethereum and its objective is to build and design the best zkRollup and payment protocol on Ethereum.
Livepeer (LPT): LPT is another one that has made strides over the week, with an increase of 136.83%. It has had a drop of about 4.01% in the last 24 hours to its current value of $64.91, the prospects of LPT do look good. Livepeer is coming to the market by providing a decentralized streaming service. It is innovative in its approach and is providing a platform for web3.
IoTeX (IOTX): IOTX has made it big in the past week with a gain of over 122.42% over the past 7 days and also a 117.75% increase with a current value of $0.2127. It is a blockchain that is aiming to combine two potentially prospective ideas; the internet-of-things (IoT) and blockchain technology. Its creation of the blockchain pilot program for Valuable Asset Tracking (VAT) has really given it traction and the real implication has resulted in its great growth over the past week.
Helium (HNT): This is another one of those coins that have fared well with a 65.31% over the past 7 days. It has had an increase of 10.61% dip over the past 24 hours, swimming around its current value of $51.60. It is similar to IoTeX as it wants to materialize the dream of IoT. Both are, therefore, competitors. And it is more likely than not that one of these will get a better foothold in the market over the other.
Top Losers This Week
There is no hiding the fact that the crypto market is volatile and one never knows what can happen in the next moment. Some terrible news might breakout and FUD might make want to make the inexperienced traders to save whatever they are able to. Nevertheless, a bad week doesn’t entail that a currency is worth nothing. Here are the top 5 losers of the week:
Sandbox (SAND): Sandbox has had a terrible week considering that it has done well to reach this point. With a 22.14% drop, SAND like other protocols that got a jump due to the rebranding of Facebook as Meta, is now coming down due to market correction. It currently has a value of $2.37 but it might be expected that its value will show a bullish behavior soon.
Shiba Inu (SHIB): A meme coin that can be considered an off-shoot of Dogecoin, the fairly popular meme coin that skyrocketed due to Elon Musk’s somewhat amusing actions (not so much for those who invested their whole life savings into the coin). It has had a decrease of about 3.94% over the past week and currently has a value of $0.00005196.
Decentraland (MANA): Similar to SAND, MANA is a crypto game where one constructs NFTs inside the game. Its value also took a hit with a decrease of 13.84% over the previous week. But similar to SAND, it has made strides over that time with its current value of $2.54.
THORChain (RUNE): Based on the name of the Norse God of Thunder, THORChain aims at trying to create a liquidity pool in order for easy exchange between currencies and elevate the value of those assets in general. It has taken a dip with its current value at $13.16, which is expected to be bearish, from its value of reaching $16 in the week past.
Compound (COMP): The highest valued token, with a value of, at the time of writing is $336.78. COMP has taken the biggest hit on this list. It has had a 6.78% decrease over the past week which may equal $25 dollars. But it is slowly rising up again. Compound basically works like a decentralized bank, on the Ethereum blockchain, that awards users’ interest for depositing their cryptos into their pool. The same can be given as a loan.
Non-Fungible Tokens (NFTs)
The next big thing to take over is the application of blockchain NFT. One thing to notice is to bring Bitcoin to a price discovery you need to pay a lot. All the money from the market goes into bitcoin and altcoins for the supposed bull run. As a result, the market cap of NFT has dropped down. A 10% drop has been noticed in the overall NFT market.
Gaming NFTs have seen a massive boom mainly because of Facebook’s change of name to meta. AXIE Infinity (AXIE) an NFT based game is currently leading the NFT market with the highest sales followed by CryptoPunks. Decentraland has also gained a lot of attention and the price of each token surged a lot. Ethereum is currently the leading blockchain for NFT followed by Ronin.
Lately, NFT space moved on from pfp projects. Earlier, there were just pfp projects and those NFTs sitting in your wallet had no utility. Now the market sentiment has changed and people feel safe investing in NFTs that have some sort of utility.
NFTs to Watch
Every day new projects and collections are launched in the market. But unfortunately, not all of them are going to be successful. Following are a few NFTs that you should be watching out.
Cyber Kongz: By holding a Cyberkong in your wallet, you get certain banana tokens every day. Now the banana token can be used to rename the NFT, it can be used to make a new Baby Kong NFT. Banana token has also utility planned for the metaverse. So it is no longer just a pfp sitting in your wallet.
FURBALLS: Furballs is a game-based NFT where you can put your Furball to explorer mode to earn XP or put it in battle mode to earn FURR. FURR can be used to make new Furballs NFTs. Only the genesis mint of Furball can make new Furrballs using the FURR token. The secondary supply Is totally controlled by genesis minters.
ENIGMA: This NFT is backed by real BTC/ETH mining stations. By holding an ENIGMA NFT, you will be mining BTC or ETH every day. How much you mine depends on the rarity of your Miner NFT.
SPLATTERS: Splatters are NFT based gaming characters that can be used to play games. The game has almost finished development and it looks fun to play.