Weekly Market Review: Crypto Riding the Bull Wave

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The numbers in the cryptocurrency market have finally turned green after a period of prolonged bearishness. The king and queen of the market are moving upwards – pulling altcoins with themselves. The market capitalization of the global crypto market has increased by a whopping 7% during the past day.

Highlights of the week

Here are the top developments that happened around the market:

  • BTC has stabilized above $50k and currently stands at a price level of $51,064 – with a positive change of 6% during the past day. Ethereum is operating at a price level of $4,356 with an increase of nearly 8% during the day.
  • Amidst the bearish period, Bitcoin’s dominance had fallen to a low of 38.32% which is one of the lowest records during the year
  • Ethereum launched a new upgrade, Arrow Glacier, which will give developers more time to transition to Ethereum 2.0
  • The largest bank in Columbia, Bancolumbia, has joined hands with Gemini to offer some of its customers cryptocurrencies as a part of the bank’s one-year pilot project
  • The president of El Salvador has ambitious plans of BTC mining through volcanoes; however, an ecologist – Ricardo Navvro – has questioned the sustainability of the plans as he regards mining through volcanoes to be expensive than through oil
  • The Bank of International Settlements has warned the crypto market regarding the risks of decentralized finance. The bank states the vulnerabilities in DeFi exceed those in traditional finance
  • OpenSea – one of the largest NFT marketplace – is facing backlash from its users who think the marketplace should launch a token instead of going public
  • Nifty Gateway – the NFT marketplace – has announced plans of focusing on becoming Ethereum NFT marketplaces aggregator. The platform aims on cutting the gas fees of Ethereum by 70% on wallet-to-wallet NFT trades

Top Weekly Gainers

The past week has been relatively bullish for the cryptocurrency market after a period of prolonged bearishness. Currently, the market is seeing altcoins reaching towards new highs. Here are the top five gainers of the week:

GXChain (GXC) is the top performer of the week with a gain of 339%. The cryptocurrency is surging upwards because of its recent rebranding to REI Network. GXC rebranded during the beginning of December in order to realize its goal of creating a value network of trusted data. However, the uptrend of the GXC token has been broken as the daily performance shows a decline of 10%.

BabySwap (BABY) is listed as the top stable gainer by Cryptolaxy. The cryptocurrency has been performing phenomenally well and has recorded a growth of 219% during the past week. BabySwap is also currently trading at its all-time high price and the bullish momentum is going strong for the token as the daily performance shows a spike of 36%.

MCO (MCO) is another top achiever of the week as it skyrocketed by 55% during the past seven days. MCO is the native cryptocurrency of Crypto.com which regards itself to be the best channel for buying, selling, and paying with cryptocurrencies. The network announced Phase II, Draco, of the Crypto.org chain which has a lot more functionalities.

Safe (SAFE) has been highly volatile during the recent timeframes. Amidst the volatility, the cryptocurrency reached upwards by 46% during the past seven days. At the time of writing, the cryptocurrency stands at a price level of $9.11. The bullish momentum is going strong for Safe token as the price shows an increase of 15% during the daily timeframe as well.

Polygon (MATIC) is the final gainer of the week with a 34% gain. The has been having plenty of developments which is fueling the uptrend of the token. Recently, Earth 2 announced a partnership with Polygon to bring metaverse technology to web 3.0. Moreover, Polygon is also holding a ZK summit with Vitalik Buterin to open a debate about the innovation of zero-knowledge proofs.

Top Weekly Losers

Despite the bullish trend of the cryptocurrency market, some tokens are tumbling downwards amidst brutal corrections. Here are the top five losers of the week:

BiFrost (BFC) reached towards a high of $0.59 amidst bullish momentum during November, after which the cryptocurrency started falling downwards. During the past week, BFC token saw a decline of 55%. Currently, the token stands at a price level of $0.23 with the daily price movement showing a positive change of 7% – which indicates the downtrend may be reversed soon.

Wemix (WEMIX) established a new all-time high at $24.2 during the middle of November. The cryptocurrency fell under bearish pressures after the ATH and has been falling ever since. In the past week, the cryptocurrency saw a decline of 45%. The token currently stands at a price level of $9.55 and the bears are going strong in the daily timeframe as well.

Safemoon (SAFEMOON) gained excessive popularity during the high of the bull run in April but succumbed to the pressures of the bears, afterwards. The cryptocurrency saw a restoration of the bullish momentum in November but it could not be sustained and; hence, the token fell by 41% during the past week. Currently, the token stands at a price level of $0.0000017 with the price up by 7% during the past seven days.

Ceek VR (CEEK) established a new all-time high in the previous week at $1.19. In the current week, the cryptocurrency saw a decline of 39% as market corrections overtook Ceek VR. The steep downtrend of the token has taken a break as the price increased by nearly 10% to $0.64. The daily trading volume of the cryptocurrency, however, has fallen by more than 10%. Ceek VR currently stands at a market rank of #150.

Immutable X (IMX) is the final loser of the week with a decline of 39% during the past seven days. The cryptocurrency established a new all-time eleven days ago, after which the market turned bearish. Although the fall of the IMX token amidst the corrections has not been too steep, it is gradual. Currently, the price stands at $5.24 – down by 44% from the ATH of $9.50.

Hot ICOs to Watch Out For

Active ICOs

Investing in ICOs is one of the most favorable options for crypto investors in terms of the potential of yields. It is also a good option to diversify a portfolio. These are some of the good ongoing ICOs that you can look into:

SolClout is high throughput, a scalable public blockchain built on top of Solana. It is a social decentralized finance platform that aims on harnessing the power of the community – or clout – along with blockchain technology. The token sale of the project will end by the end of today. SolClout has raised $260,000 as of now.

Umee is essentially a cross-chain DeFi hub. It is a decentralized infrastructure that enables users to have cross-chain interactions. The platform connects its users to help them find the best yields, move their capital across chains and explore cross-chain applications of DeFi. The ICO of the project is set to end by the end of the day. Umee has raised $38,300,000 – completing its fundraising goal.

Lumerin is a peer-to-peer solution which enables data stream routing through smart contract technology. The platform presents haspower as a commodity and will serve as the world’s first decentralized market for hashpower. The token sale of the project will end in a day. Lumerin has set up an ambitious fundraising goal of $60,000,000.

As the blockchain-based gaming industry is becoming increasingly popular thanks to NFTs and metaverse, investors should include at least one game in their portfolio and Sipher may be a good option. Sipher is a casual fighting and exploration game with the end-goal of creating an open world social experience. The game is built on Ethereum and the token sale will end in two days.

Silo is a non-custodial lending protocol which enables users to borrow one crypto asset for another. It is designed to be secure, efficient and permissionless – for which, it offers shared liquidity and isolated risk. The token sale of the project will end in three days. Silo aims to raise around $10,000,000 through its ICO.

Upcoming ICOs

The high riskiness of ICOs is why investors shy away from investing in them. However, comprehensive due diligence can minimize risk which is why we also have a list of some of the upcoming projects.

Blockasset is a verified athlete NFT ecosystem built on top of Solana. The platform aims to be the intermediary between top-ranked athletes of the world and their fans by providing fans with exclusive NFT drops from top athletes. Since the NFT space has been becoming increasingly popular, this project may realize into something big. The token sale is set to start in a couple of hours.

1Sol Protocol is a cross-chain decentralized exchange aggregator designed for DeFi protocols based on the blockchain of Solana. The platform has an ambitious goal to become the fastest DeFi aggregator in the cryptocurrency market. The token sale of the project will begin on 8th December.

XY Finance is another DeFi aggregator to be launched soon. The project is focused on not one segment of the cryptocurrency market but is designed for DeFi, GameFi, and NFT. Moreover, XY Finance also enables cross-chain swaps and aims to make them more efficient and cost-effective. The token sale of the project will begin on 9th December and the fundraising goal is set at $12,000,000.

AAG Ventures is a gaming guild which aims to completely transform the play-to-earn ecosystem in the cryptocurrency market. The aim of the project is to give economic freedom to users through the metaverse economy. The token sale of the project will begin on 12th December. The fundraising aim of AAG Ventures is to raise $12,500,000.

DeHR is a decentralized social career metaverse. The platform is designed to enable users to fully control data on their incomes for global jobs and relationships. The offering of the network is poised to transform the world into a truly global economy. The token sale of the project will begin on 12th December. DeHR has set up the fundraising aim at $1,200,000.

Ended ICOs

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

  • Humans is an AI-driven NFT platform that managed to raise $10,170,000 through its ICO
  • GuildFi is a Web 3.0 which aims to empower blockchain-based gaming communities. The token sale ended on 4th December and raised $6,000,000
  • Creaticles is the first decentralized application for requesting custom NFTs from the art community. The project managed to raise $3,800,000
  • Bitlocus is a DeFi investments platform for fiat currency users based on Terra. The token sale raised $3,150,000
  • Symbiosis Finance is a multi-chain liquidity protocol which raised $10,080,000 through it ICO

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