The cryptocurrency market has been majorly bearish as November ended. With the king and queen of the market falling downwards, the market sentiment is bearish with undertones of panic. In this newsletter, we will take you on a quick trip around the market. From new ATH coins to the outliers that managed to move against the tide and finally with a taste of NFTs, read on to identify high-potential investment opportunities.
Highlights of the week
Here are the top developments of the crypto market:
- Bitcoin currently stands at a price of $49,421 with a decline of 12% during the week. The queen of the market is following suit with a downtrend and a price level of $4,357.
- The fall of Bitcoin has resulted in the second largest single-day liquidation of BTC futures – with the market losing 25% of its value in a day
- There have been some interesting developments going on in the regulation front. Australia is working on rolling out a new comprehensive framework for cryptocurrency regulation which will bring cryptos out of the regulatory grey
- Moreover, CEOs of Coinbase, Circle, and four other crypto first appeared before the US Congress and received a warm welcome – receiving encouragement from Republicans and Democrats alike
- Decentralized Autonomous Organizations (DAOs) have been cited to be similar to crowdfunding platforms like GoFundMe and Kickstarter but Kickstarter is planning on changing the game by launching a Web 3.0 protocol
- Reddit is expanding its Ethereum-based reward program and has now launched a new website and a waitlist for the program
Crypto Fear & Greed Index
The cryptocurrency market saw a price rally during November, after which, the market was overturned into corrections and has been struggling to maintain the bullish momentum ever since. The crypto fear & greed index analyses the market sentiment through a variety of sources and crunches out a simple number to make the sentiment clearer.
The crypto fear & greed index has a rating from zero – which means extreme fear – to a hundred – indicating extreme greed. The index has been becoming increasingly popular with Bitcoin holders and has been used as a guiding light for when to buy and when to sell.
Currently, the fear & greed index stands at a value of 29 – suggesting fear in the market. As the king of the market plunged and fell below $50k, altcoins followed suit and the market turned bearish. The fear & greed index had been showing extreme greed during November and has been indicating fear ever since. This may be a good “buy the dip” opportunity as the crypto market is expected to rebound.
The current bearish sentiment is further reinforced by the capitalization of the global cryptocurrency market. The market cap nearly touched $3 trillion during November and has been on a steep decline since.
The current capitalization stands at $2.36 trillion – much lower than the high of $2.88 trillion. Moreover, the market cap observed a positive change of less than 1% during the past twenty-four hours.
All-Time High Coins
While altcoins generally follow the king and queen of the market, they often break the common momentum and operate at their own pace which is why the market is always filled with outliers. Here is a list of some of the outliers of the week that managed to establish a new all-time high:
Terra’s new all-time high lies at $77 – established during the week. The cryptocurrency is currently skirting the ATH price – at $75 – which indicates the possibility of another ATH in the upcoming days. Terra is bullish with the daily price movements showing an increase of 11%. Terra is the ninth largest cryptocurrency in the market.
BabySwap (BABY) recorded its all-time high at $4.49. The cryptocurrency is on a freefall ever since the ATH was established. The token currently stands at $2.55 – a decline of 44% from the ATH. Moreover, the daily performance also shows a decline in BABY token of 33%. BabySwap is an automated market maker and decentralized NFT marketplace for new projects on Binance Smart Chain.
DeFi Chain established a new all-time high at $5.62 during the week. The price of cryptocurrency has since fallen by nearly 10% from the ATH. Currently, the token stands at $5.12 and is gaining bullish momentum again with the price has increased by 6% during the past twenty-four hours. The DeFiChain ecosystem aims to unleash the full potential of decentralized finance in the Bitcoin ecosystem.
Top Movers (24 Hours)
Despite the bearish outlook of the crypto market, cryptocurrencies move up and down at their own accord – which is why the market is known for its volatility. Here is a list of the top five tokens that have moved significantly during the past twenty-four hours.
Safe (SAFE) surged by 39% during the past twenty-four hours, making it the top performer of the day in our list. Currently, the token stands at a price level of $9.20 and a market rank of #330 with a growing capitalization. Safe is aiming to become the biggest private digital currency payment and application platform. It currently has six applications with more developments going in.
Wax (WAXP) is another well-performing cryptocurrency during the past day with a positive growth of 35%. Currently, the cryptocurrency stands at a price level of $0.65. The daily trading volume of the cryptocurrency has surged upwards by nearly 1,500% and it is ranked at #85 in the market with the capitalization growing steadily. Wax is a blockchain built to increase the efficiency of the e-commerce industry.
AnySwap (ANY) is one of the top gainers of the day with an increase of 31% during the past twenty-four hours. AnySwap is a decentralized protocol aimed at facilitating cross-chain swaps and trading. The AnySwap ecosystem has been growing at a phenomenal pace. The network has now 24 supported chains and around 997 supported tokens. The network also recently integrated with ChainSwap to ensure users find the best bridge rates.
MCO has moved down by 20% during the past day – making it to our top movers’ list. The cryptocurrency has been highly volatile ever since the ATH was established during November. MCO token powers the Crypto.com ecosystem which aims to provide the full suite of crypto products and services. The DeFi Wallet of Crypto.com recently added support for more than ten tokens. Apart from this, a lot of other developments are also going on in the network which can reverse the downtrend of MCO token.
UFO Gaming is the final mover in our list. The cryptocurrency declined by 18% during the past twenty-four hours. UFO token established its all-time high during November and began declining afterwards. The token broke the downtrend once but the bullish momentum could not be sustained and started falling again. Currently, UFO Gaming stands at a price level of $0.000024.
Non-fungible tokens (NFTs)
According to the research of Crypto.com, the sales of NFTs dropped by 18% during the past week. However, Pak’s project “Merge” clocked in sales of $92 million. Including this figure in the report concludes only a -0.27% change in NFT sales over the week.
Moreover, NFTs made its debut at the 2021 Art Basel Miami. The exhibition was organized by auction house Christie’s in partnership with OpenSea and NFT Now. Art Basel Miami was designed to give physical art collectors exposure to the digital realm. Christie’s, Aorist and Tezos displayed some of the most high-profile NFT artworks.
Cryptopunks, Cyber Kongz, Decentraland along with artworks “Some Other Asshole”, “Decay” and “Decentral Eyes Dogg” topped the sales list on DappRadar. Some other updates of the NFT market include the listing of the first NFT-focused ETF on NYSE, Blockchain.com opening up its NFT marketplace after Coinbase and FTX takes the lead.
NFTs to Watch
NFTs are here to stay. The segment has become of the most popular one in the cryptocurrency market. Since the technology is in its infancy there is definitely room for innovation which makes this an ideal time to invest in NFTs. Here are some of the top projects to look into:
- Basis.markets is a verified collection which was introduced in November. The month of November had been jampacked with activities like the NFT public presale, community launch and the full public sale. With the current trading volume at 228.3 SOL, it is one of the hottest collections.
- I’m Aiko is bringing innovation in the NFT segment by utilizing artificial intelligence. The collection has introduced a new concept of AI-based NFTs called waifus. The collection contains 10,000 unique and randomly generated Aiko’s from a list of twelve traits. The Aiko project also has other projects apart from the collection – making it a good bet in the market
- MyRareFrog is a collection of 500 unique, hand-drawn NFTs on the Solana blockchain. The inspiration of the project stems from various internet artists.
- WOOFers is ranked the fourth top performing collection in terms of sales during the past day. The Woof community is growing fast with over 26,000 Woof holders currently. Apart from the collection, the ecosystem also has a decentralized exchange and an NFT marketplace. The project aims to create the No. 1 community on Solana
- Meta Waifus is a collection of 5,600 NFTs on the blockchain of Solana. Each NFT represents a unique 3D character which can be used in the gaming metaverse