Crypto Summary: A Good Day for the Market, NFT Market Stabilizes

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The past week had been really bearish for the price. After the drop of BTC from the $52k level down to the $42k level, the price had been damaging for the altcoins as well. A lot of coins suffered and we saw a huge decrease in the overall market cap. An estimate suggests that around $500B has been taken out of the market. But now things are looking good. With BTC bouncing from the $39k level up to $43k, the market is once again in green.

The NFT market is also in a very good position. The overall market value has increased and we have seen increase in the overall floor prices whether they were on ETH, SOL or FTM. We bring you this newsletter to make you stay updated regarding the current situation of the market so you can make the best possible decision.

Highlights of the Week

  • Bitcoin (BTC) has bounced back from the $39k level and is up to around $44k. The price of BTC has increased by almost 2.3% in a single day.
  • Ethereum (ETH) just like BTC has shown an increase in the price as well. At the time of writing, it is being traded at the price of $3375 with an increase of almost 4% in the past 24 hours.
  • With the bounce of BTC, an estimated $83M has been liquidated.
  • Pakistan puts a ban on the trading of cryptocurrency. A verdict is going to be announced on 12th April regarding the regularization or ban of the asset.
  • Iran to allow crypto for international trading. For importers and exporters, we are potentially looking for a new way to transfer payments.
  • CashApp, a payment app has integrated Bitcoin Lightning Network for faster BTC transactions
  • IMF economists say that crypto isn’t a fringe anymore, the relation with the stock market poses serious risks for the market itself.
  • Verasity (VRA) is making rounds on social media after their Proof of View got passed in the examination by the Chinese Patent Office with the existing US patent. This makes VRA ready for the $120B Chinese markets.

Crypto Fear & Greed Index

The past week had been really bad for the market. The fear was at the top. The fear at that point was at 10 which was extreme fear regarding the sentiments of the market. Now the fear has decreased and we are seeing better sentiments and emotions regarding the market. Right now the fear index is at around 22 which is comparatively better than the last week but still classified as Extreme Fear.

The Index takes into account a number of things such as sentiments, volatility, volume, social media, dominance, trends, and surveys. Extreme Fear is normally considered a buying opportunity.  By combining all of these factors, they have created the greed and fear index.

All-time High Coins

  1. Near Protocol (NEAR): With a current price of $17.74, NEAR reached its all-time high value of $18.83. This 5.78% decrease from its all-time high value.
  2.  Oasis Network (ROSE): ROSE also reached its all-time high value in the last twenty-four hours. It currently has a value of $0.498 but it has taken a little fall to $0.466 at its current value.
  3. Frax Share (FXS): FXS has a current value of $41.36. It reached its all-time high value of $42.62. This is a decrease of 2.77%.
  4. Atomic Coin (ATOM): ATOM is a recent coin and it reached its all-time high value of $42.62 but it has dipped to $41.36 with a decrease of 2.77%. More of a dip is predicted.
  5. LooksRare (LOOKS): LOOKS is a 2828th ranked coin at coinmarketcap. It reached its all-time high value of $42.33 with its current price around $41.16. A decrease of 7.43%.

Top Movers (24H)

The whole crypto market has been in turmoil with the uncertainty surrounding the finance and stocks market around the world. The main contributor to this apparent unrest in the market can be attributed to the Evergrande crisis in China as well as the Omicron variant of COVID-19 quickly transmitting to make millions and millions sick. Although governments have not decided to shut down all activities, the specter of a market crash is there. But even in this uncertain market, there have still been some coins that have managed to make a gain. The value of Bitcoin is also rising that might give positive indicators for what’s to come. Here are the top 5 gainers in the last twenty-four hours:

Anyswap (ANY): Anyswap has made the biggest gain of the day with an increase of 54.40% in the last twenty-four hours. With a current trading volume of $81,946,236, the coin has a value of $24.69 at the time of writing. Anyswap is a cryptocurrency converter. In an uncertain environment where many investors are wanting to take their money out of the currencies, Anyswap is bound to make profits.

Dusk Network (DUSK): DUSK is the second-biggest gainer of the day. It has made a leap of approximately 33% in the last twenty-four hours. The ledger of DUSK is based on a proof-of-stake consensus algorithm that promises privacy. The Dusk Network is built on the Ethereum blockchain. To DUSK, the most prominent feature to their currency is the anonymity it offers. But it does seem to be an anomaly in the top 5 gainers of the week as currencies similar to it are having a bad week, to say the least.

Tome Share (TSHARE): Tomb is a cryptocurrency that is pinged Fantom Opera. The Opera Network is steadily growing and the $TOMB algorithmic token serves to become a backbone of a rapidly growing ecosystem aimed towards bringing liquidity in the network. The current value of the TSHARE token is $20,466.43 at the time of writing. This is a 23.27% increase over the past twenty-four hours. The daily high has been $21,848.97 and the low has been $17,085.22.

Keep3rV1 (KP3R): This is a Keeper network. Keeper is defined as an external person and/or team that executes a job. This can be as simplistic as calling a transaction, or as complex as requiring extensive off-chain logic. Keepers make themselves for the jobs. Jobs here are smart contracts that require an external entity to perform an action. At the time of writing, the value of KP3R is $1,550.40, an increase of nearly 23% over the past twenty-four hours. It currently has a trading volume of $156,703,812 which is an increase of 122.47% over the past twenty-four hours.

Tomb (TOMB): TOMB is another one of those coins on the Fantom Opera ecosystem. The increase in price can mainly be attributed to the release of Toad NFTs in the market in exchange for perks. The pool used to buy NFTs is being used to pump the whole network. At the time of writing, the current value of TOMB is $3.01 which is an increase of 22.89% over the past twenty-four hours.

Top Losers in 24 Hours

The market is slowly getting back on its feet. So the losses of the major currencies might get lower with the increasing value of the King of the Market. But some still have sustained pretty hefty losses. The following is a list of the top 5 losers in the last twenty-four hours.

Moonbeam (GLMR): Moonbeam is a currency that tries to incorporate the familiar and easy-to-use tooling of Ethereum with the scalable, interoperable architecture of Polkadot. It was released yesterday with a price of around $11 and went to as high as $53.51 but then it somersaulted to its current value of $8.73 which is a loss of 41.59%. The movement of GLMR shows that currently, it is not a good time to fork or release a coin into the exchanges.

Chrono.Tech (TIME): Not taking a huge loss, TIME has had a loss of 13.6% over the past twenty-four hours. Considering that it had a growth of 70.5% over the past week, it shouldn’t be a huge deviation. Also considering the market. It currently has a volume of $8,590,529 with a price of $404.00 at the time of writing.

Dash (DASH): DASH is an open-source peer-to-peer cryptocurrency with a strong focus on the payments industry. Dash offers a form of money that is portable, inexpensive, divisible, and fast. It can be spent securely both online and in-person with only minimal transaction fees. It is a good way to safeguard one’s investment. Being one of the gainers of the week, it is obvious that its volume is bound to come down with the rise of Bitcoin. While sustaining a loss of 5%, it currently has a price of $142.74.

Tenset (10SET): Built on the Ethereum blockchain, 10SET sustained losses. It isn’t on anyone’s radar and also had a paltry trading volume of $3,327,155 at the time of writing. An audit CertIK has given the coin a score of 92. It currently has a value of $3.11 at the time of writing and has had a loss of 3.62%.

Chainlink (LINK): Being one of the biggest gainers of the week, it seems that due to market correction, LINK is losing its steam. Currently, it has a value of $26.29 with loss of 2.99% over the past twenty-four hours.

NFTs

Over the past few days, we have seen that NFT market has stabilized. The floor prices of many projects have increased. This means that money has started to pour into the market. A number of news related to the NFT market is below:

  • An estimate shows that NFT market is now worth $41B. This amount of money was exchanged related to different NFT marketplaces.
  • According to their new plans, GAMESTOP is entering into the NFT world. It is launching a division for the development of new market place. The share price has surged about 20% after the news was released.
  • Frosties, an NFT project got rugged that left the investors with a damage of about $1.3M.
  • GAP, a fashion brand has collaborated with Brandon Sines, the artist behind Frank Ape to create to launch their own NFT on Tezos Blockchain

NFT Projects to Watch Out For

Several NFT projects have been booming in the market. A number of the projects are below to give you an insight about them

Wicked Pigeon Posse: There are a total of 2000 NFT that were minted within a few minutes. A number of them were airdropped to the initial supporters. Now they have launched their own token $BREAD. The collection is listed on Magic Eden with the floor price of $0.025 SOL

69420 Frogs: A project that is based on the FTM network. This collection of NFTs allow you to claim FTM royalties on the 1st and 2nd market. Makes you eligible for the airdrop of WAGME tokens every month. It also white lists you for the future projects such as POND DAO (A fork of OHM)

LazyBearz: A new project that has a minting price of $0.69 SOL. The NFTS are customizable that let you change the color of the NFTs.

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