The cryptocurrency market’s sentiment appears to be shifting back to bullishness after the market saw a prolonged period of bearishness. The fear from the previous weeks is dissipating and soon bullish momentum may overtake.
Highlights of the week
Here are the top developments that happened around the market:
- BTC may soon reverse its downtrend as the current price trades close to $49,000 while Ethereum has crossed $4,000
- Ethereum 2.0 is one of the most highly-anticipated upgrades on the cryptocurrency market. The testnet Kintsugi has been launched for experimental purposes before the merge takes place
- Gwyneth Paltrow has announced a cryptocurrency giveaway worth $500,000 to her social media followers through a partnership with Cash App
- Polkadot launched the first five parachains on the weekend – a hallmark moment for the scalability of the network
- According to the Wall Street Journal, 0.01% of Bitcoin holders control 27% of the total tokens in circulation, despite growing adoption
- The NFT space continues to surge as the popular artist The Weeknd released his record-breaking single in the form of NFTs on OpenSea
- Despite China’s crackdown on cryptocurrencies, the metaverse is attracting a lot of investment from China. Metaverse is regarded as one of the top ten buzzwords of the country
- Reports have revealed that Facebook paid $60 million for the trademark of Meta to a South Dakota Bank – showing their commitment to the metaverse realm
- After Twitter, Instagram has also jumped up the NFT bandwagon and has expressed interest in NFTS
- Elon Musk is back to his old ways and has pumped his favorite coin, Dogecoin, by announcing Tesla’s exploration of DOGE as a payment method.
Top Weekly Gainers
As the sentiment shifts to favorable, cryptocurrencies are bound to be accumulating phenomenal gains. Here is a list of the top five gainers of the week:
Anyswap (ANY) is the highest gainer of the week as the cryptocurrency surged upwards and established a new all-time high at $27.61 a couple of hours ago. The price has increased by 86% during the past week while the bullish momentum continues in the daily timeframe. The surge is caused by Anyswap’s rebranding to Multichain. Through the rebranding, Anyswap aims to expand its scope to provide cross-chain infrastructure and become an integral part of Web 3.0.
Yearn Finance (YFI) is another top gainer with a significant upside move of 82%. Currently, the token stands at a price level of $36,102 with the price increase in the daily window as well. The cryptocurrency is surging because the development team has launched an aggressive buy-back program which is limiting the supply of the token and boosting its price, in turn.
Arweave (AR) peaked during November and has been on a bearish downtrend ever since. However, the market sentiment for the cryptocurrency shifted and the downtrend was broken during the running week. Currently, the token stands at a price level of $56.41 with the price has surged by 54% in the past week. Arweave is a decentralized storage network.
Tera (LUNA) is currently standing at its all-time high price of $82 amidst strong bullish pressures. The price of the cryptocurrency has moved up by 52% during the week. The surge comes as Astroport – an AMM on Terra – launched its lock drop which is causing a high inflow of capital to the Terra ecosystem. Terra’s stablecoin, UST, has surpassed DAI in market capitalization.
Avalanche (AVAX) is our final gainer of the week with an increase of 45%. The cryptocurrency vied for its ATH but the bullish momentum could not sustain. Currently, the token stands at a price level of $114 with an increase of 10% during the daily timeframe. Avalanche is a Layer-1 blockchain curated for decentralized applications and custom blockchains.
Top Weekly Losers
However, a shifting outlook does not mean that all cryptocurrencies will be benefitting from the bulls, the volatility of the crypto market ensures that there are also losers present in the market. Here are the top five losers of the week:
Radio Caca (RACA) is the top loser of the week that is currently under strong market corrections. The cryptocurrency established its new all-time high during November and began falling sharply afterward. At the time of writing, the token stands at a price level of $0.0020 with a 35% decline during the week. Radio Caca is fueling the Universal Metaverse and since the metaverse frenzy has not ended yet, the token can be expected to reach high once again.
Alitas (ALT) is another one of our losers for the week. The cryptocurrency has witnessed a decline of 30% during the week. The cryptocurrency peaked at $101 in November but the market corrections are brutal as the token has lost nearly 94% of its value with the current price trading in single figures only. Alitas has introduced newer technologies like the Star Drop Effect to ensure the blockchain performance is optimal.
Velas (VLX) is another of our top losers who have entered the lust because of brutal market corrections. The cryptocurrency established a new all-time high in the midst of November after which the market was gripped by the bears. The downtrend continues as Velas loses 34% of its value in the past week and nearly 10% of loss during the day. Velas is regarded as the world’s fastest EVM blockchain.
Biconomy (BICO) is also currently under market corrections. The ATH was established at the beginning of December and the bearish pressures have lasted till now. There is also no indication of a trend reversal yet. BICO has declined by more than 25% during the past week while the daily price movement shows no significant change.
Oasis Network (ROSE) also peaked during November like most of our losers of the week and subsequently fell to market corrections. Currently, the token stands at a price level of $0.25 with a decrease of 19% during the weekly timeframe. Oasis Network is a privacy-focused blockchain.
Hot ICOs to Watch Out For
Are you thinking of increasing your return on investment in the cryptocurrency market? If yes, then ICOs may be the perfect avenue for you. Here are some of the active projects to consider:
Ouro is one of a kind of project. The aim of the project is to create a digital store of value that is inflation-proof. The fiat currency inflations are transformed into the growth of the token which makes it already adjusted for any USD inflations. The token sale will end in 13 days and the project has set its fundraising goal at $1,250,000.
Solice is the first cross-chain platform for the virtual reality metaverse on the Solana blockchain. Since the metaverse is currently hot, the project can be expected to grow exponentially. Moreover, it is also powered by the blockchain of Solana which gives it an even more bullish outlook. The token sale will end in 13 days and it has managed to raise $4,360,000 out of its total fundraising goal of $4,920,000.
Merit Circle is another project that is focused on the metaverse realm. It is essentially a decentralized autonomous organization that creates opportunities for people who are working towards the development of the metaverse. It employs a play-to-earn model for rewards. The token sale will end in January 2022.
Calaxy is an open and decentralized social media platform geared at empowering creators. Fans can buy Creator tokens of their favorite creators in order to access special perks. It is also the first application to run on Galaxy protocol. The fundraising goal of the project is to raise $20,000,000.
Astra Guild Ventures is another good project to watch out for in the ICO phase. It is a decentralized autonomous organization that invests in NFTs and other technologies in order to bridge the gap between different players in the NFT space. The token sale will end in three days and the project has managed to raise $8,300,000 out of the total goal of $18,300,000.
ICOs are one of the most high-rewards channels of investment in the cryptocurrency market. However, the high risk associated with ICOs causes investors to shy away but with proper research, risk can be minimized. Here are five upcoming ICOs to consider:
MeanFi is a permissionless web 3.0 banking application that aims to provide full-fledged traditional banking services to crypto and DeFi. It also aims to enable crypto users to grow their holdings by giving them access to the best prices, fees, and rewards available. The ICO will begin on 22nd December and the project has sent the fundraising goal at $3,750,000.
Areneum is a one-stop shop for all your gaming needs. The platform has a comprehensive incentivizing mechanism for both players and developers of NFT gaming. Currently, the project only has eSports available but by mid-2022 both casual games and crypto games will also be available. The gaming platform already has nearly 2 million players in the eSports segment. Phenomenal growth can be expected from the platform when all three features become available. The token sale will begin towards the end of December.
Muon Network is another good project to research for ICO investment. The platform is designed for the metaverse. It aims to power the metaverse economy through cloud computing, cross-chain interoperability, and by securing oracles for DeFi, dApps, and NFT gaming. Since the metaverse is believed to be the future of crypto, the project can gain significant footing if it delivers. The token sale will begin by the end of December with a fundraising goal of $600,000.
Acura Network is the first redefined decentralized trading platform and liquidity protocol built on Acura and Polygon. The platform aims to facilitate DeFi 2.0. The token sale will begin somewhere in December with the fundraising goal set at $1,160,000. With an interesting proposition, the platform may be a good choice for ICO investment.
ParaState is a smart contract platform that aims to enable interoperability in smart contracts between the ecosystems of Polkadot, Ethereum, and Substrate. The interoperability will be expanded to other chains geared at Ethereum as well. The token sale is expected to begin in December with a fundraising goal of $5,500,000.
Here is a list of some of the ended projects that have ended:
- UpOnly is a Play-to-Earn gaming analytics and prediction platform to enable smart investment decisions. The ICO ended on 20th December and raised $160,000
- Forward Protocol is a specific blockchain geared towards education and learning spaces. The ICO managed to raise $1,450,000
- L2PAD is an Ethereum Layer-2 launchpad also compatible with Optimism and Arbitrum. The token sale ended on 19th December and managed to raise $200,000
- MyMessage is a light-grade decentralized social media platform like Reddit. Through the token sale, the project managed to raise $2,300,000
- UNQ Club is a DeFi protocol providing tools for the NFT segment. The ICO ended on 19th December and raised $3,400,000
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