The cryptocurrency market has been in disarray ever since the bullish momentum subsided towards the end of 2021. While the new year was expected to bring new levels of success for cryptocurrencies, so far, the trend has been nothing short of the opposite.
However, the bearish cryptocurrency market is also filled with investment opportunities which is why we are here with our bi-weekly newsletter to ensure you can get the best out of the market.
Highlights of the week
Here are some of the top developments in the market:
- Bitcoin has been continuously losing value. The king of the market stands at a price of $42,041 currently with the queen following suit at $3,137
- American boxer Mike Tyson has Tweeted to go “all-in on Solana”
- Google is working hard towards expanding its cryptocurrency scope. The tech giant hired a PayPal executive to launch services such as bitcoin credit and debit cards
- Grayscale’s popular Bitcoin Trust’s discount rate has hit a record discount rate of 26.53% following the continuous fall in BTC’s spot price.
- The British government is tabling new legislation on cryptocurrency advertising which will protect consumers from misleading ads
- The Monetary Authority of Singapore had also announced a crackdown on crypto advertising which led to firms shutting down crypto ATMs in the country
- EU regulators are pressing for the banning of the Proof-of-Work mining mechanism amidst environmental concerns
- Crypto asset manager Hashdex has announced the approval for its DeFi ETF which it regards to be the first in the world. This will be the sixth ETF in the Brazilian market.
Crypto Fear & Greed Index
The cryptocurrency market’s global capitalization has fallen below $2 trillion for the first time since the beginning of October. Currently, the market stands at a capitalization of $1.98 trillion. The downtrend of capitalization has been steady and if the trend does not reverse soon, the market will continue to liquidate at a fast pace.
Moreover, the crypto fear & greed index has also been consistently indicating extreme fear in the market which has been the cause of liquidation. The crypto fear & greed index compiles various indicators of sentiment and churns them into one number – which seasoned investors use to gauge the sentiment of the market.
The index has been at a value below 30 ever since the new year began with the last week suggesting a further drop to extreme fear levels. The current value of the index stands at 24.
All-time High Coins
Despite the bearish outlook of the cryptocurrency market, some altcoins are still surging upwards amidst strong bullish pressures. These coins may present high-yield opportunities. Here are some of our top picks:
LooksRare is an NFT marketplace that is gaining traction because of the interesting rewards it offers to users. The marketplace is giving strong competition to one of the most popular NFT marketplaces, Opensea. The cryptocurrency established a new all-time high at $6.18 during the daily timeframe amidst bullish pressures. Currently, the price is trading at $6.16 down by 3% from the ATH.
MXC is another cryptocurrency that established a new all-time high during the past twenty-four hours. The new ATH lies at a price level of $0.13; however, the current price of $0.10 has fallen by more than 24% from the ATH. MXC is a web 3.0 infrastructure designed for the bridging of the metaverse with the real world.
Sperax also recorded a new all-time high during the daily timeframe at a price level of $0.21. The cryptocurrency is on a strong uptrend and the bullish momentum continues as the daily performance shows an increase of 14% in the price. Sperax is working towards enabling good returns through the cryptocurrency market. It has a mobile application that offers yields over the platform’s stablecoins.
Fuse Network is another cryptocurrency that investors should watch as it is currently one of the major outliers of the market. The cryptocurrency established a new all-time high at $1.87. The cryptocurrency has gained by more than 17% during the day. Fuse Network is aiming to smoothen out the challenges faced by mobile applications.
Last but not the least, Near Protocol also established a new all-time high at $20.42 a couple of days ago. The cryptocurrency has broken down its uptrend amidst market corrections but developments on the network may help it reverse its trajectory. Near Protocol’s MetaBuild Hackathon has gone live during the past week and the surge in activity may result in bullish momentum.
Top Movers (24H)
There are always some gems hiding in the market that can take your portfolio to the next level despite a bearish market. Here are some of the top gainers of the day that have defied the physics of the market:
SHPING has recorded a phenomenal gain of 300% during the past twenty-four hours. The cryptocurrency is on a steep uptrend and the price level has slashed one zero. If the trend continues the token will soon cross $1. The bullish surge comes amidst new listings of the token. The newest listing partner of Shping Coin is Coinbase and Coinbase Exchange. The network has also partnered up with Famous Soda Co. and 7-Eleven for cashback rewards.
veDAO is a recent launch in the market and the price has been consistently climbing upwards. The cryptocurrency has surged upwards by 224% during the past twenty-four hours. At the time of writing. The token stands at a price level of $0.24 with a daily trading volume of $6.8 million. The WEVE token appears to be going strong and may be a good bet in the market.
Step is another high performer of the day with a gain of 110%. The current price is standing at $0.0087 – skirting close to the all-time high of $0.0089 which was established a couple of days ago. If the uptrend continues for the token, a new all-time high may be established soon. Step rewards users for staying fit and rewarding them in BNB for the steps they take.
Ally Direct Token has been on a steady downtrend since October but the bulls began to gain momentum for the token and broke the downtrend. The cryptocurrency has surged upwards by 100% during the daily timeframe. Currently, the price stands at $0.021. The platform is designed to utilize blockchain technology for connecting customers with service providers.
Our final gainer of the day is DEAPcoin which has surged upwards by 76%. DEAPcoin, too, has broken a steady downtrend and is currently surging upwards. Digital Entertainment Asset Pte. Ltd or DEAP is a blockchain-based DeFi platform geared at NFTs and other forms of entertainment.
Non-Fungible Tokens (NFTs)
The NFT segment of the cryptocurrency market is hands-down one of the most popular ones. While the cryptocurrency market has been in the grips of the bears, non-fungible tokens are gaining steady popularity with new high-profile figures entering the market almost every day.
Some of the big names to enter the NFT sphere recently are Microsoft, Associated Press, and Walmart. Microsoft has made a power move and entered the metaverse with a bang. The giant tech firm has acquired Activision Blizzard – the firm behind popular gaming franchises – for $69 billion and has revealed its plans to play a vital role in the development of the metaverse.
The non-profit news giant Associated Press has announced to creation of an NFT marketplace that will be showcasing photographs taken by employees over the years as NFTs. The news firm has chosen to build its marketplace on top of Polygon. Moreover, Mercedes has also announced its NFT collections following suit with Ferrari. The luxury car brand has chosen five NFT artists to create NFTs featuring the exclusive G-Class car line.
Walmart has similar plans and is quietly working on creating its cryptocurrency and NFT collections. The clothing retailer Gap is also launching its Tezos-based NFT collection soon. The gap will also be giving some lucky participants exclusive physical hoodies.
NFTs to Watch
Since the NFT segment is one of the most profitable ones, it would not make sense to ignore it if you are looking towards maximizing your gains from the cryptocurrency market. Here are the top NFT collections to look into:
Hape Prime ranks second in terms of daily trading volume on OpenSea during the daily timeframe. The daily trading volume stands at 9,955 ETH. It is a collection of 8,000 next-generation high fashion Hapes created by Hape Beast which is an already established NFT brand and collection.
The C-01 project consists of 8,888 NFTs created by top designers and developers. It comes from the Warner Bros designer Gilberto Zaragoza. The aim of the project is to represent the synergy that exists between the fashion world and the NFT realm. The team states that C-01 owners do not just have digital collectibles but also gain a front-row seat toward the revolution of the fashion industry in the metaverse.
Azuki had been regarded as an underdog with high potential in the NFT market. Analysts had been predicting the surge that came to the collection and it is expected to further rise in popularity. It entered the top-ranking collections in terms of volume on OpenSea with a trading volume of 9,919 ETH having increased by 60% during the past seven days. Azuki is a collection of 10,000 avatars and the team is aiming to build the largest decentralized brand in the Metaverse.
CryptoSkulls is another top-ranking collection that has climbed up the ranks. The daily trading volume of the collection stands at 9,236 ETH with an increase of 40% during the past week. CryptoSkulls are 10,000 unique NFTs based on the blockchains of Ethereum and Polygon. Each NFT is a unique pixel art image.
Lil Heroes is the final collection on our list. It has garnered a daily trading volume of 8,208 ETH. The collection was recently launched by Edgar Plans – a Spanish contemporary visual artist. There is a lot cooking up for the collection. The launch will be followed by an exclusive merchandise sale, a charity auction, and an animated series.