It was a classic crypto week when Microbear and Brulan took investors to a soaring roller coaster. Bearan has been running for three months now and has been declining since November last year. But in recent weeks it can resemble market stability. It turns us to this week’s question: Is Cryptography Back on the Menu?
Usual Suspect: A Weekly Roller Coaster
Both Bitcoin and Ethereum ran Micro Bull Run to start the week and then ended with various results. Interestingly, both Bulllands were in line with the Reserve Bank, which announced that its cash rate would remain at 10 basis points. The RBA statement is somewhat convinced that the low interest rate environment could last a little longer, but given the global nature of the coin, it is unlikely that this had a lasting effect.
Bitcoin started the week at just over $ 54,250, plunged at the beginning of the week, then rose to a high of $ 55,000 per coin in the middle of the week and fell to $ 52,140 by Friday. Bitcoin continues to be of interest to governments and regulators around the world. El Salvador has announced that it will accept Bitcoin as fiat currency and refused to push back from the International Monetary Fund. The announcement may have spurred short-term trading volumes and caused micro-price increases before short-term selling to end the week.
Ethereum started the week at just over $ 3,650 and enjoyed an early rise to $ 3931 before it fell to $ 3,730 at the end of the week, ending the week with a 2% rise. Interestingly, Ethereum prices seem almost intact from this week’s Ethereum hack, I saw more than 120,000 Ethereum (about US $ 320 million worth) “stolen” from the Solana blockchain..
Despite the weekly roller coaster, there seem to be signs that stable prices may be occurring, but with cryptocurrencies you never know.
Best Remaining: All coins are on this roller coaster
Bitcoin and Ethereum weren’t the only ones that had fluctuating weeks. The next layer of popular coins. Cardano, XRP (Ripple), Avalanche and Polygon all experienced swings, dips and rallies, but ended the week with some stability as they ended within the price range on Monday.
Cardano is hovering at a price of $ 1.47 on Monday and is in a position to close flat. Despite two micro rallies and dips, XRP remained strong this week, ending at around 0.85 cents (down from 0.88 cents on Monday).
Avalanche also remained strong, but the mid-week rally ended at -1% of Monday’s price and could have helped day traders with a short-term rise. Polygon seems to be the winner of this week’s cohort and could end the week by 5% above Monday’s price.
For investors trying to prevent volatility, this demonstrates the power of diversified portfolios.
Weekly Losers: Solana Hack Leads to Mid-Week Loss
Solana, a coin that is said to be comparable to Ethereum, suffered a huge loss this week, dropping from $ 151 to $ 138 in just one day. For unfamiliar people, Solana is another blockchain that is said to be more efficient and cost effective than Ethereum. Solana is especially popular in NFTs because of the low gas charges included as a result of its efficiency.
Earlier this week, over 120,000 Ethereum (valued at over US $ 320 million) were stolen via the “Wormhole Bridge”. This is a “blockchain bridge” that allows users to convert Ethereum to blockchain through smart contracts. Hackers have exploited a vulnerability in the Wormhole Bridge to allow Ethereum to be forwarded from the bridge to a private address.
The developers of the wormhole bridge investigated the exploit and removed it for maintenance, but this hack could have a significant impact on Solana’s price and undermine investor confidence in Solana’s progress.
Weekly Winners: GameStop and Immutable X Partners Win Games
Immutable X, an Australian-based NFT startup, and GameStop, a US gaming company, have a partnership. GameStop uses Immutable X’s Ethereum solution to build the infrastructure for the NFT platform. The two have formed a $ 100 million token incentive fund focused on gaming and NFTs. With announcements later this week, Immutable X tokens have been promoted by 34%, making them one of the top 100 coins by market capitalization.
For those unfamiliar with Immutable X, enable companies to use the Ethereum layer with zero gas charges and carbon-neutral instant trading, allowing them to build NFT marketplaces incredibly quickly. increase. GameStop made its headline in 2020 after Reddit investors rebelled against shortsellers to shake stock prices. GameStop leverages the Immutable X layer to build an NFT marketplace as part of its future growth strategy.
Immutable X is just starting out as a company and can be a long-term hold for those who are bullish on NFT games as a relatively successful and well-funded start-up that is making a big wave. ..
In February, bear runs lasted three months, especially in the second tier coin cohort, which could continue despite a short period of one week. Cryptocurrencies have never been boring, so keep an eye on Monday’s “look-ahead” to get information on the latest updates and moves in crypto space!
Source: BTC Markets, CoinMarketCap
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This post was written by Fresh Capital Media.