Monday and managed to reclaim the US$22,000 level on Thursday for the first time since mid-June.
Bitcoin has been trying to move upwards since June 18th and finally managed to break out from an inverse on July 7th. The bounce back in the price has increased after creating a high low on July 3rd. This bullish trend can often lead to price reversals and can take the price of BTC to US$25,000 in the coming weeks if the consistency is maintained.
The second-largest cryptocurrency, Ethereum, also hovered from US$1,073 to US$1,246 over the week, expanding its spheres of influence. The changes in the past seven days in the price action of ETH show that it has added nearly 14.32%, which helped it navigate the recent bearish trend to an extent.
Shiba Inu also rallied nearly 8% following the announcement of stablecoin and a new reward token on Thursday. However, the release date for the metaverse beta phrase, which will be open to the public, remains undisclosed. Following this announcement, DeFi lender Aave also repealed its plans to launch a U.S dollar-pegged stablecoin called GHO to expand the revenue and make borrowing on the DeFi protocol more competitive.
Dogecoin also rose after The Boring Company, a construction and infrastructure company owned by Elon Musk, announced to accept DOGE as a payment currency.
With a market cap of US$9.37Billion, DOGE overtook Polkadot to rank as the tenth-largest cryptocurrency. The crypto has increased by around 7% over the past seven days.
On the other hand, in an exciting turn of events, Reddit is all set to launch a new Collectibles Avatar marketplace leveraging NFTs hosted on Polygon’s blockchain.
However, these Avatars will only be available for purchase using local currencies such as the US dollar as there is no crypto option. The website will collaborate with artists to produce one-of-a-kind avatars that Reddit users can purchase for a set price and personalize with stuff, earning creators a cut of the sales.
Following the path of Solana, Polygon, the most popular layer-2 scaling solution, has also announced its partnership with Nothing, the creator of Phone (1) to bring Web3 to smartphones. The project’s first phase would see Polygon airdrop tokens to Nothing community investors. Polygon will also integrate into the Android-based Nothing Phone (1) in the future by providing easy access to the Polygon platform. The step will give a wider audience easier access to crypto, web3 and NFTs.
Coming to the price action, among the top 100 cryptos by market cap, here are the best and worst-performing cryptos over the past week:
Top 5 crypto gainers during the week:
1. Convex Finance is up by 53%
2. Quant is up by 39%
3. Curve DAO Token is up by 39%
4. Internet Computer is up by 35%
5. Aave is up by 32%
Top 5 crypto losers this week
1. TerraClassicUSD is down by 15%
2. PAX Gold is down by 4%
3. Gate Token is down by 2%
4. UNUS SED LEO is down by 0.94%
5. Bianance USD is down by 0.26%
(Edul Patel is the CEO and co-founder of Mudrex)