Cryptocurrencies: Cryptocurrency Week at a Glance: Top Winners and Losers

The cryptocurrency market started on a bearish note earlier this week, indicating tight price action. Many factors have influenced the cryptocurrency market in the past few days. However, the market accelerated in the middle of the week, following gains from US equity markets. Bitcoin, Ethereum and most cryptocurrencies continued to gain, strengthening the market. BTC was seen changing hands at $ 19,000 onwards

Monday and managed to regain the $ 22,000 level on Thursday for the first time since mid-June.

Bitcoin has been trying to rise since June 18 and eventually managed to get out of a reversal on July 7. The rebound in the price increased after hitting a low on July 3rd. This upward trend can often lead to price reversals and can drive the price of BTC to $ 25,000 in the coming weeks if consistency is maintained.

The second largest cryptocurrency, Ethereum, also went from $ 1,073 to $ 1,246 during the week, expanding its spheres of influence. The changes over the past seven days in ETH’s price action show that it has been added close to 14.32%, which has helped it to some extent overcome the recent downtrend.

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Shiba Inu also rose nearly 8% after the stablecoin and a new reward token were announced Thursday. However, the release date of the metaverse beta sentence, which will be open to the public, remains unknown. Following the announcement, DeFi lender Aave also canceled plans to launch a US dollar-pegged stablecoin called GHO to increase revenue and make DeFi protocol lending more competitive.

Dogecoin also grew after The Boring Company, a construction and infrastructure company owned by Elon Musk, announced it would accept DOGE as its payment currency.

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With a market capitalization of $ 9.37 billion, DOGE overtook Polkadot to rank 10th among cryptocurrencies. Crypto has risen about 7% over the past seven days.

On the other hand, in an exciting series of events, Reddit will launch a new market for collectible avatars by leveraging NFTs hosted on the Polygon blockchain.

However, these avatars will only be available for purchase using devices such as US dollars, as there is no crypto option. The website will work with artists to produce unique avatars that Reddit users can purchase for a fixed price and customized with items, which will earn the creators a share of the sales.

Following in the footsteps of Solana, Polygon, the most popular level 2 scaling solution, also announced its partnership with Nothing, the creator of Phone (1) to bring Web3 to smartphones. The first phase of the project would see Polygon’s Airdrop tokens to investors from the Nothing community. Polygon will also integrate with Android-based Nothing Phone (1) in the future, providing easy access to the Polygon platform. This step will allow a wider audience to more easily access cryptocurrencies, web3 and NFT.

As for price action, among the top 100 cryptocurrencies by market cap, here are the best and worst cryptocurrencies from last week:

Top 5 Cryptocurrency Winners of the Week:

1. Convex Finance is up 53%

2. Quantity increased by 39%

3. Curve DAO token increased by 39%

4. The computer on the Internet is increasing by 35%

5. Aave is up 32%

Top 5 Cryptocurrency Losers This Week
:
1. TerraClassicUSD is down 15%

2. PAX Gold is down 4%

3. Gate Token dropped by 2%

4. UNUS SED LEO is down 0.94%

5. Bianance USD is down 0.26%

(Edul Patel is the CEO and co-founder of Mudrex)

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