cryptocurrency: Crypto Week at a Glance: Top winners and losers

The crypto market started on a bearish note earlier this week, indicating the narrow price action. There are many factors that have affected the crypto market in recent days. However, the market picked up speed in the middle of the week, and followed a rise in the US stock markets. Bitcoin, Ethereum and most cryptocurrencies have continued to win, strengthening the market. BTC was seen swapping hands for $ 19,000

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

Bitcoin has been trying to move upwards since June 18 and eventually managed to break out of an inverse on July 7. The downturn in the price has increased after creating a low level on 3 July. This bullish trend can often lead to price reversals and can take the price of BTC to $ 25,000 in the coming weeks if consistency is maintained.

The second largest cryptocurrency, Ethereum, also hovered from $ 1,073 to $ 1,246 during the week, expanding its spheres of influence. The changes in the last seven days in the price action of ETH show that it has added almost 14.32%, which helped it to navigate the latest bearish trend to some extent.

Shiba Inu also rose almost 8% after the announcement of stablecoin and a new rewards token on Thursday. However, the release date for the metaverse beta phrase, which will be open to the public, remains unresolved. Following this announcement, DeFi lender Aave also lifted its plans to launch a US dollar-denominated stablecoin called GHO to expand revenues and make loans on the DeFi protocol more competitive.

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

With a market value of $ 9.37 billion, DOGE took over Polkadot to be ranked as the tenth largest cryptocurrency. The crypto has increased by around 7% in the last seven days.

On the other hand, in an exciting turnaround, Reddit is ready to launch a new Collectibles Avatar marketplace that leverages NFTs hosted on Polygon’s blockchain.

However, these avatars will only be available for purchase using local currencies such as US dollars, as there is no crypto option. The site will partner with artists to produce unique avatars that Reddit users can purchase for a set price and customize with items, giving creators a cut in sales.

Following Solana’s path, 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 first phase of the project would see Polygon airdrop tokens for Nothing community investors. Polygon will also be integrated 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 NFT.

When it comes to the price action, among the 100 best cryptocurrencies by market value, here are the best and worst performing cryptocurrencies in the last week:

Top 5 crypto winners during the week:

1. Convex Finance is up 53%

2. Quant is up by 39%

3. Curve DAO Token is up 39%

4. Internet computer is up by 35%

5. Aave is up by 32%

Top 5 cryptocurrencies this week
:
1. TerraClassicUSD is down 15%

2. PAX Gold is down 4%

3. Gate Token is down 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)