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

The crypto market started bearish early this week, indicating limited price action. Many factors have influenced the crypto market in recent days. However, in the middle of the week, the market accelerated following gains in US stock markets. Bitcoin, Ethereum and most cryptocurrencies continued to gain, bolstering the market. BTC changed hands for $19,000 on

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

Bitcoin has been trying to rise since June 18 and finally managed to break out of an inverse on July 7. The recovery in the price rose after a low on 3 July. This uptrend can often lead to price reversals and could push the price of BTC towards $25,000 in the coming weeks if consistency is maintained.

The second-largest cryptocurrency, Ethereum, also fluctuated from US$1,073 to US$1,246 during the week, expanding its spheres of influence. Changes over the past seven days in ETH’s price action show it added nearly 14.32%, which to some extent helped it navigate 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 for the metaverse beta phrase, which will be open to the public, remains undisclosed. Following the announcement, DeFi lender Aave also withdrew plans to launch a US dollar-pegged stablecoin called GHO to boost revenues and make borrowing through the DeFi protocol more competitive.

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

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With a market cap of US$9.37 billion, DOGE passed Polkadot to rank tenth among cryptocurrencies. The cryptocurrency is up about 7% in the past seven days.

On the other hand, in an exciting turn of events, Reddit will launch a new collectible avatar marketplace that uses NFTs hosted on the Polygon blockchain.

However, these avatars can only be purchased with devices like US dollars as there is no crypto option. The website will partner with artists to produce unique avatars that Reddit users can purchase for a fixed price and be personalized with items, earning the creators a share of the revenue.

Following Solana’s lead, Polygon, the most popular layer 2 scaling solution, also announced its partnership with Phone(1) maker Nothing to bring Web3 to smartphones. In the first phase of the project, Polygon Airdrop tokens would be offered to investors from the Nothing community. Polygon will also integrate with the Android-based Nothing Phone (1) in the future by providing easy access to the Polygon platform. This move will give a wider audience easier access to crypto, web3 and NFTs.

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

Top 5 crypto winners of the week:

1. Convex Finance is up 53%

2. Number has increased by 39%

3. Curve DAO Token is up 39%

4. Internet computer has increased by 35%

5. Aave is up 32%

Top 5 crypto losers this week

1. TerraClassicUSD is down 15%

2. PAX Gold is down 4%

3. Gate Token is down 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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