Hello, 18digits community; we are glad to have you back for another week. This week’s publication promises to be informative. Let’s dive right in.
This week, the cryptocurrency market is booming, and BTC is aiming for $21,000. Over the past month, the price of bitcoin has largely oscillated around the $19,000 mark, only sometimes rising beyond $20,000 on a sustained basis. However, BTC is currently trading at above $20,000 and remains steady. Over the previous seven days, the values of other leading cryptocurrencies have also increased. What could be the reason for this surge in prices and what significant changes occurred in this week’s voting polls? Continue reading as we examine the voting outcomes and the cryptocurrency market over the previous week.
Before you continue reading, please be aware that this article is not intended to be financial advice. Before investing or hiring a professional, you should conduct your research.
What Happened in the Crypto Market this Week?
BTC has recorded gains of more than 6% over the past seven days after trending lower for months and residing in a narrow trading range. Over the past month, Bitcoin has largely remained unchanged. This is significant because it maintained stability when other assets, such as gold, foreign currencies, and stocks, were falling in value. Even while some of those markets are currently on the rise, the price of bitcoin has mostly kept the same. What then might have possibly led BTC price movement to ultimately reverse a 12-month downtrend?
As the Fed runs out of room for maneuver, rumors are growing about the likelihood of rate increases. After the increase next month, there are indications that the policy may start to reverse, making lesser increases in consecutive months before doing so completely in 2023. Markets are therefore reacting favorably to any indication that the Fed is getting ready to moderate its hawkish attitude after a year of quantitative tightening (QT).
Other top cryptocurrencies, too, have risen significantly over the past week. Ethereum (ETH) is up by 18.32%. Binance Coin (BNB) is up by 6.53%. Dogecoin (DOGE) witnessed the biggest price increase amongst the 10 cryptocurrencies by market capitalization, with a price increase of 29.98%. Solana (SOL) and Cardano (ADA) also witnessed a price increase of over 10%.
18Digits Top 18 Voting Results: Top 5 Unchanged, Avalanche (AVAX) Powers into Top 18
The top five cryptocurrencies, respectively, Ethereum(ETH), Bitcoin (BTC), Binance Coin (BNB), Solana (SOL), and Cardano (ADA) retained their positions from the previous week’s voting poll. In addition to the top five voted cryptocurrencies, Dogecoin (DOGE) and Tether (USDT) retained their positions as 11th and 12th, respectively.
The biggest winner in the top 18 this week was Avalanche (AVAX), as it climbed three places into the 17th spot. Elsewhere, Shiba Inu (SHIB), Litecoin (LTC), TRON, Ripple (XRP), Stellar (XLM) and Terra (LUNA) gained a spot to rank 6th, 8th, 9th, 13th, 14th, and 16th respectively. CELO also makes it into the top 18 this week, as it climbs up one spot to rank 18th.
Polkadot (DOT) and PancakeSwap (CAKE) had the highest decline to the downside as they dropped two positions to rank 10th and 15th. Other coins that moved one position down are Polygon (MATIC) and Zilliqa (ZIL).
Biggest Winners and Losers:
Media Licensing (MLT) is the biggest gainer this week. The token experienced a monumental shift from 18360th position last week to 3530th this week. dForce (DF) moved 12857 places to rank 5888th, while FEG BSC climbed 5904 places to 446th. PowerPool Concentrated Voting Power (CVP) and Juventus Fan Token (JUV) complete the top 5 gainers list.
Qatar Inu Token (QATAR) and Sweep Token (SWEEP) had the poorest performance in this week’s polls as they lost 20419 places to rank 20502nd and 20503rd. Celo Euro (Wormhole), Powerful, and HELLO Labs complete the top 5 losers list.
Vote for Your Favorite Cryptocurrency on 18Digits
As we wrap up this week’s review, remember to vote for your favorite crypto coin next week. The process is simple and quick; take a few seconds to become a community member by registering here and checking out the rules to get a comprehensive what-you-need-to-know community guideline. And it’s a wrap this week. See you next Friday!