Hello there, 18Digits. We are delighted to have you here this week; it means a lot. It’s time to update you on your voting results from the previous week and the most noteworthy happenings in the cryptocurrency market in the last seven days.
This week, The Federal Reserve declared it would maintain its aggressive monetary strategy to combat inflation, and both crypto and traditional markets have reacted favorably to the news thus far. This review will explain how the Fed report affected the cryptocurrency market. So relax and let us do what we do best.
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?
To combat inflation, which is currently at a 40-year high in the United States, the Federal Reserve on Wednesday increased interest rates by 75 basis points for the fourth time in a row this year.
Although the Fed’s hawkish monetary policy has caused investors to flock to safe-haven assets like the U.S. dollar, whose value has skyrocketed, it is anticipated that the central bank will soon slow down the pace of its tightening, which is encouraging news that may have prevented a sell-off in the cryptocurrency market.
Following the Federal Reserve’s announcement to raise interest rates, the price of Bitcoin rose slightly. The price of Bitcoin, the biggest cryptocurrency by market capitalization, was $20,650, up just 1%. The second-largest cryptocurrency by market cap, Ethereum, was up 1.3% and trading at over $1,600.
Over the 7-day trading period, the prices of Bitcoin and Ethereum have remained in the green zone. At press time, Bitcoin is up 1.51% in the last 7 days, and Ethereum is up by 4.30%. Dogecoin has provided the highest return for investors in the past week, with the price rising over 63%. The price of the meme coin has been majorly influenced by Elon Musk’s Twitter acquisition.
18Digits Top 18 Voting Results: Polygon (MATIC) Powers Into Top 5
This week’s voting results saw slight changes in the top 18 chart. For the third consecutive week, the top four cryptocurrencies, respectively, Ethereum(ETH), Bitcoin (BTC), Binance Coin (BNB), and Solana (SOL), retained their positions. In addition to the top four voted cryptocurrencies, Shiba Inu (SHIB) retained its position as 6th while Litecoin (LTC) remained 8th.
Stellar (XLM), PancakeSwap (CAKE), Terra (LUNA), and Avalanche (AVAX) maintained their positions as 14th, 15th, and 16th, respectively. Zilliqa (ZIL) moved up one place to close out the top 18 charts. TRON, Polkadot (DOT), and Tether (USDT) all dropped a spot to rank 10th, 11th, and 13th, respectively.
The biggest positive change from this week’s voting results is Polygon (MATIC) and Dogecoin (DOGE). MATIC rose from last week’s position of 7th to power its way into 5th, whereas DOGE made its way into the top 10 by ranking 9th. The biggest negative change is Cardano (ADA), which dropped from its last week’s 5th to rank 7th.
Biggest Winners & Losers: Metavault Trade, Aeternity, and others skyrocket; Melody SNS and Gabur plummet
Every week has its outstanding and unimpressive performers, and this week is no different. According to this week’s voting results, Metavault Trade, Aeternity, and MonkeyLeague are the top gainers, ranking first, second, and third, respectively. However, Metavault Trade moved up by 16108 places to rank 147th.
dForce and Media Licensing close out the top 5 gainers. These two coins made it to the top gainers of WEEK 42 and have continued to soar, making their way to the top 500.
This week’s top losers were led by Melody SNS and Gabur, which fell 20342 places to rank 20600 and 20601, respectively. Kaeri was the third biggest loser, having been voted down to rank 20599 from its previous position of 469. PMG Coin and XOYCoin came in joint fourth to close out the biggest losers chart.
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!
