Hi, 18Digits. We are excited about having you here this week; it means everything. This week’s edition promises to be insightful. Let go right in.
This week, cryptocurrency Traders and investors are pricing in on the market to mitigate further chaos as Jerome Powell speaks at Jackson’s Hole symposium. However, the community voting sentiments didn’t flick as the choice for the top three remained the same.
Another intriguing thing this week, mainly outside the voting chart, is traders’ expectation for an upswing in Ether.
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.
State of The Market
Alt text: A 5-day chart of BTCUSD from 22/8/22- 26/8/22 Source: Tradingview
There haven’t been significant changes in the state of the market since last week. The bitcoin 5D (five days) chart has been moving squiggly, dropping off 7.9% in the previous week, slightly below the 8.8% recorded last week.
Bitcoin, on the one hand, hit a weekly high of $21,925.6 and fell below $21,000 to create a low of $20,742.9 and market bias spelling bear.
Ethereum, on the other hand, has recently gained market interest and confidence as the merger with the beacon chain is near. The Bellatrix upgrade will be active on September 6th. This outlook has rubbed on the price of Ether (a
For other altcoins, the narrative remains the same — it’s bearish. In the past seven days: the Binance coin, BNB, was down by 0.7%, Cardano (ADA) fell by 7.2%, while Solana (SOL), Ripple’s (XRP), and Dogecoin (DOGE) plummeted by 12.2%, 2.6%, and 8.4% respectively.
18Digits Top 18 Voting Results: Significant rearrangement is observed in the Top 18 coins, and Celo climbs up the ladder
This week’s voters’ top choice was very different from last week. Asides from the top five coins, which are Ethereum, Bitcoin Binance Smart Chain, Solana (SOL), and Cardano (ADA), maintaining their position, as seen in week 33 — others on the top 18 list were significantly reshuffled.
Avalanche (AVAX) and Stella (XLM) dropped three places in rank and now sit at 17th and 15th positions. Polygon (MATIC) and Shiba Inu (SHIBA) fell two spots and currently rank 7th and 8th on the table. Dogecoin (DOGE) and TRON (TRX) followed each other, ranking 10th and 11th after falling by one place each. XRP had the most drop among others on the list after losing four positions to now rank 13th.
Celo, out of the top 18th voters’ choices, joins the league this week after moving one place to now rank 18th.
Biggest Winners & Losers: Astrafer, Escoin, and others Geared up. Curve.fi FRAX/USDC is caught in the losing cycle
Every week comes with its prime and diminutive performers; this week is no different. From the result of this week’s voting, Astrafer, Escoin, and Tracer DAO lead the group as top gainers, ranking 1st, second and third places, respectively. Astrafer saw a change by thousands of places, approximately 18,530 — Escoin experienced the same with 15,554 move up.
Others on the top gainer’s list included Volt Inu and bloXmove token (ERC20), which ranks 4th and 5th, respectively.
The top losers this week were championed by Dao Verse which dropped by 18,415 places to rank 19,622. Curve.fi FRAX/USDC, which was on last week’s top loser, got voted down the most to rank 19,623 from its previously held position at 19,500.
Minted, Mycelium and Wrapped WDOGE ranked 3rd, 4th, and 5th with a change of 17,085, 16,638, and 16,638, respectively.