Hello, 18Digits. We are thrilled to have you here this week; it means so much. It’s time to update you on your voting results for this past week and the most significant developments in the cryptocurrency market in the last seven days.
This week, cryptocurrency prices were sent downhill as central banks raced to raise interest rates and support their currencies to keep inflation under control. Major central banks such as the Federal Reserve System and Swiss National Bank increased interest rates by 75 basis points (bps), while the Bank of England (BoE) raised interest rates by 50 basis points (bps). This review will show how these figures influenced the crypto market. So sit back while we 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?
Following the Federal Reserve’s announcement to raise interest rates on Wednesday, the price of Bitcoin plummeted. BTC’s price fell by about 6.5% from its intraday high of $19,950 to hit $18,660 a few minutes after the FOMC’s announcement. By the early hours of Thursday, the price of Bitcoin and the entire cryptocurrency market had fallen close to yearly lows, with the value of the cryptocurrency market falling by almost $100 billion over the last seven days.
ETH also saw a price decline following the FOMC decision. The cryptocurrency has struggled to increase significantly; even after making the long-awaited and widely publicized switch to a proof-of-stake blockchain last week, its price has fallen 9% over the previous week.
However, the price of Bitcoin, Ethereum, and other top cryptocurrencies seem to have steadied after the Bank of England raised its benchmark interest rates on Thursday. At press time, Bitcoin is up 1.65% in the last 24 hours, and Ethereum is up by 4.26%. In addition, Binance Coin (BNB), Solana (SOL), Cardano (ADA), and Polkdat (DOT) have all seen their prices rise by 2-4% in the last 24 hours, respectively.
18Digits Top 18 Voting Results: Binance Coin (BNB) overthrows Bitcoin (BTC) to claim the second spot, Sweat Economy (SWEAT) slides down the chart
For the third consecutive week, Binance Coin (BNB) and Bitcoin (BTC) continued their battle for the 2nd spot, with Ethereum ( ETH) keeping its 1st place. After BTC toppled BNB last week to rank second, BNB has bounced back this week to reclaim the spot, while BTC closes out the week as third.
Solana (SOL), Cardano (ADA), and Polygon (MATIC) maintained their positions as 4th, 5th, and 6th, respectively. Shiba Inu (SHIB) and Litecoin (LTC) swapped places from last week to rank 7th and 8th. TRON climbs up one spot to end the week at 9th, while Dogecoin (DOGE) jumps three spots to close out the Top 10.
Polkadot (DOT) and Ripple (XRP) remain 11th and 12th, respectively. Tether (USDT) and Stellar (XLM) move up two points to rank 13th and 14th. Finally, Terra (LUNA), PancakeSwap (CAKE), Sweat Economy (SWEAT), and Avalanche (AVA) complete the Top 18.
The biggest change from this week’s voting result is SWEAT; the cryptocurrency fell from its last week’s position of 9th to ranking 17th.
Biggest Winners & Losers: Choise, Viberate, and others skyrocket; SaitaRealty plummets
Each week has its standout and underwhelming performers; this week is no exception. According to this week’s voting results, Choise, Viberate, and Prosper are the top gainers, ranking first, second, and third, respectively. Choise moved up by thousands of places, approximately 16793— Escoin did the same, increasing by 10113. Others on the top gainer’s list included Grand Exchange and No One, which ranked 4th and 5th, respectively.
This week’s top losers were led by SaitaRealty, which fell 19,855 places to rank 19936. STP was the second biggest loser, having been voted down to rank 19935 from its previous position of 2466. Shopping.io, OLD USK, and Metavault DAO came in third, fourth, and fifth, with changes of 17,244, 14,890, and 14,553, respectively.
Vote for Your Favorite Cryptocurrency on 18Digits
As we draw the curtain for the week, don’t forget to vote for your favorite cryptocurrency next week. If you want to vote next week but don’t know how to do it, you must register here first to become a community member. You can also check out the rules here.
And it’s a wrap this week. See you next Friday!
