The most important altcoin, Ether, went previous the $3600 mark. A message from JP Morgan to purchasers advised that this worth motion was largely the results of institutional traders on the lookout for a hedge in opposition to inflation. Evidently giant traders are starting to see the deserves of BTC compared to gold. One of the standard cryptos, Polkadot, has held up fairly effectively in current market downturns. Polkadot continues to be ready to begin its parachain slot auctions. As soon as that occurs, DOT may doubtless scale huge heights.
The weak was additionally eventful when it comes to all of the macro information affecting the cryptocurrency market. Studies declare that a number of hedge funds have not too long ago elevated their holdings within the cryptocurrency asset class.
In a large flip of occasions, the US Federal Reserve said that they don’t plan to ban cryptocurrencies. It provides religion that a few of the coverage makers within the US actually do see the unimaginable potential that cryptocurrency and blockchain applied sciences can have within the not-so-distant future. The US Division of Justice said that they might arrange a nationwide cryptocurrency enforcement workforce to guard in opposition to crimes in cryptocurrencies.
The NFT ecosystem is heating up. In Q3 2021 we noticed the NFT gross sales quantity surging previous 10.7 billion {dollars}. That could be a huge rise of 9 hundred p.c quarter on quarter. One of many largest cryptocurrency exchanges, Coinbase, not too long ago acknowledged that just about 6,000 accounts had been affected when hackers attacked their databases. Coinbase not too long ago despatched a letter to all 6,000 possible affected prospects.
The crypto world continues to be affected by social media interventions of influencers. Elon Musk but once more disrupts the momentum available in the market after he tweeted out an image of his pet canine, Floki. This occasion alone made all Floki-themed cryptocurrencies hovering. One of many highest gainers of the week was the meme coin, Shiba Inu. This kind of market manipulation method continues to fret loads of traders, who’re in for the lengthy haul.
Prime 5 crypto gainers through the week:
1.
Shiba Inu, SHIB up by round 275%
2.
Fantom, FTM: 56.59%
3.
KLAYTN up by: 37.38%
4.
SIA Coin: 36%
5.
Concord’s ONE token: 31%
Prime 5 crypto losers this week:
1.
eCash: 11.5% down
2.
dYdX: 10.4%
3.
Avalanche, AVAX token:9.42%
4.
Huobi token down by 8.2%
5.
XDC Community: 7.3%
(The writer, Edul Patel, is CEO & Co-founder of Mudrex. The views are his personal)