Crypto Tokens: Crypto week at a glance: Top tokens gain amid positive news flow

Synopsis

Terra (LUNA), the 7th largest crypto asset by market capitalization, has gained worldwide acclaim. This is mainly the result of its highly impressive price hike in the last 30 days.

On Sunday, Bitcoin was trading above $44,600 levels, whereas Ethereum topped the $3,100 mark. Other altcoins followed the suite and were trading with decent gains.New Delhi: Last week, Bitcoin managed to reverse its losses and gained up to 7 per cent, following the rate hikes by the US Federal Reserve, which had a very low overall impact on the market.

On Sunday, Bitcoin was trading above $44,600 levels, whereas Ethereum topped the $3,100 mark. Other altcoins followed the suite and were trading with decent gains.

Despite the volatility, Bitcoin stayed above the $34,000, the level it broke in January 2022. However, it has dropped about 40 per cent from its peak of nearly $68,000 it scaled in November 2021.
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It now continues to be set back by increasing inflation and ongoing signals from the Fed that it would start pulling back on measures enacted to support the economy during the pandemic. Ethereum followed a similar pattern.

Given the volatile history of cryptocurrency, the increase or decrease in prices doesn’t guarantee a long-term reversal. The future of cryptocurrency is highly likely to include even more volatility. Blockchain and cryptocurrency experts have stated that this is something long-term crypto investors would be required to deal with in the future.

Terra plans to purchase Bitcoin
Terra (LUNA), the 7th largest crypto asset by market capitalization, has gained worldwide acclaim. This is mainly the result of its highly impressive price hike in the last 30 days.

As a result, the company’s management has announced its plans to add nearly $10 billion worth of Bitcoin to its project’s reserves soon. They believe that it would result in creating a new monetary era for the global Bitcoin standard.

Microsoft supports ConsenSys
ConsenSys, Metamask wallet’s parent company, has successfully raised $450 million. The investment was raised in a Series D funding round led by ParaFi capital. The company is now valued at $7 billion.

According to a statement by ConsenSys, this latest funding would now be utilized for growth throughout the overall ConsenSys product suite. It also hopes to further expand its team size from 700 to 1,000 by the end of 2022. The company also plans to use the funding for rolling out a plug-in extensibility system.

Metaverse gains further investment from Meta, HSBC and AXP
As per reports, Meta (Facebook and Instagram’s parent company), plans to bring non-fungible tokens (NFTs) to Instagram. The feature has an option of minting NFTs through Instagram though the specifics of when the implementation will begin remains unaddressed.

After the investment by JPMorgan and IMA Financial Group in the metaverse, American Express (AXP) has also sought a prospective entry in the metaverse. The organization has also filed trademark applications for its items and logos. This also includes the Centurion black card and a shop small program. AXP is highly interested in business transactions and virtual payments for NFT and digital media.

Financial giant HSBC has also made an official announcement that it would be acquiring virtual real estate in the Sandbox (SAND) metaverse. This is a small component of its large partnership with Sandbox for engaging with fans of esports. The investment made by HSBC puts it in the list of other big organizations such as Adidas, Gucci and Warner Music Group.

Coming to the price action, among the top 100 cryptos by market cap, here are the best and worst-performing cryptos over the past week:

Top five gainers for the week

  • Zilliqa (ZIL): 95% up
  • Convex Finance (CVX): 49% up
  • Ethereum Classic (ETC): 29% up
  • Axie Infinity (AXS): 26% up
  • Cardano (ADA): 26% up

Top five losers this week

  • Avalanche (AVAX): 3% down
  • Maker (MKR): 2% down
  • Terra (LUNA): 2% down
  • Huobi Token (HT): 1% down
  • Unus Sed Leo (LEO): 1% down

(Note: Data as of 12.15 hours IST, March 27, 2021; Source: Coinmarketcap.com)
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Bought onCurrent Value Buy (Disclaimer: The opinions expressed in this column are that of the writer. The facts and opinions expressed here do not reflect the views of www.economictimes.com.)

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Updated: 03/27/2022 — 05:00