Crypto week at a glance: Bitcoin tops $21,000; Dogecoin in focus after Musk’s Twitter takeover

Synopsis

The payments giant is one of many that have gathered in the crypto space. Last Thursday, Visa filed for trademarks for cryptocurrency wallet transaction software and virtual environment software, indicating a metaverse push.

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Explore NowET Contributors: Sathvik Vishwanath Co-Founder CEO Unocoin
Bitcoin recovered to $21,000 on Friday after falling to around $20,000 on Thursday morning following the Fed’s hike.

Meanwhile, Ethereum bounced back above $1,640 after falling to $1,500 on Thursday. ETH is still well above the $1,340 level at the beginning of last week.
The payments giant is one of many that have gathered in the crypto space. Last Thursday, Visa filed for trademarks for cryptocurrency wallet transaction software and virtual environment software, indicating a metaverse push.

Polygon (MATIC) is 60% down from its all-time high of $2.92 and has already made quite an impressive recovery against other altcoins.

Did you Know?

S has launched a new enterprise on the Metaverse with the aim of accelerating cloud adoption among Indian firms. The interactive and immersive ‘cloud on wheels’ platform will enable customers to experience the full range of S ’s offerings and reimagine processes for improved business outcomes.

View Details »Cardano recently completed its Alonzo hard fork, and Charles Hoskinson announced the Age of Voltaire, a digital event from November 18-19.

Dogecoin price rose more than 55% to $0.1349. Despite its huge potential, ADA has a growth cap due to its already inflated market cap. However, the following new crypto projects could be ideal candidates for a 50x return for value investors.

LUNA Classic (LUNC) finally stopped its previous downtrend and settled on Friday. However, the reason for its recent rise could be linked to the positive sentiment in the crypto market, which pushed several cryptocurrencies higher during the day.

LUNA Classic (LUNC) Next Burn – Coin LUNA Classic (LUNC) is one of the most talked about topics in the cryptocurrency community, especially since Proposition 5234 was passed and the burning tax was reduced from 1.2% to 0.2%. As a result, fewer tokens were sent to the burn wallet after each transaction, increasing the transaction volume of LUNA Classic (LUNC).

Friday’s jobs report showed 261,000 jobs were added, and the unemployment rate remained at a record low of 3.7%.

Binance appears to be interested in playing an active role in these Twitter operations, having invested $500 million in Elon Musk’s buyout. Here is the first task that the crypto exchange wants to solve.

Coinbase (COIN) filed a petition Monday night with the Securities and Exchange Commission to support Ripple Labs in Ripple’s case. Ripple Labs, creator of the Ripple Payment Protocol and the XRP token, is fighting a lawsuit that claims its crypto was sold as unregistered securities.

Elon Musk’s Dogecoin tweet on Halloween night inspired a wave of cryptocurrency scams that sparked another spike in the price of DOGE.

Today’s Bitcoin market dominance is 41.43. Its lowest recorded dominance was 37.09 on January 1, 2018. Bitcoin’s market capitalization is around $400 billion

Top 5 gainers of the week (as of 10.00 hours IST on November 11, 2022)
-Arweave (AR): 48% up
-Chiliz (CHZ): 39% up
-OKB (OKB): 34% up
-Loopring (LRC): 31% up
-Fantom (FTM): 27% up

Top 5 losers of the week (as of 10.00 hours IST on November 11, 2022)
-Klaytn (KLAY): 22% down
-FTX Token (FTT): 8% down
-Ethereum POW (ETHW): 7% down
-Shiba Inu (SHIB): 7% down
-Dogecoin (DOGE): 6% down

Note: The study includes only top-100 cryptocurrencies in terms of market capitalization listed on the source of data, that is, Coinmarketcap

Sathvik Vishwanath is the Co-Founder and CEO of Unocoin

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Updated: 11/06/2022 — 01:00