The past week has seen relatively mixed signals in the crypto market. Bitcoin is still trading below $9300 and has hardly moved by a significant margin in the last six weeks thanks to market uncertainty.
In the past week, BTC recorded a 1.12% increase in price with a weekly high of $9, 335, and a low of $9, 192. As the Bitcoin consolidation phase continues, analysts are predicting a major break out in the coming weeks.
However, the bears are likely to gain massive strength as signaled by the recent EMA bear cross, line up of economic events set to take place this week, and the U.S Tax Day coming up this Wednesday(15th July). A downward trend could trigger intense volatility with sharp sell-off in the coming days and weeks ahead.
The second-largest cryptocurrency by market cap Ethereum has slightly been bullish in the past week, recording a 5% price increase. The coin has significantly rallied towards $240 trading at $238 by press time. A break above $240 would propel the coin to retest the physiological resistance at $250.
Ethereum is likely to continue with the bullish run attributed to several factors, including the upcoming launch of the Ethereum 2.0 upgrade and exponential explosion in DeFi tokens and an increase in the number of active users.
The rest of altcoins have largely recorded mixed signals with some coins recording enormous gains and other significant losses. Here are the top altcoin gainers and losers in the past week.
Top 3 Altcoin Gainers
ARPA Chain (ARPA)
ARPA Chain has recorded a massive 106.89% increase in value in the past seven days. ARPA is a privacy-preserving platform built on the Ethereum platform. It leverages Multiparty Computation (MPC) to provide: private smart-contracts, comprehensive privacy protection for data-at-use, and scalable computational sharing via Verifiable Computation.
ARPA Chain substantial price surge is largely attributed to the recent listing on Binance DEX. ARPA tokens formally went live for trading on Binance with three trading pairs: ARPA/BNB, ARPA/BTC, and ARPA/USDT. ARPA is currently trading at $0.02708196, with a 24-hour trading volume of $16,674,125. However, the coin is down by 8.66% in the past 24-hours.
Elrond claims to be the internet-scale blockchain capable of processing upwards of 10, 000 transactions per second (TPS), with 5-second latency, and negligible cost. To achieve this, Elrond employs two primary features: Adaptive State Sharding mechanism and a Proof of Stake (POS) algorithm allowing for linear scalability with a fast, efficient, and secure consensus mechanism.
In the past week, Elrond has recorded an 87.35% price surge currently trading at $0.01300. ERD’s price surge is attributed to a recent announcement on its blog, which revealed that the platform’s mainnet got access to cross-chain liquidity through swingby Inter-blockchain asset swaps. The coin currently has a 24-hour trading volume of $29,070,274 and a market cap of $171,219,699.
Ampleforth is a digital asset and protocol for smart commodity-money with the aim of adjusting supply daily based on market conditions. The platform’s protocol receives exchange-rate information from trusted oracles. It propagates to holders of its units (Amples) by either increasing or decreasing the number of tokens held by each individual.
In the past week, Ampleforth has recorded an 84.24% price surge currently trading at $3.98669 with a 24-hour trading volume of $9,538,176. AMPL price growth is linked to the immense growth of DeFi tokens and the lack of substantial price movements from Bitcoin in the past week.
Top 3 Altcoin Losers
Idea Chain Coin
The past week’s biggest altcoin loser was Idea Chain Coin (ICH), which dropped by 27.4% to currently trade at $2.43 with a 24-hour trading volume of $1,140,097. ICH allows investors to register and secure their ideas as patents.
PlayFuel is a blockchain gaming platform for developers and gamers to earn through playing, developing, and selling in-game items. The token is based on the ERC-20 standard, meaning that it can integrate into the existing infrastructure.
PlayFuel has, in the past week, recorded a 21.1% price decline to currently trading at $0.152964 with a 24-hour trading volume of $1,953,183. The substantial price fall is largely attributed to market uncertainty with a low market cap.
Kusama is a token that allows teams and developers alike to build and deploy a parachain or try out Polkadot-a decentralized Web 3.0 blockchain interoperability. In the past week, the token dropped by 19.95% to currently trade at $7.30. The market cap stands at $ $21,788,049 with a 24hour trading volume of $2,762,177.