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The crypto market just gained $50 billion in a lightning-fast rebound after some market watchers feared this could be the start of the next phase of the downside that will retrace to yearly lows.
But what is behind this strong price spike in the crypto complex?
There are a number of factors that come together here.
For starters, deleveraging seems to have run its course and there may be no more dominoes to fall. After Terra, Voyager, Celsius and Capital of the Three Arrows no more stones have fallen so far.
Crypto’s Highest Prices Have Been Oversold, Whales Are Accumulating
Second, sellers may have exhausted themselves as major coins like bitcoin are in an oversold position.
Domain name trading volume for Web3 websites has surpassed the digital artworks of the famous Bored Ape Yacht Club (BAYC) and Mutant Ape Yacht Club (MAYC) non-fungible token (NFT) collections.
Based on NFT market trading data OpenSea ENS has now become the leading NFT project on Ethereum (ETH) by seven-day trading volume. This means that the domain name service has surpassed even popular NFT collections like BAYC, CloneX, and Moonbirds.
The trading volume for ENS names reached 3,762 ETH or 6.6 million USD in the past seven days on OpenSea. For comparison, BAYC recorded a trading volume of 2,417 ETH ($4.2 million), while other popular NFT collections like Otherdeed for Otherside and CloneX recorded a trading volume of 2,920 ETH ( $5.1 million) and 981 ETH ($1.7 million).
Some of the biggest players in the Web3 domain name space include Etheum name service (ENS) and Unstoppable domains.
ENS, for example, allows users to register domains that exist on the Ethereum blockchain. Domains are programmable and can interact with decentralized applications (dApps) on the Ethereum blockchain. ENS domains follow the “name.eth” naming convention, while Unstoppable Domains can take various forms, including “name.crypto”, “name.nft”, “name.bitcoin”, and others.
Ethereum receives a critical update with “The Merge”. Ethereum enthusiasts celebrate, investors hope for massive price jumps. However, a senior analyst has now issued a clear warning in this regard. He expects another ETH crash – despite The Merge.
Ethereum: Crash by The Merge?
As crypto markets have flickered slightly green over the past 24 hours, Ethereum (ETH) of all is facing a correction: The leading smart contract platform is down around 4.2% since yesterday, leading losses of the crypto top 20 (data from Coinmarketcap.com). From yesterday’s high of $1,757, the bears have pushed the asset as low as $1,683 – a new local low.
The trading volume is only slightly up, around 20% from the previous day’s value. Ethereum was able to convert $17.3 billion in the last 24 hours. For comparison, Bitcoin (BTC), the most valuable cryptocurrency by market cap, is valued at $47.36 billion.
In the meantime, ETH was able to recover slightly and reach $1,710, where the coin is currently trading. If a well-known trader and analyst has his way, Ethereum is in danger of suffering more in the short term – and not too little.
Although Bitcoin and Ethereum are the undisputed leaders in the crypto rankings, the two currencies have one thing in common: they are expensive. One bitcoin currently costs around 21,000 euros and one ether currently costs 1,600 euros. These are sums that not everyone has at home to invest. No wonder, then, that investors are also looking for, shall we say, slightly cheaper crypto alternatives with potential.
Advantages of cheap cryptocurrencies
Is it worth investing in a cheap cryptocurrency that costs less than 1 euro? The answer is definitely yes. Here’s the reason: cheap and new cryptocurrencies in particular have the potential to make big price jumps. The low price gives you the opportunity to buy a relatively large number of pieces, so even small price increases can be felt. Some cheap cryptocurrencies have risen sharply in the past, such as Dogecoin. The DOGE cost $0.00026 when it was introduced. The all-time high was $0.45 in April 2021. If there are price losses, they usually don’t hurt much with cheap cryptos.
4 best cryptocurrencies under 1 euro
Algorand (ALGO) – cryptocurrency with MIT professor
Algorand is a decentralized open source network with its own cryptocurrency, ALGO. It gets interesting when you dive a little deeper and see who is actually behind Algorand.
Cardano (ADA) – Blockchain with a scientific approach
The Cardano blockchain with its native ADA token has long been considered the killer of Ethereum, which is actually no wonder. Cardano was launched in 2017 and the developer is none other than Charles Hoskinson, one of the co-founders of Ethereum.
Fantom (FTM) – the next Ethereum killer
Blockchain Fantom’s native FTM token was hit almost as hard as Terra/Luna by the crypto crash. The coins differ in one crucial detail.
Tamadoge (TAMA) – the meme room with its own metaverse
If there are secret stars in the crypto universe, then they are dogs. With the Tamadoge, there is a new dog meme coin that has set out to conquer the crypto world.
Gary Gensler, President of Securities and Exchange Commission (SEC), is stepping up the regulator’s work to expand regulation of the crypto industry. In his latest testimony before the US Senate, the official said he has a “flexible” route to registering tokens with the agency, but his previous crypto-skeptical comments suggest that industry players crypto have a different approach than the approach the SEC might have.
Gensler told the U.S. Committee on Banking, Housing, and Urban Affairs that of the “nearly 10,000 tokens in the crypto market,” he believes “the vast majority are securities.”
“As such, I have instructed SEC staff to work directly with entrepreneurs to have their tokens registered and, where appropriate, regulated as securities. Given the nature of crypto investing, I recognize that there may be appropriate flexibility in applying existing disclosure requirements.” be,” he said.
Gensler also suggested that the SEC could increase its collaboration with established financial players interested in entering the cryptosphere to increase institutional acceptance.
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