Crypto Tokens: Crypto Week at a Glance: Top Tokens Gain Amid Positive News Flow
Melissa M. Dunn
3 min read
On Sunday, Bitcoin was trading above the $44,600 levels, while Ethereum broke above the $3,100 mark. Other altcoins followed suit and were trading with decent gains.
Despite the volatility, Bitcoin has remained above $34,000, the level it broke in January 2022. However, it has fallen around 40% from its high of nearly $68,000 reached in November. 2021.
It now continues to be held back by rising inflation and continued signals from the Fed that it will begin to withdraw measures adopted to support the economy during the pandemic. Ethereum followed a similar pattern.
Given the cryptocurrency’s volatile history, rising or falling in price does not guarantee a long-term reversal. The future of cryptocurrency is very likely to include even more volatility. Blockchain and cryptocurrency experts have said that this is something long-term crypto investors should manage in the future.
Terra plans to buy Bitcoin
Terra (LUNA), the 7th largest crypto asset by market capitalization, has gained worldwide fame. This is mainly the result of its very impressive price rise over the past 30 days.
As a result, the company’s management announced its intention to add nearly $10 billion worth of Bitcoin to its project’s reserves soon. They believe that this would lead to the creation of a new monetary era for the Bitcoin global standard.
Microsoft supports ConsenSys
ConsenSys, the parent company of the Metamask wallet, managed to raise $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 from ConsenSys, this latest funding would now be used for the growth of the entire ConsenSys product suite. It also hopes to expand its team size from 700 to 1,000 by the end of 2022. The company also plans to use the funding to roll out a plug-in scalability system.
Metaverse gains new investment from Meta, HSBC and AXP
According to reports, Meta (Facebook and Instagram’s parent company) is planning to bring Non-Fungible Tokens (NFTs) to Instagram. The feature has the ability to create NFTs via Instagram, although details of when the implementation will begin remain unanswered.
After JPMorgan and IMA Financial Group’s investment in the metaverse, American Express (AXP) also looked for a potential entry into the metaverse. The organization has also filed trademark applications for its articles and logos. This also includes the Centurion Black Card and a small store program. AXP is very interested in commercial transactions and virtual payments for NFTs and digital media.
Financial giant HSBC has also officially announced that it will acquire virtual real estate in the Sandbox (SAND) metaverse. This is a small part of its broad partnership with Sandbox to engage with esports fans. The investment made by HSBC puts it on the list of other major organizations such as Adidas, Gucci and Warner Music Group.
As far as price action goes, among the top 100 cryptos by market capitalization, here are the best and worst performing cryptos from the past week:
Top five winners of the week
- Zilliqa (ZIL): 95% more
- Convex Finance (CVX): 49% more
- Ethereum Classic (ETC): 29% more
- Axie Infinity (AXS): 26% more
- Cardano (ADA): 26% up
Top 5 losers this week
- Avalanche (AVAX): 3% drop
- Manufacturer (MKR): 2% less
- Terra (LUNA): 2% less
- Huobi token (HT): 1% decline
- Unus Sed Leo (LEO): 1% decline
(Note: Data as of 12:15 a.m. IST, March 27, 2021; Source: Coinmarketcap.com)
