Crypto Weekly Insights: Sentiment Swings, Hot Coins, and the NFT

Dear Readers,

The crypto market saw a substantial uptick, propelling Bitcoin (BTC) to an unprecedented surge surpassing $52,000. Meanwhile, Ethereum reached the $2,800 level for the first time in two years. Simultaneously, other major altcoins like XRP, Solana (SOL), and Cardano (ADA) also witnessed significant increases. Today, Bitcoin's price has solidified above $52,000, achieving a milestone not seen in the last two years. As of Thursday, February 15th, the current Bitcoin price stands at $52,019, reflecting a 2.40% increase.

Highlights Of The Week

• The Financial Conduct Authority (FCA) report reveals actions against financial promotions, including measures taken against crypto-related advertisements.

• US Department of Commerce agency investigates Binance Trust Wallet app for potential vulnerability, raising concerns about fund theft from crypto wallets.

• Gold-tracking ETFs experience $2.4 billion outflows in 2024, contrasting with Bitcoin-related ETFs which see positive trends, according to Bloomberg intelligence analyst Eric Balchunas.

• Bakkt secures regulatory approval to raise up to $150 million through the sale of securities after expressing balance sheet concerns.

• Coinbase shares surge 37% in the past week amid Bitcoin's rise; strong Q4 results expected, according to analysts. 

• Bankruptcy judge allows Genesis Global Holdco to liquidate $1.3 billion worth of Grayscale Bitcoin Trust shares to reimburse investors.

• Citigroup collaborates with Ava Labs and others to tokenize private equity funds in a proof-of-concept initiative. 

• Security Alliance, a US-based nonprofit supporting "white hat" hackers recovering funds from exploiters, launches with backing from the crypto community.

• Gibran Rakabuming Raka reportedly wins Indonesia's vice presidential race alongside presidential candidate Prabowo Subianto.

Crypto Fear & Greed Index

Bitcoin's surge past the $52,000 threshold has elevated the Crypto Fear and Greed Index (CFGI) into the realm of "greed," notching a significant 72 out of 100. Notably, the CFGI has recently reached an impressive pinnacle of 79, signifying "extreme greed" and marking its highest level since 2021. This resurgence is attributed to a sustained influx of funds into spot Bitcoin ETFs and heightened anticipation surrounding the imminent halving event.

ATH coins

When a cryptocurrency achieves its pinnacle market value, it establishes itself among the distinguished ATH coins. This reflects a noteworthy surge in coin demand, though it doesn't ensure sustained growth. Given the considerable volatility in the digital currency sphere, thorough research and analysis are essential before contemplating investments in ATH coins. Currently, the following coins have excelled as exceptional performers, reaching notable ATH milestones in recent periods:

Bittensor (TAO) has recently attained an all-time high (ATH) price of $631.49, currently holding at $621.38, with a trading volume of $30.67 million. This achievement underscores Bittensor's pivotal role as an open-source protocol steering a decentralized, blockchain-based machine learning network. The collaborative training of machine learning models within the network is rewarded in TAO, aligning with their collective informational value.

Sei (SEI) stands alongside, achieving a ATH price of $0.9318, presently maintaining a current price of $0.8914, accompanied by a substantial trading volume of $833.46 million. The surge in Sei's value can be attributed to the recent Devnet upgrade of its parallelized blockchain network, enabling developers to deploy decentralized applications (dApps) compatible with the Ethereum Virtual Machine (EVM), a development highlighted by the official Sei Network account.

Beam (BEAM) has also secured an ATH price of $0.03156, currently trading at $0.02956, with a current volume of $62.15 million. The $BEAM token serves as the native crypto asset for the Beam network, fostering an ecosystem where gamers and developers collaboratively shape the future of the gaming industry, powered by the Merit Circle DAO.

OpSec (OPSEC) has reached an ATH price of $0.6269, maintaining a current price of $0.5703, and a current volume of $3.52 million. OpSec is strategically positioned to address the limitations of existing infrastructure, aspiring to foster a more democratic, resilient, and secure internet.

AIT Protocol (AIT) has achieved an ATH price of $0.5345, presently trading at $0.5325, with a current volume of $2.23 million. AIT Protocol stands as a pioneering force in the Web3 data infrastructure domain, placing significant emphasis on data annotation and AI model training.

Top Movers (24H)

With the cryptocurrency market consistently proving its reliability as an investment platform, individuals who once approached it with caution are now embracing it with enthusiasm and diversifying their investment portfolios with a variety of digital assets. Furthermore, current crypto investors are reinforcing their positions, resulting in noteworthy price surges in different cryptocurrencies over the last 24 hours. Let's delve into some familiar cryptocurrencies that have recently undergone significant price increases.

Minu (MINU) leads the pack with an astounding surge of 86.06%, currently priced at $0.0000001709, and boasting a trading volume of $4.81 million. As the first mining dog coin on Binance Smart Chain, Minu has carved its niche by offering an 8% daily return to miners in the form of BNB through its decentralized app.

Following closely, Nervos Network (CKB) has seen an increase of 62.93%, priced at $0.01348, with a substantial trading volume of $472.77 million. Notably, Nervos Network has unveiled RGB++, an extension protocol designed to collaborate with Bitcoin.

Rootstock Infrastructure Framework (RIF) has also surged by 47.58%, currently valued at $0.2222, with a trading volume of $58.07 million. RIF distinguishes itself by providing open-source, decentralized tools and technologies, facilitating the creation of accessible DeFi products.

API3 (API3) has experienced growth of 32.30%, priced at $4.72, with a trading volume of $229.90 million. This surge coincides with the official launch of API3 staking, enabling token holders to actively participate in the network by validating new blocks.

Lastly, PAAL AI (PAAL) has soared by 26.02%, currently priced at $0.2134, and boasting a trading volume of $2.72 million. PAAL stands out as an advanced chatbot utilizing AI and ML technologies, streamlining tasks that traditionally require human intellect, including natural language understanding, image recognition, decision-making, and problem-solving.

Non-Fungible Tokens – Developments

• DFZ Labs, creators of Deadfellaz NFT project, unveil strategic changes to enhance affordability and availability of 'Bits' NFT game.

• Following lukewarm interest in the February 13 debut, DFZ Labs significantly lowers prices and quantities of Bitcoin Ordinal inscriptions on Magic Eden for gamified NFT trading cards.

• Dapper Labs' NFT sale featuring former football quarterback Tom Brady grabs headlines, achieving a staggering price of $40,712.

• The Glenlivet, a Scotland-based distillery, leverages NFTs and AI to boost sales of a 50-year-old whisky priced at around $43,000 per bottle.

NFTs To Watch

Mutant Ape Yacht Club

In the past 24 hours, the Mutant Ape Yacht Club has emerged as a significant player in the NFT market, garnering a substantial trading volume of 1516 ETH and showcasing a 48% change. With a floor price currently standing at 4.27 ETH and a total of 362 sales recorded, the Mutant Ape Yacht Club is a collection of up to 20,000 Mutant Apes, each uniquely created by exposing an existing Bored Ape to a vial of MUTANT SERUM or through minting in the public sale.

Bored Ape Yacht Club

The Bored Ape Yacht Club has also made waves in the NFT landscape over the past 24 hours, boasting a trading volume of 636 ETH and a 61% change. With a floor price of 23.49 ETH and 27 sales, the Bored Ape Yacht Club is a collection of 10,000 unique Bored Ape NFTs, each living on the Ethereum blockchain as distinct digital collectibles.

Moonbirds

In the same timeframe, Moonbirds has experienced a surge in activity, with a trading volume reaching 474 ETH and a 364% change. The floor price for Moonbirds NFTs is set at 1.97 ETH, accompanied by 295 recorded sales. Moonbirds positions itself as the art collector's PFP, with each of its 10,000 digital artworks granting holders access to exclusive experiences, facilitating connections with artists, and allowing them to own and champion unique pieces of art. 

That's it for today. Thanks for reading. Good luck out there!

Best Regards,
Crypto Recorder Team

P.S Got a question, suggestion or general feedback? Feel free to reply to this email. We'll get back to you asap!