Weekly Crypto Focus: Sentiment Shifts, Top Picks, and NFT Insights

Dear Readers,

On Thursday, the leading cryptocurrency tokens experienced a decline in trading as there were growing concerns that the anticipated global rate easing cycle might not commence as soon as previously expected. Bitcoin (BTC) registered a 0.2% decrease, settling at $42,757, while Ethereum, the second most prominent token, saw a 0.25% drop, reaching $2,36. Major altcoins like Polygon and Toncoin dropped 3% and 4.5%, while BNB, XRP, Dogecoin, Polkadot, Chainlink, Internet Computer, and Shiba Inu also declined.

Highlights Of The Week

• Trader turns $10,000 into over $1 million in less than 10 days with Troll (TROLL) memecoin purchase following Elon Musk's "Chief Troll Officer" bio change on X.

• Bitcoin miners sell over 10,000 Bitcoin in a single day on Jan. 17, marking the largest daily decline in miner reserves in over a year.

• Algorand's layer-1 blockchain sees a 20% reduction in block creation times after a protocol update, with average block times now below three seconds.

• Donald Trump pledges to "never allow" the Federal Reserve to create a central bank digital currency (CBDC) in the United States.

• Texas freeze potentially causes a 34% drop in Bitcoin hash rate as some miners curtail operations amid energy grid demand.

• Ethereum's latest upgrade, codenamed "Cancun-Deneb" or "Dencun," goes live on the Goerli testnet, as announced by Ethereum developer Parithosh Jayanthi.

• Gemini receives approval to operate in France as a digital asset services provider (DASP), expanding its presence to "over a dozen" European jurisdictions.

Crypto Fear & Greed Index

The Crypto Fear & Greed Index, which shows how people feel about the cryptocurrency market, is currently at 63, indicating a bit of greed among investors. This is a slight increase from yesterday's value of 60. Looking back, last week the market was extremely greedy, with a value of 76. Despite this positive sentiment, the price of Bitcoin has fallen by 7% over the past week and is now around $42,757. This drop is surprising, especially considering that Bitcoin ETFs have been attracting a lot of investment recently. It seems like there's a disconnect between how optimistic people are and what's happening in the actual market.

ATH coins

The moment a cryptocurrency attains its highest market value, it solidifies its position among the distinguished ATH coins. While this signifies a considerable surge in coin demand, it doesn't assure continuous growth. Due to the notable volatility in the digital currency realm, thorough research and analysis are imperative before considering investments in ATH coins. Currently, the following coins have stood out as outstanding performers, achieving noteworthy ATH milestones in recent periods:

Today, Dogwifhat (WIF) made waves in the crypto market by reaching its all-time high (ATH) price of $0.4662. The coin garnered attention following its recent listing on BitMEX, where it trades in WIF/USDT perpetual swap contracts. With the current price hovering at $0.4579 and a substantial trading volume of $118.45 million, Dogwifhat showcases potential and interest within the crypto community.

Marking a significant milestone today, Myro (MYRO) achieved an ATH price of $0.2121. This memecoin, named after the dog of Solana (SOL) founder Raj Gokal, has captured the imagination of the crypto market. Currently priced at $0.2103 and boasting a trading volume of $77.65 million, Myro's unique concept and increasing popularity contribute to its notable performance.

HydraDX (HDX) has also reached an ATH price of $0.02667. The project distinguishes itself by aiming to facilitate frictionless liquidity for all cryptoassets. With a commitment to building an open, neutral, and autonomous protocol for liquidity, HydraDX's ATH is complemented by its current price of $0.02667 and a trading volume of $122,486.

SaucerSwap (SAUCE) achieved an all-time high (ATH) price of $0.092, underscoring its position as the leading decentralized exchange protocol on the Hedera network. With a current price of $0.091 and a trading volume of $1.25 million, SaucerSwap stands out for its implementation as a set of non-upgradable smart contracts, emphasizing censorship resistance, security, and self-custody.

Magic Square (SQR) reached an all-time high (ATH) price of $0.7822, showcasing its prominence as an immersive Discovery & Engagement Platform for the Web3 Crypto Ecosystem. With a current price of $0.7657 and a trading volume of $8.12 million, Magic Square empowers users to explore a diverse array of community-vetted apps and games, contributing to its ATH performance.

Top Movers (24H)

As the cryptocurrency market continuously proves itself as a dependable investment platform, individuals who were once cautious are now eagerly embracing it and diversifying their investment portfolios with a variety of digital assets. Additionally, present-day crypto investors are reinforcing their positions, resulting in significant price surges across various cryptocurrencies in the past 24 hours. Let's explore some well-known cryptocurrencies that have recently experienced substantial price increases.

In the past 24 hours, xHashtag (XTAG) has emerged as a significant mover in the cryptocurrency market. With a current price of $0.04349, xHashtag has witnessed an increase of 49.78%. The trading volume for xHashtag is currently at $715,738. Beyond its price performance, xHashtag operates as a Web3 protocol, specializing in on-chain credentials tailored for the Future Of Work.

Another standout performer in the last 24 hours is Shido (New) (SHIDO). Priced at $0.01005, SHIDO has experienced a surge of 44.91%, accompanied by a substantial trading volume of $6.13 million. Shido distinguishes itself as a Decentralized Layer 1 Blockchain, harnessing the transaction speed, infinite scalability, and interoperability of the Cosmos network.

Gas (GAS) has demonstrated notable movement with a price of $7.22, marking a significant increase of 24.93% in the last 24 hours. The trading volume for Gas currently stands at $231.47 million. Gas operates as a token on the NEO blockchain platform, primarily serving as fees for processing transactions on the NEO network.

LCX (LCX) has experienced a noteworthy ascent, with a current price of $0.1643 and a surge of 18.08% in the last 24 hours. The trading volume for LCX is $4.73 million. LCX is recognized for its decentralized compliance protocol, also known as the "Liechtenstein Protocol." This protocol aims to standardize the issuance and trading of security tokens on blockchains, contributing to the evolution of compliance standards in the blockchain space.

Raydium (RAY) has demonstrated a positive trend in the past 24 hours, with a current price of $1.37 and a jump of 15.39%. The trading volume for Raydium is $57.20 million. Raydium stands out as an automated market maker (AMM) and liquidity provider built on the Solana blockchain, specifically for the Serum decentralized exchange (DEX).

Non-Fungible Tokens – Developments

• Nifty Island launches a Web3 social gaming platform, elevating the utility of NFTs with various applications for asset holders.

• GameStop announces the discontinuation of its nonfungible token (NFT) marketplace next month, citing regulatory uncertainty.

• SBI Holdings, an ally of Ripple, reveals plans to issue Non-Fungible Tokens (NFT) assets on the XRPL chain in a recent meeting document.

NFTs To Watch

Azuki has emerged as a standout NFT collection over the last 24 hours, demonstrating a trading volume of 2239 ETH and a 60% change in value. With a floor price now standing at 7.69 ETH after 320 sales, Azuki's distinctiveness lies in its offering of 10,000 avatars, providing membership access to The Garden—a virtual haven where artists, builders, and web3 enthusiasts convene to shape a decentralized future.

Pudgy Penguins, another noteworthy collection, has experienced a surge in popularity with a trading volume of 2160 ETH and 129% change in value. Featuring a floor price of 18 ETH and 128 sales, Pudgy Penguins comprises 8,888 NFTs that actively contribute to Web3 innovation through the utilization of intellectual property and community empowerment. Symbolizing love, empathy, and compassion, Pudgy Penguins serve as a beacon of good vibes and positivity within the NFT space.

Lil Pudgys

Lil Pudgys, a collection stemming from Pudgy Penguins, has also made waves in the last 24 hours, boasting a trading volume of 1472 ETH and 131% change in value. With a floor price of 1.83 ETH and 892 sales, the collection consists of 22,222 NFTs and holds a unique place in Pudgy Penguins' history. Born during the harshest of winters, Lil Pudgys played a pivotal role in rejuvenating the Pudgy Penguins community, offering a narrative of resilience and renewal in the face of adversity. 

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

Best Regards,
Crypto Recorder Team

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