Weekly Crypto Pulse: Sentiment Swings, Coin Standouts, and NFT Market Movements

Dear Readers,

Today, the cryptocurrency market experienced a positive upswing, with Bitcoin (BTC) approaching the $67,000 mark and various altcoins registering significant gains. Additionally, Ethereum edged closer to the $3,800 threshold. Noteworthy increases were observed in other leading altcoins like Solana (SOL), XRP, and Cardano (ADA).

Following a recent rebound, the Bitcoin price maintained its position above $66,000, with a marginal 0.13% decline, settling at $66,752 as of Thursday, March 7. The cryptocurrency market showcased a robust market capitalization of $2.51 trillion.

Highlights Of The Week

• Binance.US faces severe challenges, terminating over 200 staff and experiencing revenue decline following a lawsuit from the SEC in June.

• BlockFi and FTX settle disputes with an "in principle" agreement, with FTX agreeing to pay up to $874.5 million to BlockFi.

• SEC decision on Ether custody by registered firms could classify it as a security, causing a conflict with US financial market rules, warns commodities regulator.

• Arizona State Senate mulls proposal to include Bitcoin ETFs in state retirement portfolios, awaiting House review after passing Senate's Third Reading.

• Revolut integrates with MetaMask, allowing direct cryptocurrency purchases for UK and EEA customers.

• Digital Currency Group (DCG) and CEO Barry Silbert seek dismissal of $3 billion lawsuit by NYAG, claiming baseless fraud allegations.

• Spanish AEPD orders Worldcoin to halt data collection and processing in Spain for three months from March 6.

• Bitcoin miner Hut 8 shuts down mining site in Drumheller, Alberta, Canada, citing power disruptions and rising energy costs.

Crypto Fear & Greed Index

Fueled by Bitcoin's (BTC) recent surge towards its all-time high, the cryptocurrency market is overflowing with optimism. The Crypto Fear and Greed Index, a key indicator of investor sentiment, reflects this exuberance. Just recently, the index hit a staggering 90, firmly in "Extreme Greed" territory. Though there's been a slight pullback, the index remains at a very bullish 82. This suggests that investors are feeling confident and even euphoric about the crypto market's prospects, potentially leading to risky investment decisions.

ATH coins

When a cryptocurrency attains its apex market value, it positions itself among the esteemed ATH coins. This marks a notable increase in coin demand, though it doesn't promise continuous growth. Considering the significant volatility in the digital currency domain, conducting thorough research and analysis is vital before considering investments in ATH coins. Currently, the ensuing coins have stood out as exceptional performers, reaching noteworthy ATH milestones in recent periods:

Render (RNDR), the distributed GPU rendering network built on Ethereum, achieved a new all-time high of $10.27 today, March 7th, 2024. This marks a significant milestone for the project, which connects artists and studios with unused GPU power. With a current trading volume of $1.09 billion, RNDR is seeing significant interest, and it will be interesting to see if it can maintain or surpass this new high.

Fetch.ai (FET), the artificial intelligence lab building a decentralized machine learning network, reached a new peak of $2.78 today. This achievement highlights the growing interest in AI-powered blockchain projects. Despite a slight dip to its current price of $2.71, FET boasts a strong trading volume of $1.22 billion.

Ondo (ONDO), a project focused on building the next generation of financial infrastructure, achieved a new all-time high of $0.5884 today. While the price has settled at $0.5664 currently, the trading volume of $171.62 million indicates strong interest in Ondo's potential to revolutionize the financial landscape.

Wen (WEN) saw its ATH price of $0.0003796 today and is currently priced at $0.000332, with a trading volume of $122.07 million. Bitget, a prominent cryptocurrency exchange and Web3 company, has announced the listing of WEN in the Innovation and MeMe Zone. WEN is a Solana-based cryptocurrency that revolves around the innovative concept of fractional NFTs.

Arkham (ARKM) achieved an ATH price of $3.08 today and is currently valued at $2.85, with a trading volume of $299.97 million. Arkham distinguishes itself as a blockchain analysis platform utilizing artificial intelligence (AI) to deanonymize blockchain and on-chain data.

Top Movers (24H)

With the cryptocurrency market consistently proving its reliability as an investment platform, individuals who were once cautious are now embracing it with enthusiasm, expanding their investment portfolios with a variety of digital assets. Furthermore, existing crypto investors are solidifying their positions, leading to notable price surges in different cryptocurrencies over the past 24 hours. Let's delve into some familiar cryptocurrencies that have recently undergone significant price increases.

Topping the charts is Effect Network (EFX). It skyrocketed over 252% in the last 24 hours. Currently priced at $0.08977, EFX operates on both the BSC and EOS platforms. The project is driven by EffectDAO and their flagship product, Effect Force, is the first blockchain-based framework designed for the Future-of-Work. With a trading volume of $1.67 million, EFX is experiencing a period of significant market activity.

Joining the ranks of top gainers is Solama (SOLAMA), a meme coin finding its niche within the ever-growing SOLANA blockchain ecosystem. SOLAMA surged 145% over the past day, reaching a current price of $0.02667. Trading volume sits at $10.48 million, reflecting heightened interest in this distinctive meme coin.

Rook (ROOK) witnessed substantial growth of 108% within the last 24 hours. Currently priced at $3.79, ROOK is an open settlement protocol that leverages the expertise of top algorithmic strategists. This approach aims to maximize the value of every transaction for protocols, market makers, and traders alike. The trading volume for ROOK sits at $2.36 million.

PolySwarm (NCT) gained significant traction, jumping 86.87% in the last 24 hours. NCT currently trades at $0.03829. PolySwarm is a crowdsourced threat intelligence marketplace that offers a more effective way to combat cyber threats. Their platform facilitates detection, analysis, and response to the latest threats, particularly those that might evade traditional security solutions. Trading volume for NCT is currently at $89.37 million.

Ribbon Finance (RBN) rounds out the list of top gainers with a 73.76% increase over the past day. RBN currently sits at $1.46. Ribbon utilizes financial engineering to create structured products that deliver sustainable yield. Their initial product focuses on generating yield through automated options strategies. The trading volume for RBN is $131.92 million.

Non-Fungible Tokens – Developments

• Elacity, the NFT Marketplace on Elastos, supports ERC404 standard NFTs, marking a significant stride in digital rights and allowing trading of fractional NFTs.

• Coachella festival announces collaboration with OpenSea, planning to introduce digital keepsakes with real-world utility at the 2024 edition, enhancing the festival experience.

• Jeju Island, off the coast of South Korea, explores NFT adoption to boost its local economy, focusing on tourism, agriculture, and fishing, with aspirations to become an "NFT city" for economic growth.

NFTs To Watch

Bored Ape Yacht Club

The Bored Ape Yacht Club is a collection of 10,000 unique Bored Ape NFTs. These one-of-a-kind digital collectibles reside on the Ethereum blockchain. Over the past 24 hours, the Bored Ape Yacht Club has experienced a surge in trading activity, with a total volume of 1752 ETH traded. The floor price, which is the minimum price for a Bored Ape NFT, currently sits at 18.48 ETH. Additionally, there have been 96 individual Bored Ape NFTs sold within the last day.

Pudgy Penguins

Pudgy Penguins is a collection of 8,888 NFTs that aims to accelerate innovation within the Web3 space through intellectual property utilization and community empowerment.  These adorable penguins embody love, empathy, and compassion, fostering a positive and welcoming atmosphere for all participants. In the last 24 hours, Pudgy Penguins has seen a significant rise in both trading volume (1283 ETH) and price (81% increase). The current floor price for a Pudgy Penguin NFT is 14.89 ETH, and there have been 97 individual NFTs sold within the last day.

Azuki

Azuki offers a collection of 10,000 unique avatars that grant holders membership access to The Garden. This virtual space serves as a hub for artists, builders, and enthusiasts of Web3 technology to collaborate and create a decentralized future. Within the last 24 hours, Azuki has experienced a substantial increase in trading volume, reaching 611 ETH. The price has also seen a significant rise of 181%.  The current floor price for an Azuki NFT is 4.58 ETH, with a total of 148 individual NFTs sold in the last day. 

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

Best Regards,
Crypto Recorder Team

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