Weekly Crypto Review: Sentiment, Winners, & NFT Highlights

Dear Readers,

After almost three weeks of gradual consolidation, the cryptocurrency market seems to have finally surpassed the most challenging resistance level. The price of Bitcoin has finally crossed $70,000, and that of Ethereum is above $3,800 now. The market looks very optimistic since the bulls have managed to break free of these resistance points.

Highlights of the week

•  Analyst firm QCP Capital recently predicted Bitcoin may surpass its all-time high of $73,794 in June, potentially reaching $74,000, based on strong call option activity. Analysts believe this bullish momentum, driven by increased demand from Bitcoin ETFs and institutional investors, could push Bitcoin's price even higher.

• The Central Bank of Qatar has completed the infrastructure development for its CBDC project, set to begin experimental stages in October 2024. This initiative aims to enhance domestic settlements, improve securities transactions efficiency, and integrate advanced technologies like blockchain and AI to boost Qatar’s financial market liquidity.

• A new study commissioned by Deutsche Bundesbank found that half of surveyed Germans strongly considered using a digital euro as an additional payment option. Additionally, 59% of participants were unaware of the digital euro, highlighting the need for increased public awareness and education on the topic.

• An Australian Federal Court ruled that Block Earner is exempt from paying a penalty for breaching financial services law, recognizing the firm "acted honestly and not carelessly." The judge criticized the Australian Securities and Investments Commission (ASIC) for a misleading press release and ordered ASIC to cover Block Earner's legal costs from February 9 onwards.

• US Senators Elizabeth Warren and Bill Cassidy have requested updates from the Biden administration on efforts to curb the use of cryptocurrency in fentanyl trafficking. They cited a significant increase in crypto transactions with China-based companies involved in fentanyl production and stressed the need for continued action and assessment of crypto's role in the illegal drug trade.

Crypto Fear & Greed Index

As leading cryptocurrencies surge past significant resistance barriers and edge closer to their historic peaks, market sentiment approaches the extreme optimism. Indicated by a reading of 78 on the crypto fear and greed index, we find ourselves firmly situated within the zone of extreme greed.

This marks the most bullish outlook the market has experienced in over two months. However, it's crucial to acknowledge the inherent risk: such heightened greed can swiftly transition into irrational over-purchasing, potentially precipitating a significant correction.

ATH coins

Amidst the growing market greed and trader anticipation of surpassing previous records, bullish activity has soared to unprecedented levels. Consequently, several cryptocurrencies have been propelled to record-breaking prices, with many actually achieving all-time highs. As of this newsletter, the standout performers include:

Based Brett (BRETT), after three months of trade, soared to its highest point yet today, with impressive gains over the past three weeks. Earlier today, its price shot up from $0.11 to a record high of over $0.14. Operating on the Base blockchain, BRETT is a meme token. Though lacking substantial utility, its staggering 24-hour trading volume of over $67 million underscores its popularity and hype.

BounceBit (BB), a month-old cryptocurrency, commands market attention with its $370 million trading volume. Today, it soared to a new high of $0.865 after turbulent fluctuations. It pioneers BTC restaking, securing its network by staking Bitcoin and BB tokens. Its PoS mechanism combines native BTC security with full EVM compatibility, a groundbreaking approach.

Ben the Dog (BENDOG), the meme token running on the Solana blockchain, has been in the market for barely three weeks and has faced quite the turbulence. In fact, until this week, it was on path of slow descent until it rocketed Tuesday onwards. Every hour today it has been upping its all-time high, with the latest record being $0.0746. As the day unfolds, this is likely to continue getting surpassed.

Sturdy (STRDY), in the market for about a month, has had a turbulent ride. Initially declining, it surged on Tuesday, breaking its all-time high hourly. Currently at $0.0746, it's poised to surpass this. Sturdy is a DeFi platform focused on lending and borrowing within the blockchain. It allows users to earn interest on crypto assets through lending or borrowing with crypto collateral.

PunkAI has experienced a steady downward price trend since March, frequently reaching new all-time lows. Since yesterday, this meme token has shifted gears and began rocketing upwards. Today’s 140% price jump brings it to a new ATH of $0.000223.

Top Movers (24H)

Apart from the notable performance of all-time high (ATH) coins, there's been notable upward movement among other top performers. Over the last 24 hours, numerous cryptocurrencies have surged, marking substantial gains. Presently, the standout movers include:

Oxyegen (OXY) emerges as a standout performer in today's market dynamics, experiencing a remarkable surge to $0.0455 within 24 hours. This impressive rise, surpassing 420%, is particularly noteworthy considering its consistent trading volume, consistently exceeding $300,000. Oxygen revolves around Pools, which are clusters of assets designed for collective action. Initially offering borrowing and lending services, users can generate yield and leverage their portfolios, laying the groundwork for a dynamic and decentralized financial ecosystem.

PeiPei (PEIPEI) emerges as another notable performer in today's market, witnessing its price triple to $0.000000119 within a single day, marking an impressive nearly 260% surge. Simultaneously, its trading volume skyrocketed from $12 million to over $42 million. The PEIPEI Token uniquely merges the iconic Pepe meme with the captivating essence of Chinese culture, presenting a fresh and engaging digital narrative.

Cramer Coin experienced a threefold increase in its price today, rising from $0.00083 to $0.00260, marking a gain of more than 210%. This surge in price, coupled with the volume spike from $15,000 to nearly $2 million, has caught many off guard, particularly considering the absence of developer updates for over a year. It has been widely acknowledged that Jim Cramer stands alone as a counter-signal with a perfect 100% accuracy rating—a feat that some may dismiss as mere chance.

Macho has embarked on a significant ascent today, experiencing a remarkable 190% increase within a mere 24 hours, with indications from trend charts and momentum suggesting a probable continuation of this upward trend. What's truly notable about Macho, though, is its steadily rising trading volume throughout the week, currently exceeding $10 million.

Jasse Polluk, is a recently launched cryptocurrency that has surged by an impressive 131% within hours of its launch today. The trading volume exceeding $4 million indicates substantial market interest. Notably, Jasse Polluk has a strong presence on Coinbase, a leading platform for crypto trading. Its creator, Jasse Polluk, introduced Base, a sophisticated Layer 2 blockchain technology.

Non-Fungible Tokens – Developments

1. The US Treasury Department has cautioned against the financial risks associated with non-fungible tokens (NFTs), citing concerns of exploitation by illicit actors for money laundering and terrorist financing. The agency's assessment underscores the susceptibility of NFTs to fraud, theft, and misuse, urging industry stakeholders to heighten awareness and enforce regulations to mitigate these risks.
   

2. The Federal Court of Canada has ruled Krista Kim as the sole copyright owner of Mars House, the world's first NFT digital house, settling a dispute with a visualizer over intellectual property rights. Designed as a meditative space embodying Kim's philosophy, the digital home sold for $512,000 in 2021, contributing to the evolving narrative of digital art and ownership.
   

3. Bitcoin NFTs have made history, surpassing $4 billion in sales, outpacing Ethereum and Solana despite a sluggish NFT market overall last month. Thanks to a groundbreaking protocol by Casey Rodarmor, Bitcoin Ordinals have swiftly risen to fourth place among blockchains, offering unique value linked to satoshis and boasting superior decentralization.

NFTs To Watch (24H)

Sugartown Oras by Zynga

The Sugartown Oras series has emerged as a coveted item in the market, rapidly capturing the attention of enthusiasts. Its current trading activity exceeds 13 ETH, with a cumulative volume soaring to 8700 ETH.

Oras marks Zynga Web3 Gaming's inaugural Sugartown collection, consisting of 9999 digital collectibles inspired by our passion for gaming. Owning Oras grants collectors entry to the Sugartown platform, featuring our games, rewards, and more.

Azuki

The Azuki initiative has recently achieved remarkable progress, marked by a substantial rise in its value driven by growing enthusiasm. The trading volume for this NFT has surged to almost 760,000 ETH.

Azuki launches with a set of 10,000 avatars granting membership to The Garden: an online hub where creatives, innovators, and web3 aficionados converge to shape a decentralized tomorrow. Azuki holders gain entry to exclusive releases, events, and additional perks.

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

Best Regards,
Crypto Recorder Team

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