The global crypto market showed some signs of recovery this week, with most cryptocurrencies trading sideways. It suggests a tough battle between the bulls and bears to gain control over the market.
However, the bulls have been trying to keep the momentum going. Bitcoin was trading between the $16,800-$17,400 level, with the bulls trying to keep it above the $17,000 level for the past 7 days. While it reached $17,424, the bulls could not hold it for long. The immediate support for Bitcoin is at $17,100, with resistance at $17,280 and then $17,400. If It fails to clear this resistance, there could be a fresh bearish reaction.
On the other hand, Ethereum has been trading above the $1,200 level as whales and sharks continue to add to their holdings. Further growth is only possible if the price reaches the $1,300 area and stays there. If momentum permits, a further target of $1,348 would indicate that this is the relief rally that ETH holders have anticipated. The bulls have been able to defend against further losses, and the price has been moving higher slowly.
In an exciting turn of events, Brazil’s congress approved a Bill to regulate crypto. It is one of the first countries to take a step towards protecting retail investors’ interests, thereby boosting crypto adoption among the mainstream masses.
After the recent upgrade goes live, Ethereum core developers will enable staked ETH withdrawals by March 2023. With this upgrade, users can withdraw their staked Ether and applicable rewards after the upgrade goes live.
The software development company Aave companies announced the acquisition of Sonar, a San Francisco-based metaverse developer where players can build worlds and interact with user-created spaces using NFTs (Non-Fungible Tokens). The company plans to build other Web3 consumer applications that will be launched as early as next year.
Apple Inc has made an announcement that may seem minor, but it will offer end-to-end encryption for its user’s backups on its iCloud storage service. The move is yet to help normalize online financial privacy for the crypto industry.
Coming to the price action, among the top 100 cryptos by market cap, here are the best and worst-performing cryptos over the past week:
Top 5 crypto gainers during the week:
1. Axie Infinity (AXS): 21% up
2. Stacks (STX): 15% up
3. EOS (EOS): 12% up
4. Synthetix (SNX): 10% up
5. The Graph (GRT): 9% up
Top 5 crypto losers this week:
1. Chiliz (CHZ): 10% down
2. 1inch Network (1INCH): 9% down
3. Aptos (APT): 9% down
4. ImmutableX (IMX): 8% down
5. Celo (CELO): 7% down
Note: The data includes only top 100 crypto tokens and coins from coinmarketcap.com as of 11.30 hours on December 11, 2022
(Edul Patel is the CEO and Co-founder of Mudrex)
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