Weekly Crypto Analysis: ETHW Gets Listed on KuCoin; NFTs, Apple, Disney in the Spotlight
The previous week has not impacted the crypto market significantly, as most cryptocurrencies ended up either in the slight green or red. The overall cryptocurrency market volume in the past 24 hours came up to $69.53 billion - a billion less than the previous week. The overall crypto market cap remained under the $1 trillion mark, now totaling $925.06 billion.
Let's delve deeper and take a quick look at the latest crypto market news and BTC's technical outlook.
Crypto Market Overview
Bitcoin's drop below the $20,000 mark has shown to be definitive in the short term, with the largest cryptocurrency by market cap fluctuating around the $19,000 mark. BTC’s dominance is steadily declining, now standing at 38.11%.
The most valuable cryptocurrency pair, BTC/USDT, is currently trading at $18,948.88, while Ethereum, the second-largest cryptocurrency by market capitalization, has fallen to 1,306.77, down 2.13% in the past week.
Cryptocurrency Market Heatmap | Source: Coin360
The top performers from the previous week were Reserve Rights (RSR), Ripple’s XRP (XRP), and Compound (COMP). RSR has increased by 44.32%, while HT gained 32.58% in the past seven days. Finally, COMP gained 23.04%.
On the other hand, Ravencoin (RVN), Cosmos (ATOM), and Near Protocol (NEAR) were the worst performers of the week. RVN is down 10.75% to $0.037; ATOM is down 9.74% in the last seven days; NEAR is down 8.74% to $3.64.
Top Altcoin Gainers and Losers
Top Altcoin Gainers:
- Reserve Rights (RSR) ➠ 44.32%
- Ripple’s XRP (XRP) ➠ 32.58%
- Compound (COMP) ➠ 23.04%
Top Altcoin Losers:
- Ravencoin (RVN) ➠ 10.75%
- Cosmos (ATOM) ➠ 9.74%
- Near Protocol (NEAR) ➠ 8.74%
Here are some of the events that made the previous week's crypto news section stand out:
ETH PoW (ETHW) Gets Listed on KuCoin
While Ethereum’s transition from proof-of-work (PoW) to the less power-intensive proof-of-stake (PoS) consensus mechanism has gone smoothly, some members of the community disagreed with the proposed changes.
As a result of this, one part of the community has hard forked the Ethereum network, and created a new cryptocurrency called Ethereum PoW (ETHW).
KuCoin has supported the hard fork, as well as listed the newly-created cryptocurrency on its exchange.
Apple's App Store Demands a 30% Cut from NFT Sales
While Apple has allowed NFTs to be bought and sold through their app store on Friday, the tech giant has imposed a commission of 30% on all NFT transactions.
While some developers are negatively surprised by such a high commission, this remains consistent with standard in-app purchase commission on other apps listed on Google Play or the Android App Store.
However, this commission contrasts greatly with regular NFT marketplace commissions, which almost always stay in the ballpark of 2.5%.
Walt Disney Company Looking to Expand to NFTs & the Metaverse
The Walt Disney Company is seemingly venturing into the crypto sector - mainly NFTs and the Metaverse. This news came after the company posted a job offering for an “experienced corporate attorney” that would work on technologies such as non-fungible tokens (NFTs) and the Metaverse.
On top of that, the company is hiring a Principal Counsel that would work on handling NFTs, the Metaverse, as well as blockchain and DeFi as a whole.
The rising interest coming from The Walt Disney Company comes as no surprise, as they are the ones that could fully utilize the NFT technology.
Interpol Issued a Red Notice for Do Kwon
Interpol has reportedly issued a Red Notice on Terraform Labs co-founder Do Kwon.
South Korean prosecutors in Seoul made a public statement on Monday that Interpol issued the notice in response to charges Kwon faces in South Korea - all related to the collapse of the Terra ecosystem.
For those that might not know, a red notice is a “request to law enforcement worldwide to locate and provisionally arrest a person pending extradition, surrender, or similar legal action.”
Ethereum Merge Causes China’s GPU Prices to Nosedive
With the Ethereum network moving to a proof-of-stake (PoS) consensus mechanism, GPU miners have been left without a real alternative. As a result of this, the price of GPUs across the world has started to drop in price.
However, the situation is even more exaggerated in China, where some graphics cards have dropped over 40% in just three months. With the looming recession, as well as the drop in the need for GPU mining, the demand for such cards is significantly less.
The Fear & Greed Index at 21, Market Sentiment Remains Low
The fear and greed index has shown no intention of moving up, with the current number sitting at 21. The indicator now indicates “extreme fear,” caused by the up-and-coming recession that will most likely affect the world even more in the winter months.
Fear & Greed Index | Source: Alternative
Crypto Calendar: Events to Watch This Week
➺ 27/09/2022 - Converge22
➺ 28/09/2022 - Token2049 Singapore
➺ 28/09/2022 - Theta Network V3.4.0. Upgrade
➺ 30/08/2022 - EOS & Elrond Upgrades
Bitcoin (BTC/USDT) Analysis on KuCoin Chart
Bitcoin has been on a slight downturn in recent days, with its price bound by the 21-day moving average. While the price seemingly couldn’t push above the $20k mark, the largest cryptocurrency by market cap is now trying to stay above the $19,000 mark, possibly attempting one more push above the MA.
While a push above the 21-MA sitting at $19,835 could be the spark that pushes BTC towards the $22,850 mark, this move is highly unlikely.
BTC/USDT Chart on the Daily Timeframe | Source: KuCoin
When it comes to support and resistance levels, Bitcoin is likely to encounter resistance to the upside at $19,850 and $20,960, as well as $22,850. On the other side, analysts state that traders should watch out for $$18,150, as this is the only level separating Bitcoin from the $17,500 level.
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