The top 10 cryptocurrencies of cryptocurrency market end this week mostly in the red zone. Luck goes with Cardano, and the NFT boom continues in the crypto space. Read about these and other key events in the weekly BeInCrypto review.
Dynamics of major cryptocurrency market
During the passing week, the bitcoin (BTC) exchange rate showed unstable dynamics. The world’s main cryptocurrency suffered a drawdown at the beginning of the week, but formed a local minimum of $53,221 on March 16.
After that, the price tried to recover above the important resistance of $57,800 and launch growth in the direction of a new historical high. However, that attempt was unsuccessful, and bitcoin turned south again over the weekend.
At the time of writing, the BTC exchange rate was trading around $56,360.11, according to CoinMarketCap analytical resource, with an intra-week decline of almost 7%.
Meanwhile, the Ethereum (ETH) exchange rate has also reversed after rising for two consecutive weeks, and has fallen 5.7% in that week, according to Coinmarketcap. At the time of writing, ETH was trading around $1,772.90.
On the whole, the news flow from this ecosystem has dried up recently, which deprived the coin of its own drivers of movement. As a result, it has to keep its eye on BTC for now.
What else was going on this week
Unlike Ethereum, this week turned out to be fruitful for Cardano (ADA). For example, it became known that Bloomberg Terminal added support for Cardano, making this cryptocurrency available to a wide range of professional investors. Also, the decision to migrate from Ethereum blockchain to Cardano was announced by the international medical platform Ask The Doctor. Finally, cryptocurrency exchange Bybit announced the launch of new perpetual contracts for several digital assets, including ADA.
All of this has allowed ADA to appreciate nearly 10+% over the past week. At the time of writing, the koin was at $1.18.
Meanwhile, the leader of the intra-week growth among the top 10 cryptocurrencies by cryptocurrency market capitalization was, according to Coinmarketcap, Ripple (XRP), despite the project’s ongoing legal battle with the SEC. It ends the week at $0.5069 (as of this writing), up 12+%.
Worth mentioning also another coin, which is not in the top 10 cryptocurrencies, but managed to grow by double-digit value (by 35+%) this week. It was Basic Attention Token (BAT), the cryptocurrency of Brave Browser project. It renewed a record high around $1.20, and at the time of writing, it remains in the $1.10 area.
Finally, throughout the week, the crypto market continued to see a steady stream of news from the NFT (non-interchangeable tokens) segment. According to Google Trends, the number of search queries for the term NFT peaked ahead of all other cryptocurrency terms and concepts. This has already prompted the U.S. Securities and Exchange Commission (SEC) to take an interest in the NFT segment as well.
So far, a wide variety of participants have entered the industry. Robots, Grammy winners, members of the feminist punk rock band Pussy Riot, and even manufacturers of toilet paper are issuing their own NFT tokens.