PRViously on Crypto: Market Bounces Back to $2 Trillion as the “War of the Five Coins” Intensifies!
We are back with a roundup of the hottest news and latest trends on the cryptoverse! This week, the atmosphere is electric as five coins battle against each other to emerge as the top headliner on crypto news sites.
Before we gear up and charge into the danger zone of the “War of the Five Coins”, let’s begin this article with a daring battle cry from “cryptonians”
“Don’t Kill Crypto!”
The battlecry was echoed by Cardano (ADA) Founder, Charles Hoskinson, as he expressed his displeasure with the Infrastructure Bill. In fact, he outrightly proposed a rally in Washington DC as a support for crypto, hoping that it would impact the debates on the proposed bill.
Just last week, we wrote in our article how a number of countries are starting to embrace financial decentralization, so you might have the same reaction as us when we found out about America’s newest proposed bill!
But other than the US, no related legislation was recorded from other countries. In fact, Blockdata Research has released a report finding 55% of 100 of the world’s top banks have some form of exposure to crypto assets.
And the cryptoverse seems to just shrug off the IRS issue as the crypto market bounces back to above $2 Trillion last Thursday. This was the first time since May 19 according to the data from CoinGecko!
This brings us to the War of Five Coins featuring this week’s headliners: BTC, ETH, ADA, XRP, and DOGE!
Got your bets on any of those? Well, you can safely bet PRV to make it on the list someday! And it may be even sooner than you think so be sure to check out our Monday Marketing Updates!
BTC: unbowed, unbent, unbroken
Last Saturday, the king of cryptos hit its highest price mark since May 16 at $48,150! It was even reported to have managed to remain above the 200-day MA. This was ushered by BTC’s price increase by more than 20% in the last week and as it changed hands at around $46,500 two days prior.
But as you may have guessed, it’s not just BTC behind the market’s resurgence.
ETH: challenge accepted
Ethereum was one of our highlights in our previous article when it went through its scheduled London hard fork. This week, ETH outperformed BTC when it recorded a 28.4% rise over the past seven days prior Thursday when it traded at a near three-month high of $3,270.
The update has been so significant that experts are convinced that Ethereum has brought the bulls back to the market, as supported by its published quarterly earnings report in Coinbase. Bloomber analysts even insist that ETH is strong enough to attempt $4,000 in May next year. With all these updates on its system, Ethereum’s projected target may not be far from impossible!
Next up we have Cardano (ADA) as another notable contributor to the overall surge of the crypto market.
ADA: the big war is not even starting
Cardano’s token spiked over the $2 handle last Friday, hours after Nigel Hemsley’s video announcement of the release of Cardano network upgrade: September 12, 2021. The highly anticipated “Alonzo Purple” is set to boost the Cardano project through advanced smart contract solutions.
ADA is definitely on a roll as it becomes the world’s third largest cryptocurrency by market capitalization following its 12% price surge over the week (13-Aug) to a new 12-week high! Cardano is currently changing hands at $2.11 strong after hitting its week 33 high, $2.22 last Saturday.
What’s more, derivatives data are read by experts to indicate that pro investors are not even warming up yet! With Cardano surpassing Binance (BNB) as the third largest digital asset by market cap, who’s to say what’s gonna happen next?
Another altcoin, Ripple (XRP) is something to watch out for as it entered our radar of headliners for this week.
XRP: getting there with better allies
In a recent article, it was mentioned that while bitcoin and most altcoins have fairly retraced following the latest gains, Ripple has exploded by another 10%, bringing its weekly increase to roughly 60%!
This Saturday, while most altcoins are in red, XRP has surged to a record of its own at $1.3. The coin has been observed to have impressive gains these past several days after surpassing the $40 billion market cap last August 11.
Remaining as among the top performing digital currencies according to Coinmarketcap.com statistics, XRP continues its partnership with other financial networks such as the South Korea’s largest remittance firms and recently, Global Money Express (GME) remittance.
DOGE: the cutest and the strongest
And finally, we have Dogecoin (DOGE) recording a significant rise in value of 41% for seven days until August 12. In fact, it outperformed BTC and ETH on the wider crypto market surge observed last Thursday.
While it may be remembered that DOGE crashed harder than most coins when the whole crypto market tanked in May, it is impressively seeing larger percentage swings as it bounces back up in the past weeks.
Elon Musk has once again expressed his support to Dogecoin as he claimed DOGE to be the “strongest” cryptocurrency when it comes to payments. An opinion he channeled from fellow billionaire Mark Cuban who recently stressed that the meme cryptocurrency is the “strongest” medium of exchange because of its community.
That wraps up this week’s updates on the cryptoverse. You are now officially on loop with the latest happenings in just under 5 mins of reading! And what an intense battle between these raging five coins that was!
But while we may agree that DOGE has a remarkable community, nothing can surpass the PRVArmy when it comes to supporting the PrivacySwap project! So give yourself a pat on the back as we close this week’s PRViously on Crypto with a hopeful outlook for the upcoming week of your daily skirmish with cryptocurrency!