The crypto ecosystem is showing some strong bullish action. The Arch Ethereum Web3 token traded 5.87% higher than last week, while the Arch Blockchains token jumped 5.60%. Ethereum traded 7.11% higher and Bitcoin was up by 4.22% than the previous seven days.
In this edition, we analyze this week's top-performing tokens, explore how the TradFi market is performing compared to cryptos, and share more about ApeCoin, the token that's part of the world famous NFT project Bored Apes.
🗞️ Risky assets bounce off as investors expect inflation to cool off
Major cryptos had a spike early Friday as market investors shrugged off Federal Reserve Chairman Jerome Powell's pro-liquidity tightening stance.
At a think tank conference Thursday, Powell said, "we need to act right now – forthrightly, strongly," reiterating his commitment to fighting inflation with rapid-fire interest rate hikes.
However, despite the tightening monetary policy and Powell's comments, risky assets, including cryptocurrencies, are rising. Some analysts think this is due to investors expecting inflation to cool off the following year.
Traditional financial markets closed higher, with the Dow Jones Industrial Average, S&P 500, and Nasdaq Composite increasing 0.6%, 0.7%, and 0.6%, respectively. TradFi markets are also looking for signs of cooling inflation when the U.S. Consumer Price Index is reported next week.
📈 Web3 rose 5.87% this week
The Arch Ethereum Web3 token outperformed Bitcoin again, trading 5.87% higher than the last week compared to the 4.22% higher than Bitcoin sold at markets.
- Frax Share (FXS) price rose by 15.66% after the largest fractional algorithmic stablecoin protocol launched Fraxlend. This permissionless lending market allows anyone to lend or borrow assets with any token.
- Chainlink (LINK) also some a significant price action trading 15.37% higher and continuing its upward trend. LINK's price action comes after many integrations on DeFi projects on Ethereum, Solana, and Polygon.
- ApeCoin (APE) had a price increase, trading 8.60% higher than last week. This comes after the news of BAYC's NFT collection declining profitability, but buyers seem to have lost interest in owning one. However, the community vowed to rise. It ensured their aim at "continuity and stability to regain trust." The token also got into the top 10 by trading volume among the 100 biggest ETH whales.
- Aave (AAVE) also had a positive week, trading 7.24% higher. Aave V3 developer Aave Companies is set to receive retroactive funding of $16.28 million from the DeFi protocol's decentralized autonomous organization (DAO).
⛓ CHAIN is 5.60% higher than last week
The Arch Blockchains token had a positive week, trading 5.60% higher than the last seven days, with all the constituent tokens in green.
Solana (SOL) was the top performer, trading over 11.23% higher than last week and recovering from a recent dip. Part of this bullish price action is thanks to the popularity of Solana-based NFT collections.
Magic Eden reported in a recent tweet that it had reached a total of 25 million SOL volumes. It also saw a 300k SOL volume in the past day.
Ethereum (ETH) is also having a positive week, trading over 7.11% higher than last week as The Merge draws near. The Ethereum team activated another upgrade recently, the Bellatrix upgrade. This upgrade officially kicks the Merge, the transition from the PoW to the PoS.
🐵 What's ApeCoin and what you need to know about it
Launched in March 2022, ApeCoin, known by the ticker APE, is an ERC-20 token part of the Bored Apes ecosystem. Created as the governance and utility token of BAYC, the token offers a variety of benefits only available for holders.
The Ape project is looking the help in the growth of the Web3 ecosystem, incorporating not only a token but also art through NFTs, video games, and members while integrating both the digital and real world through events and merch.
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Disclaimer: The opinions expressed are for general informational purposes only and are not intended to provide specific advice or recommendations. The views reflected in the commentary are subject to change without notice.