This week, Macroeconomic headwinds continued to hover over the Crypto industry alongside rising inflation and the Federal Reserve's response.
Amid extreme market conditions, crypto companies like Vauld Voyager Digital and Celsius filed for bankruptcy. In addition, Vauld has also filed for protection against its Singapore-based creditors. Reportedly, they owe about $402 million to creditors.
Despite this, the Crypto market is following the bullish momentum today, hosting a Global Market cap of $1.07T, adding over 3.97% in the last 24 hours. Here is a brief overview of the current market situation, analyzing the performance of the top 5 Altcoins of the week.
Bitcoin, the flagship cryptocurrency, surged by 4% in the last 24 hours. It is presently hovering at 23,627 with a market cap of $496B.
Due to covid-led unfavorable market conditions in China, Electric car maker Tesla sold over 75% of its BTC holdings. However, Tesla remains open to buying BTC soon.
The ETH price maintained a strong performance, climbing above the $1,450 resistance zone to reclaim losses and climb even higher. ETH is currently trading at $1,635, with a price increase of almost 10% in the last 24 hours and 35% in the previous seven days.
This price spike is due to the most-anticipated transition: The Merge, which is in its completion mode. Recently, at the Ethereum Community Conference (EthCC) being held in Paris (France), Vitalik Buterin also discussed what will happen to ETH when The Merge is completed.
MATIC, the native token of the Polygon blockchain, also witnessed an impressive price spike over the last seven days, gaining over 30%. Currently, the price of MATIC is around $0.90, with a 3% price gain. The current CoinMarketCap ranking is #13 with 24-hour trading volume of $1,262,640,350
MATIC saw a significant price pump after Disney Accelerator selected Polygon as part of their program. In addition, Polygon is amongst the tally of the top 10 token purchases by the 100 biggest BSC whales. Also, the largest BSC wallets hold over $28.4 million worth of MATIC tokens.
XRP, the native token of the Ripple blockchain, has also joined the other altcoins following the bullish momentum. It is presently trading above the critical $0.35 support level, with ADA testing an upside break above the $0.50 zone. If it continues like this, it could test the $0.388 level followed by the $0.40 level.
This week, XRP Trading Volume tapped the Frenetic Levels as Ripple continues to gain victory against the SEC Lawsuit. The ongoing lawsuit is being closely watched by every crypto investor worldwide for its potentially far-reaching implications on whether tokens might be deemed securities violating U.S. law.
ADA has been a bit more successful than XRP, reaching a half-dollar valuation after a strong performance in the last seven days when the price increased by 15.2%. If this momentum continues, it could go even higher in the upcoming days.
The key resistance levels are found at $0.55 and $0.66. If ADA breaks free from these levels, the price could leave the current flat trend that has been ongoing since May and enter a significant rally. On the 7-day chart, ADA posted a positive gain of 15%