- The crypto market displays a bullish trend for the past week.
- Due to the popularity of crypto, the number of hackers is also growing.
- Meme-currencies are giving a tough competition to mainstream cryptocurrencies.
The past week was a bullish run for the crypto market as the struggling Bitcoin cracked its heavy resistance level. This in turn is followed by other cryptocurrencies making the crypto market bullish. Significantly, Bitcoin has crossed the $55,000 level within a week and surging towards its all-time high.
Following the top cryptocurrency, the second-largest crypto-asset, Ethereum has cracked $3,500 while it is 5% up for the past week. As the institutional investors were more focused on cryptocurrencies rather than gold would be the reason for the bullish trend. Moreover, JP Morgan comments that investors are looking for a safe investment as they have learned the merits of cryptocurrencies.
According to the reports, more investment firms have increased their holdings on crypto-assets. But, on the contrary, there is some news that affects the crypto-market which results in a downtrend of price value.
NFTs Is Next On The List To Explode
As a matter of fact, the NFT ecosystem has begun to explode where the market can witness it from the sales of NFT. The NFT sales for the first half of the year exceed $2.5 billion while the sales for Q3, 2021 record over $10.7 billion.
Consequently, mainstream cryptocurrencies and meme-currencies are surging parallelly in terms of price and massive adoption. For instance, the highest gainer of the week is also a meme-currency, Shiba Inu which has boomed over 273%. It is one such coin that has the potential to reach highs and ranks as the top 20th cryptocurrency in the market.
The cryptocurrency market is facing a competitive challenge as the fame of crypto-assets is rising. While on the other hand, the number of hackers in the market is also soaring. Recently, the well-known cryptocurrency exchange Coinbase has reported that 6,000 accounts of their platform have been affected as hackers targeted their databases. As the crypto market is being attacked constantly by hackers or scammers, it eventually ends up in fear for investors.
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