The developments of last week have sparked intrigue within the crypto community, and we eagerly await what this month has in store. Before diving into that, be sure to explore our Crypto Weekly Roundup here.
According to CoinMarketCap, the current market cap is ₹86,729,726,970,848 on 25 September. In the past year, even the top-performing coins were seen struggling in these challenging times and are trying to make a comeback.
As of the past week, Bitcoin is priced at ₹2,175,848.88, reflecting a 1.42% decrease within the last 24 hours and a 3.06% fall over the course of 7 days. Talking about Ethereum, ETH is currently valued at ₹131,236.68, showing a marginal 0.82% decline in the past 24 hours, with a huge dip of 4.40% over the span of 7 days.
Crypto Weekly Roundup: Top Trending Coins
In the past week, three cryptocurrencies have remained the talk of the town because of some recent developments related to these cryptocurrencies: Chainlink (LINK), Toncoin (TON), and Cardano (ADA).
In the past week, the price of Chainlink (LINK) showed a 10.24% hike. In addition, the token also experienced a marginal hike of 0.08% in the past 24 hours. And the token is currently trading at the price of ₹597.13.
However, Toncoin’s TON token dropped by 6.52% in the past week. Furthermore, in the past 24 hours, the token also fell by more than 3.83%. In addition, the price of the TON token is trading at ₹183.22.
Talking about Cardano (ADA), the token illustrated a 3.06% drop as compared to other major cryptocurrencies. In addition, ADA has shown a 0.27% loss in the past 24 hours, trading at a price range of ₹20.32.
Top Crypto Gainers & Losers
The past week remains one of the most bearish weeks for the crypto market in 2023. So, let’s have a look at some of the top crypto gainers and losers from the past week:
Why Crypto Market Remain Optimistic?
Bitcoin (BTC) and other leading cryptocurrencies have experienced a significant decline in value over the past week, primarily attributed to ongoing legal disputes between certain crypto exchanges and the US Securities and Exchange Commission (SEC).
Furthermore, the unexpected selling of major cryptocurrencies by large whales has generated a fear of missing out (FOMO) sentiment in the market, dissuading retail investors from participating.
Crypto Weekly Roundup: Trending News From the Last Week
▪️ In response to an increase in unlawful operations involving cryptocurrency in the country, the Indian Ministry of Home Affairs (MHA) is apparently developing a crypto intelligence tool. According to CNBC, the MHA intends to tackle cryptocurrency-related crime through the Cryptocurrency Intelligence and Analysis Tool (CIAT).
▪️ On September 21, Uniswap, a decentralized exchange (DEX), launched an educational platform in collaboration with the blockchain education-focused DoDAO. Uniswap University intends to develop a systematic learning pathway for onboarding users to its v3 exchange through courses, simulation, and fast tips.
▪️ Tether, a stablecoin issuer, has bought an undisclosed stake in Northern Data Group, a German-based crypto miner. This strategic investment suggests possible collaborations in artificial intelligence (AI). Tether made this investment through Damoon, its group company.
SunCrypto Views
The recent tumultuous ride in the cryptocurrency market highlighted the industry’s inherent unpredictability. Amid ongoing challenges and uncertainties, there are also encouraging advancements showcasing the resilience and potential of cryptocurrencies and blockchain technology.
Given the persistent volatility in the cryptocurrency market, it remains crucial for investors and enthusiasts to stay well-informed, exercise caution, and brace themselves for further fluctuations in this ever-evolving landscape. Only time will reveal whether the positive trends will outweigh the drawbacks and ultimately pave the way for a more stable and prosperous future in the crypto sector.
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