Cryptos that turned heads this week

The week that went by was relatively better for the crypto market as it managed to regain the US$1 trillion market cap, thanks to some positive price movements that the market witnessed.

Even though it got a momentary blip with Elon Musk’s announcement of selling 75% of his Bitcoins, it quickly got back on to its feel on Friday. As of 22 July, the overall market cap stood at US$1.07 trillion and was up by 4% over a day, according to CoinMarketCap.

The climb above US$1 trillion can largely be attributed to Ethereum’s and Polygon’s rise, which has helped the overall market cap. On Friday, Ethereum saw an upswing of over 8%, along with Bitcoin, which was up by 2.56%, and Polygon, which was up by 5.08%.

But these were not the best performing tokens of this. Let’s take a look at the table toppers. 

BarnBridge (BOND)

Mcap: US$104,342,362

BarnBridge is a project, which is developed to expand the functionalities of DeFi to make it more flexible and efficient. Operating on the Ethereum blockchain, the BOND crypto by tokenising fluctuations and exposure to the risks, this unique crypto is said to reduce volatility.

The BOND crypto in the past seven days has managed to gain over 341%, according to CoinMarketCap. The gains made by the BOND crypto also had a mirror effect on today’s performance as well as it witnessed a rally of 31.54%, as per CoinMarketCap. On Friday, BOND crypto was trading at US$14.74 with a volume of US$8,85,72,469. 

Mithril (MITH)

Mcap: US$40,926,938

As a social token Mithril is a decentralised protocol that rewards users for creating content. Founded by Jeffrey Huang MITH crypto focuses on privacy and aims to take social media to the next level.  

The Mithril token held the second position as the top gainer as it managed to register gains of 128.91%. On 22 July, the MITH crypto, however, was witnessing a downtrend as it was down by 30.52%. The token was trading at US$0.040927, with a volume of US$ 8,05,54,846, according to CoinMarketCap. 

Cratos (CRTS)

Mcap: US$34,493,820

Cratos is primarily a vote-to-earn crypto that would allow citizen participation in the CRATOS mobile app on any topic of their choice. The CRTS crypto allows the users to vote on a chosen topic and in return the users can earn tokens based on their activities.

The week has been good for CRTS crypto as it registered gains of 87.31% in the past 7 days. The token, however, wasn’t faring that well as it was down by 22.60% and was trading at US$0.000985. 

Freeway Token (FWT)

Mcap: US $47,346,070

Freeway Tokens (FWT) allow the users to earn up to 43% of annual rewards with Freeway stimulation allowing the users to stake the crypto and use them against other cryptos. As a governing token of AuBit Freeway, it offers more control of the reward points and the freedom to operate in the host of other tokens.

The FWT crypto on Friday managed to gain over 350% in the past 24 hours. In the last one, the FWT token has amassed gains of 63.25%, which has helped it gain a good rally.

Ethereum Classic (ETC)

Mcap: US $3,553,928,188

Ethereum Classic (ETC) acts as a hard fork of the Ethereum token and functions in the same manner yet is different from Ethereum. Operating as a smart contract network to support and host multiple DApps, it is built on Binance Smart Chain.  Using the Proof-of-Work (PoW) consensus model, the token validates the transactions, just like traditional Ethereum. But in terms of operations, it is different from it.

Ethereum Classic’s main aim is to ensure that the Ethereum blockchain is protected as it was, without artificially countering the DAO hack. However, unlike Ethereum, it doesn’t intend to move to the PoS network which gives it the uniqueness.

The ETC crypto in the last 7 days managed to amass gains of 75.59%. On 22 July, the token was trading at US$26.18 with a trading volume of US$1,17,63,42,957 and was up by 7.57%, according to CoinMarketCap.

Conclusion

This week has been nothing short of action in the crypto space. In fact, the UK alone had seen the much-anticipated Financial Services and Markets Bill authorizing the use of stablecoins as a means of payment. This was aimed to ensure UK’s presence in the financial world repealed retained EU laws and reformed insurance laws which was aimed to give support to users who get involved in financial fraud.

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