Crypto Hebdo: Ethereum’s bullish catalyst, problematic meta, highs, flops and prospects

The last week of July was encouraging for the cryptocurrency market. The rise was maintained despite the Fed rate hike and the IMF’s bearish outlook. The optimism about the arrival of Ethereum 2.0 is undoubtedly an important part of this with the long-awaited Merge scheduled for mid-September. However, according to some experts there may be changes at the top of stablecoins with USDC that could overtake USDT this year. In addition, the newspaper Le Parisien announced the sale of the legendary NFTs. Finally Meta announced its quarterly results and for the moment its metaverse is still unable to take off.

Ethereum: accelerator of the recovery of the cryptocurrency market

After two very tumultuous months, the cryptocurrency market seems to want to recover. They regained the token of $ 1 trillion and even allowed themselves to hit $ 1.123 billion this week. According to the data collected on Coinmarketcap, the growth of the sector in the month of May was equal to 30.29%.

This observed rally in the market has been heavily fueled by traders’ optimism for the arrival of the Ethereum migration which is expected to take place on September 19th. The price of ETH has increased more than 60% in the monthly data. The upcoming merger has allowed cryptocurrencies like Lido Dao (LDO), Ethereum Classic (ETC) to explode in the market.

To find out more, read the following article:

πŸ‘‰: Ethereum: a bull market catalyst

IMF pessimistic about the future of cryptocurrencies

While some believed that the market bottom had already been reached, an IMF note made cryptocurrency investors turn heads. According to the international monetary authority, another crisis is approaching the digital asset sector, due to the overall contraction in global economic activities. The IMF lowered its global growth forecast to 2.9% and inflation is expected to continue to rise.

However, we see that after the IMF announcement, instead of collapsing, cryptocurrencies continue to grow. Bitcoin temporarily held above $ 24,000 and Ethereum broke the $ 1,700 line. However, this news could have halted market momentum, especially as the Federal Reserve plans to raise sovereign rates by 75 basis points.

To find out more, read the following article:

πŸ‘‰: The IMF predicts another cryptocurrency crisis, but the market is already contradicting this prediction

USDC could exceed USDT this year

The battle for dominance within the stablecoin universe is getting tighter as the USDT is losing strength and the USDC is steadily rising. Between April and July, the capitalization of Tether’s stablecoin fell by 21.56% while that of Circle increased by 16.67%.

If at the beginning of the year the dominance of USDT stood at 47.5% against the 25.8% of USDC. During the month of July, the weight of the two cryptocurrencies saw a big turnaround. Tether’s stablecoin accounted for 43.8% while Circle’s stablecoin grew to 36.3%. Based on this development, arcane experts believe USDC will surpass USDT by October 10, 2022.

To find out more, read the following article:

πŸ‘‰: That’s when the USDT will overtake the USDT

Le Parisien launches the NFT collection, the “Crypto-Unes”

Le Parisien plans to launch its own NFT collection, called crypto-unes. The launch is expected to take place during the next school year. We learn that this NFT collection will cover the newspaper’s most legendary front pages.

Le Parisien decided to opt for the Polygon blockchain due to its scalability. Anyone wishing to buy “cryptos-unes” will have the opportunity to pay in cryptocurrencies but not only. They can also buy “crypto-unes” with their credit card.

To find out more, read the following article:

πŸ‘‰: Le Parisien organizes the sale of its legendary first pages on NFT

So far the Meta metaverse is a failure

On October 28, 2021, Marc Zuckerberg announced the rebranding of Facebook to Meta and from now on the company would have to focus on the metaverse. The company’s metaverse division – reality labs – posted heavy losses during the second quarter. The figures show an operating loss of 2.81 billion for Reality Labs. The news sent Meta shares plummet afterwards.

If Meta’s metaverse project is struggling to produce results, one of the biggest figures in the industry has always been pessimistic about the future of Mark Zuckerberg’s company metaverse. Addressing the topic, Ethereum co-founder Vitalik Buterin then stated:

β€œThe ‘metaverse’ will happen, but I don’t think the current attempts by companies to intentionally create the metaverse are going anywhere. “

To find out more, read the following article:

πŸ‘‰: Meta not helped by his metaverse

Tops and flops: Filecoin as a good leader

The cryptocurrency market took a very interesting turn this week. Several projects achieved double-digit percentage growth. We think in particular of Yearn Finance, Oasis Network and Filecoin. The former saw its price rise 70.44% to $ 11,323.53. The second has seen a nice increase of 72.42% in the last 7 days. The latter for its part jumped 92.43% in the weekly data.

We will not be presenting any flops this week as all assets have performed well over the past seven days.

Here are our top picks of the week:

Cryptocurrencies Current course Earn money in 7 days
Aspire to finance (YFI) $ 11,323.56 70.44%
Oasis Network (PINK) $ 0.88 72.42%
Filecoin (FIL) $ 0.61 92.73%
Source: CoinMarketcap

Perspectives…

After a strong streak during the month of July, the cryptocurrency market needs to show resilience and continue its momentum. The first week of August will be a trial period. It will allow us to see if cryptocurrencies have really hit a low during the month of June or if they are preparing for a new dip. Many analysts have warned investors, however, that the current “recovery” in the cryptocurrency market may only be temporary. They fear this increase is just a simple fake pump.

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