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GRT, BTT, AVAX Prices Gain Over 150% As Best Cryptocurrency Gainers For The Week

This article takes a look at the top cryptocurrency gainers for the week – The Graph Token (GRT), BitTorent (BTT) and Avalance (AVAX).

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The global cryptocurrency market has had yet another eventful week with the volatility charting a bearish turn at the beginning of the week and leaving most coins with impressive gains at the end. As most cryptocurrencies are positively correlated with Bitcoin, the rise and fall in the price of the premier digital currency were reflected in other coins as well.

While the 22.57% weekly rate of gain of Bitcoin appears lower than the gains amassed by the other cryptocurrencies, its price gains are the most significant in that time frame. Bitcoin attained a new all-time high (ATH) this week, setting a new pace in its journey to mainstream adoption.

Other cryptocurrencies amongst the highly ranked assets also saw impressive showings this week. Binance Coin (BNB) attained a new ATH of $148.07 according to CoinMarketCap, BNB currently has a weekly growth of 105.10%. Decentralized finance token PancakeSwap (CAKE) recorded a 160.05% growth, leading the DeFi sector in terms of growth.

However, three cryptocurrencies stood out this week, gaining over 150% in an unprecedented rally. They are all profiled below;

The Graph (GRT)

The Graph is an indexing protocol for querying data for networks like Ethereum and IPFS, powering many applications in both DeFi and the broader Web3 ecosystem. The coin had an impressive showing in the week, coming off with a growth of 173.89% at the time of writing. The Graph boasts of a $2.95 Billion market cap and its current price of $2.30 is just about 19% below the all-time high attained a day ago.

BitTorrent (BTT)

BitTorrent is one of the low priced cryptocurrencies with a massive weekly gain of 184.21%. Backed by Tron’s Justin Sun, BitTorrent finds relevance as a peer-to-peer (P2P) file sharing and torrent platform which has become increasingly decentralized in recent years.

Currently priced at $0.001268, the low price comes off as one of BTT’s highest since it was created back in 2019 after being acquired by Tron. The coin’s performance this week also saw its price surge to an ATH of $0.001944.

Avalanche (AVAX)

Avalanche token is the best performer for the week amongst the top 100 cryptocurrencies. Avalanche grew by 203.54% in the week-to-date period, dropping 15.48% below its all-time high price of $59.94 set within the week. Avalanche seeks to be like a global assets exchange, allowing anyone to launch or trade any form of asset and control it in a decentralized manner using smart contracts and other cutting-edge technologies. The AVAX, a token associated with this ambitious project appears to be getting the backing of investors, and HODLers alike.

New Turns, New Twist

Just as earlier ascribed, volatilities are largely associated with cryptocurrencies, and as a largely unregulated market, fluctuations can keep the price of these digital assets unstable. Over the course of the incoming week, there could be new turns that will herald new twists for one or all of the cryptocurrencies and tokens out there.

Image source: Shutterstock

However, three cryptocurrencies stood out this week, gaining over 150% in an unprecedented rally. They are all profiled below;

Source: https://blockchain.news/analysis/grt-btt-avax-gains-over-150-percent-as-best-cryptocurrency-gainers-for-the-week

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US Space Force Makes its Foray into the NFT Metaverse

The United States Space Force is launching an NFT series named after Neil Armstrong.

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The United States Space Force (USSF) has announced the launch of its Non-Fungible Token (NFT) series dubbed “Armstrong Satellite NFT Launch with Space Force.” The NFT series is named after Neil Armstrong, the first American and human to land on the moon, which is under production in partnership with Ethernity Chain and Star Atlas.

According to the official announcement, the NFT series will feature a limited edition digital twin NFT of the GPS III SV05 “ARMSTRONG” satellite and 3D NFTs depicting 30-plus satellites currently in orbit forming a GPS constellation around the Earth, among others. The Armstrong Satellite, named after the historic feat of Neil Armstrong, has its inherent significance in that it will provide “accurate global positioning and navigation systems to military and civilian users.”

The foray of a notable US agency into the NFT metaverse signals that the industry’s potential is fast approaching maturity with a broader public acceptance. The Ethernity Chain team particularly considers the partnership with USSF as a win for blockchain immutability.

“This is a historic opportunity for the NFT and blockchain space to push the medium forward and commemorate a moment both technologically and futuristically,” said Ethernity Chain CEO Nick Rose as a part of the announcement. “We can now put this launch and Neil Armstrong’s historic achievements on the immutable ledger and memorialise and tokenise it on an NFT that the public can participate in.”

American agencies are known to be huge supporters and investors in blockchain technologies. The move into NFTs is a testament to the trust in the potential of the tech to recreate experiences for users and keep pieces of history. While NASA is funding a blockchain-based space communication project, the agency’s dive into blockchain has been attached to the probable launch of a cryptocurrency as the agency was once in search of a data scientist.

Image source: Shutterstock

Source: https://blockchain.news/news/us-space-force-makes-its-foray-the-nft-metaverse

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Long-Term Bitcoin Holders Keep Stacking While Short-Term Holders Keep Selling

On-chain analyst William Clemente III revealed that long-term holders keep on stacking as short-term holders keep on selling.

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Bitcoin (BTC) has spent the last two months ranging between $30,000 and $40,000.

It, therefore, shows that bulls and bears have been embroidered in a tussle, and William Clemente III acknowledged this fact. The on-chain analyst explained:

“Long Term Holders keep stacking: +20,969 BTC to their holdings today, +145,021 BTC to their holdings in the last week, and +397,487 BTC to their holdings in the last month.”

He added:

“Short Term Holders keep selling: -15,085 BTC from their holdings today, -112,950 BTC from their holdings in the last week, and -428,749 BTC from their holdings in the last month.”

These statistics show that as long-term holders continue buying more Bitcoin, their short-term counterparts are offloading their holdings.

Crypto data provider Dilution-proof recently disclosed that short-term holders were selling at a net loss since May 13.

Total fees paid on the Bitcoin network hit an 11-month low

According to on-chain metrics provider Glassnode, the BTC total fees reached an 11-month low of 1.488 BTC.

This is related to recent the market crash, which drove Bitcoin price from an all-time high (ATH) of $64.8k to lows of $30k on May 19.

Google searches for legal tender reached an ATH. Lucas Outumuro, a senior analyst at IntoTheBlock, acknowledged that google searches for “legal tender” had gone through the roof. He stated:

“The World is paying attention. Google searches for “legal tender” hit a new high following El Salvador’s Bitcoin Law.”

El Salvador recently became the first country to adopt Bitcoin as legal tender. This move is expected to generate jobs in a nation where 70% of the population works in the informal economy and does not hold a bank account.

Furthermore, it is anticipated to be a way that offers access to investment, savings, credit, and secure transactions.

Image source: Shutterstock

Source: https://blockchain.news/analysis/long-term-bitcoin-holders-keep-stacking-while-short-term-holders-keep-selling

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13.38% of Bitcoin’s Money Supply Has Now Moved Between $31K and $40K

On-chain analyst William Clemente III disclosed that 13.38% of Bitcoin’s circulating supply standing at 18.73 million BTC has moved between the $31k and $40k range.

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Bitcoin’s consolidation between the $30,000 and $40,000 area continues, while the leading cryptocurrency was hovering around $36.8K during intraday trading, according to CoinMarketCap.

On-chain analyst William Clemente III disclosed that 13.38% of Bitcoin’s circulating supply standing at 18.73 million BTC has moved between the $31K and $40K range. He explained:

“13.38% of Bitcoin’s money supply has now moved between $31K-$40K. A lot of distribution at 35K-36K, wouldn’t want to flip that into resistance.”

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The analyst, however, cautioned about this significant supply flipping to resistance, which could jeopardise Bitcoin’s upward rally.

Chris Weston, the head of research at Melbourne-based broker Pepperstone Financial Pty, recently asserted that BTC should trade above $40K for bulls to feel that they are out of vulnerability.

The percent of Bitcoin supply in profit hit a 13-month low

According to on-chain metrics provider Glassnode:

“The percent of Bitcoin supply in profit (7d MA) just reached a 13-month low of 72.140%.”

The recent market crash, which saw BTC nosedive from a record-high of $64.8K to lows of $30K, wiped profits of many investors, and miners were not spared either.

Reportedly, Bitcoin miners’ wallet net flows were increasingly turning negative.

This downtrend in the BTC market is also set to make the Q2 of 2021 record a negative, as acknowledged by Skew. The crypto data provider noted:

“Bitcoin is on track for its first down quarter since Q1 2020.”

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Meanwhile, US institutional Bitcoin demand had dried up because American-based crypto exchange Coinbase was experiencing more inflows.

According to a recent weekly report by digital asset firm CoinShares, institutional investors continued to reduce their long positions in BTC. The net outflow reached a record of $141.4 million in the past week.

Furthermore, that whale holdings of more than 1,000 BTC had been dropping since February. It, therefore, remains to be seen whether BTC will attract more institutional investors to spur an upward move.

Image source: Shutterstock

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Source: https://blockchain.news/analysis/13.38-percent-bitcoin-money-supply-has-now-moved-between-31k-and-40k

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