This week hints at the top altcoins with huge potential. While Bitcoin lost its dominance, other altcoins, specifically Defi token made big bulletins.
Another story that rocked the market as icing on the cake was ‘Coinbase’s announcement of crypto loan services’.
Check out the Crypto Updates of the Week, get to know how crowning cryptocurrency performed and how Altcoins are making moves.
Bitcoin Dominance Plunges, ETH Gas Fees Skyrockets
The largest cryptocurrency witnessed a plunge in its dominance which pulled the numbers below 60 percent. However, the price managed to shuttle near $11500 despite the decline and also expected to reach heights regardless of how much dominance it shares.
On the other hand, the second most favored crypto, Ethereum viewed a surge in market dominance by surpassing 10 percent share after many months. The ETH gas fees continue to skyrocket with the surge in price. At the time of reporting ETH was priced at $391.29. However, this week witnessed a debate over the total outstanding supply of ETH, and as per some reports, Vitalik Buterin expressed his desire to shift the focus from ETH 2.0 to this issue.
Defi Token, ChainLink Keeps Soaring
Chainlink continued its bull run, in fact, it has surged more than 40 percent in just 48 hours. Currently, $LINK token has crossed $15 and the analyst predicts it will reach $20 by the end of this month. However, Zeus Capital continues to spread FUD among the Chainlink community by predicting that the digital asset would go down to zero soon. Moreover, the Chainlink Defi project has ranked at the top of the coinmarketcap ratings.
New Defi Product Dies Immediately
Yet another Defi project, Yam Finance’s token YAM lost more than 90 percent of its market capitalization due to a bug. This bug resulted in a loss of funds worth $750,000. Yam Finance tweeted that they are investing in a potential flaw and advised to exit YAM/yCRV pool. Minutes within this tweet, the market cap of the token fell from $475 million earlier that day to $19 million and value comes down to half a dollar.
Crypto Market expands
The growing crypto lending sector has led the big players to enter the space. One of the largest cryptocurrency exchanges Coinbase has now rolled out bitcoin-backed lending services to its customers. They are offering loans up to $20000 with an interest of 8 percent per annum. However, the crypto-back USD loans are helpful for the traders who are not willing to sell off their holdings to combat any financial commitments.
What’s Happening in Venezuela?
The Venezuelan government has approved to collect the state-backed crypto ‘Petro’ against the taxes. The Bolivarian Council of Mayors in the country has signed the ‘National Tax Harmonization Agreement’ for 305 municipalities accepting Petro as a means of payments of taxes and sanctions.
You may want to know this – Can Lower Economies like Venezuela and Turkey be CaseStudy for Bitcoin?
Overall, the dominant cryptocurrency, Bitcoin despite losing its share continued to surge and maintain above $11500, and the other altcoins also performed bullishly with the soaring price. What’s awaiting the crypto market in the coming week, kindly let us know on Twitter. Tag us @CoinpediaNews