NAGAX Weekly Recap 18 July - 22 July
The cryptocurrency world was abuzz with activity in the last week, with several high-profile events taking place.
If you're looking for the latest news, updates, values, and prices on Bitcoin, Altcoins, DeFi and NFTs, then look no further than NAGAX’s weekly recap. Check it out. 👇
Bitcoin price surge could extend above $24K, indicators turn green
Bitcoin gained pace above the $23,000 resistance against the US Dollar. BTC could rise further towards $24,000 if it stays above the $22,750 support. 📈
Analysts believe that next week could be decisive in determining the future vector of Bitcoin price movement. At the moment, an optimistic mood prevails in the market. However, it may be partially ruined by global economic concerns.
Rally pushes crypto market capitalization above $1 Trillion
Crypto markets’ recent rally reclaimed an old milestone on Wednesday, as overall market capitalization surpassed $1T for the first time since June 12.
After peaking above $3B in November 2021, crypto’s market cap has hovered around $900B during the past month. It dropped as low as $800B on June 18. But cryptocurrencies began trending upward last week. The top seven cryptocurrencies by market capitalization are all up at least 13% since June 12, according to data from The Defiant’s newly released charting feature.
Is the worst behind us? 🤔
Solana's new daily address growth outpaces other blockchains
Active wallets on the Solana network grew 58% this year, outpacing some other blockchains, despite a market-wide price decline. Solana’s native SOL tokens have grown amid rising wallet usage. The tokens added nearly 34% over the past week and are up 30% in the past month, despite market-wide declines and volatility. In comparison, bitcoin (BTC) has risen by 14% in the past month.
This positive signal was noticed by many crypto traders, investors, and Solana fans. 📌
Snapchat begins testing NFTs with AR functionalities
As the likes of Twitter and Meta’s array of social media subsidiaries begin testing Web3 features on their platforms, the photo-sharing app Snapchat is now also set to follow suit 😎
As expected, the feature will focus on NFTs being integrated into the ‘snaps’ (i.e., photos that are taken in-app) of users, as it allows them to turn their NFTs into augmented reality (AR) lenses, which can then be superimposed into real-world backgrounds within pictures they take. Although a release date is still TBA, the new feature may be released as soon as August.
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Risk Warning: Cryptocurrencies are highly volatile and trading can result in the loss of your invested funds. Before investing you should be aware that cryptocurrencies may not be suitable for all investors. You should therefore carefully consider whether trading or holding digital assets is suitable for you in light of your financial condition and not invest money that you can not afford to lose.