The XBO Weekly #8 – Crypto News
Crypto records gains amid tech stock volatility
Despite some of the top tech firms reporting poor earnings, like Google's ad revenue, which showed signs of slowing (the worst in nine years) cryptocurrency had a very solid week. Among the highest-cap cryptocurrencies, Ethereum (ETH) had the most remarkable week, climbing 22% in a week before hitting resistance just under $1,700, followed by BNB (BNB), which touched $325 after gaining more than 19%. Bitcoin (BTC) also gained 6%, breaking over the significant barrier set by the previous cycle's all-time high, and is presently trading above $20,300.
Elon Musk's Twitter acquisition causes Dogecoin to soar
The conclusion of the agreement between Elon Musk and Twitter resulted in a dramatic surge in the value of the meme coin DOGE, which rose from $6 to $15 before settling at $12, a gain of 100 percent over the last week. Musk has been quite public about his support for the cryptocurrencies Bitcoin and Dogecoin, allowing the temporary use of Bitcoin for Tesla purchases and recognizing Doge coin as "legal tender" at the Tesla merchandise store. While investors anticipate Twitter to accept DOGE payments, with some predicting $0.20 in the coin's next leg up, caution is advised at this time, since celebrity endorsements of this kind have historically resulted in backtracking and pullbacks after the hoopla subsides.
Apple App Store updates discourage NFTs
Apple announced guidelines for the purchase of non-fungible tokens (NFTs) this week, effectively barring NFT buyers and sellers from engaging within apps. Aiming to maintain its 30% charge on all in-app purchases, the tech titans' orientations demonstrate incompatibilities between the Web 2.0 and Web 3.0 models. The move is quite detrimental to the efforts of creators, which, especially during this phase of low trading volumes, increase the usefulness of NFTs by adding additional functionality and premium features to drive demand. The typical commission fee for NFT purchases is 2.5%.
XBO featured Coin of the Week – Avalanche (AVAX)
Avalanche's native token (AVAX) was one of the week's top performers in what can only be characterized as a pleasant week of sunshine during a long crypto winter. AXAV rose 23%, making it the second-best performer among large caps behind Dogecoin, which saw its price double. Avalanche is an open-source, decentralized finance app development platform. Its architecture enables it to scale to accommodate greater transaction volumes of up to 6,500 transactions per second. AVAX is a hard-capped asset that is used to pay fees, secure the platform via staking, and function as a unit of account across Avalanche subnets. It is said to be quick, inexpensive, and environmentally friendly.
At its current price of $19.60, AVAX has a market capitalization of $5.86 billion and ranks as the fifteenth largest cryptocurrency by market cap. It hit its all-time high of $146 in November 2021 and is currently 42% higher than its cycle low of $13.8 in June 2022.
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