Bitcoin, for its part, started the week below $16,400 but traded higher for seven days, peaking above $17,000 last night – a 3.65% price increase in seven days.
Ethereum saw more gains starting last week below $1,185 before trading above $1,250 mid-week. The price rallied again last night to just under $1,300 where it trades this morning, up 9.7% on a weekly basis.
Investors were looking for safe-haven crypto assets in 2022 – eToro data
2022 has been a difficult year for crypto asset investors as the market has not seen significant price volatility since 2018. Our 2022 data shows that investors have been looking for safe-haven cryptocurrencies such as Bitcoin and Bitcoin, Ethereum.
Bitcoin stands out from other projects because it is the original decentralized crypto asset, while Ethereum has undergone a number of high-profile changes over the past year, including the long-awaited Fusion.
Despite last year’s volatility, about half of the crypto assets on the eToro platform with at least 12 months of data showed an increase in open positions.
This suggests that investors continued to look for investment ideas in the crypto asset market and may even have sought to purchase crypto assets at a discount due to market weakness.
Mastercard Launches Web3 Performer Accelerator
Payment provider Mastercard has launched a new accelerator designed to help artists, singers, musicians and other creatives use blockchain technology to promote brand engagement with fans. For this project, the company is partnering with the Ethereum scaling platform Polygon.
One of the biggest advantages of Web3 – still just a big name in cryptography – is the power of the decentralized web. The market for content created by talented people, especially musicians, is still dominated by powerful corporations that control much of the pricing and distribution of unique content. This leads to rough treatment of creators, as evidenced by the big streaming services that only pay a few pennies for their work.
Web3, as this project suggests, takes that power away from the large corporations that control it and returns it to individual content creators. The concept of Web3 is still in its infancy, but cryptoassets and blockchain technologies still play an important role in it, returning control to content creators and talented people who want to win their lives directly from what they create.
Cardano and Solana experience price spikes
Cardano and Solana are by no means the largest crypto assets on the market – there have been significant price increases in recent days for various reasons.
Cardano has seen a price rebound in recent days thanks to an increase in the total value locked (TVL) on the chain. While blockchain demand is still well below the all-time highs of March 2022, thanks to specific projects like Meld, Indigo, and WingRiders, they all offer solutions via the Cardano blockchain.
Solana, meanwhile, has plummeted in price since last year, but has been one of the best-performing crypto assets on the market over the past week. This is mainly due to the launch of a new token on the blockchain called BONK, which was created by Solana developers to compete with SHIB.
Comment by Simon Peters, Market Analyst at eToro.
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