Crypto Price Analysis
Prices of Leading cryptocurrencies have remained relatively stable this week. Bitcoin and Ethereum are up 2.62% and 1.23% to trade for $26,504 and $1,625.56 at press time. ETH’s growth is likely thwarted by a report suggesting more tokens have been added to supply than those burned since Last September’s merger, which saw the Ethereum blockchain transition from proof-of-work to proof-of-stake consensus mechanism.
According to data from Ultrasound.money, ETH’s supply grew by 4,096 tokens last week, estimated to be worth $6.98 million.
Most top altcoins are trading near the prices they were last week despite the United States Bureau of Labor Statistics releasing its Consumer Price Index report mid-week that indicated inflation was above economists’ predictions due to an increase in gasoline prices.
This Week’s Top Gainers and Losers
Two cryptocurrencies have defied this week’s market trend to post massive gains. Bitcoin Cash has added 12% to its value to trade at $213.76. Toncoin is up 36% to change hands for $2.39. TON’s rally was fueled by news that popular messaging app Telegram had integrated a Web3 wallet into the platform, allowing its over 750 million users to access Toncoin.
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In 2020, Telegram dissociated itself from TON after the United States Securities and Exchange Commission accused the company of selling unlicensed securities through its Gram token. At the time, Telegram paid $18 million in fees to settle the charges.
One crypto asset that has recorded notable losses this week is Stellar. It is down 9.6% to trade at $0.118199 as of this writing. The latest price drop is likely a correction after it rallied 11% last week following a tweet from Stellar Organization, promising “something cool” over the coming days.
More Traditional Companies Adopt Crypto
At the start of the week, Sony Network Communication, a subsidiary of tech Giant Sony, announced it had partnered with tech company Startale Labs to develop a blockchain network. However, the purpose of the Web3 network remains unclear.
On Wednesday, US-based payments company PayPal rolled out crypto to fiat off-ramps. The move comes a month after the firm launched a crypto on-ramp, allowing Ledger and MetaMask users to buy cryptocurrencies within the wallets.
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