18 August,2022 03:32 PM IST | Mumbai | BrandMedia
In light of these events, several cryptocurrencies embarked on an impressive bullish run and are taking names when it comes to residing in the green territory. Among the biggest winners in the past week was Avalanche, which has gained double-digits as NFTs on the network went through the roof.
Ethereum (ETH) broke the $1700 support level and traded above $1768. Both cryptos are short to medium-term potential. There is another emerging project, PrivaCrip (PRCR), which deserves your attention. Let's dive.
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Among the top 20 cryptocurrencies by market capitalization, Avalanche (AVAX) is comfortably leading the flock. The coin currently trades at around $29.3, according to data from CoinMarketCap, with a total value locked (TVL) of $2.42 billion, a metric showing on-chain DeFi activity. However, one of the key reasons for its week's growth appears to be the booming increase in Avalanche-based NFTs.
Trading volumes have increased by more than 30.90% over the past 24 hours, with the total number of sales increased by more than 12%. The biggest gain was recorded with the Navy Seal Game NFT collection, with its trading volume jumping over 62.7% over the past 24 hours.
And with other collections, like Avapepes and Pizza Game Chefs, which have also posted impressive gains in trading volume over the same period, the future of Avalanche looks brighter than ever.
Although not on the same level as Avalanche, Ethereum (ETH) has also been rising in the past week, recording an increase of 5.3%, according to the information from the CoinMarketCap at the time of writing. Despite everyone waiting for the 'Merge' to finally happen, which would transfer Ethereum from Proof-of-Work (PoW) to Proof-of-Stake (PoS), there is another reason why everyone should remain bullish on ETH.
Namely, according to ENS Domains, Ethereum Name Service domain ownership surpassed 1.8 million names, with 378,000 new .eth registrations only in July.
In the words of Khori Whittaker, Executive Director of True Names Limited, the Merge indeed could spark increased activity. However, the current increase in domain names is more organic and has more potential to grow in the future.
The Ethereum Name Service or ENS refers to the issuance of .eth domain names built on the Ethereum network. These domains are sold as NFTs, and instead of proving a sender with a multidigit Ethereum address, users can give their .eth domain name and receive a transaction hustle-free.
PrivaCrip (PRCR) is a new kid on the block that has the potential to enter the ranks of the crypto elite. The project aims to deliver a blockchain-based solution allowing users to build and use permissionless data for privacy-preserving applications. Thanks to such a unique value proposition, PrivaCrip would enhance the adoption of Web 3.0 applications, enabling the creation of products where users' data is 100% secured.
The end product is what the team behind PrivaCrip's project calls Tokenized Data, which is the blend between private computing and blockchain. The former refers to a process that guarantees information remains private and can not be used without consent. By combining it with the privacy features of blockchain, the Tokenized Data data recorded on the PrivaCrip Network can usher us into the new age of data protection, where users' information integrity will be paramount.
Avalanche and Ethereum are looking strong this week, promising more gains by the end of summer. The surge in their activity can be primarily attributed to the network's external factors, such as growth in NFTs for Avalanche and ENS for Ethereum. With both domains only continuing to grow soon, it is safe to assume that it could be wise to remain bullish on them. In the meantime, PrivaCrip (PRCR) looks interesting based on its value proposition, so if you want to learn more about it, visit the project's website. However, always remember to do your own research before thinking about investing anywhere, including top cryptocurrencies.
If you want to learn more about PrivaCrip, visit their website for information.
PrivaCrip (PRCR)
