Flow soared 60% due to the expansion of the Meta NFT payment function.…
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Bitcoin remains in the $22,000 range. The overall investment sentiment in the cryptocurrency market is believed to have improved as the U.S. job market has been solid. The Crypto Fear Index was 42p, an improvement of 11p compared to last week. Bitcoin Dominance (market share) is 40.5%, and Altcoin's rise compared to Bitcoin is clear.
According to CoinShares, a total of $3 million has flowed into cryptocurrency funds over the past week. On the contrary, $7.5 million, or 6% of operating assets (AUM), was leaked from Bitcoin short selling funds. Bitcoin short selling fund investors are also estimated to believe that Bitcoin prices are close to their lows. A total of $16.3 million was invested in Ethereum funds. A total of $160 million is believed to have been spent over seven weeks.
Deposits (TVL) increased by 4.4% compared to last week. While most of the chains showed an increase, the increase in Layer 2 chains stood out. In particular, Optimism TVL jumped 100.3% from last week to $1.1 billion. The share also rose from 0.7 percent to 1.3 percent, the report showed. The market capitalization of the irreplaceable token (NFT) market was $24.3 billion, up 1.25% from last week. It is 2.4% of the total market capitalization of virtual assets of $1.12 trillion. Compared to Ethereum's rise, the NFT market is recovering slowly.
A notable coin is FLOW. Meta (former Facebook) announced that it will expand its ability to upload NFT works on Instagram and pay for them to more than 100 countries. There are only three NFT chains supported by Instagram: Ethereum, Polygon, and Flow. This is because the market capitalization is the smallest among them, and the flow that specializes in NFT is emerging.
Interest in Ethereum (ETH) also needs to continue. Ethereum has been showing a stable price increase since mid-July after announcing a merge upgrade. Ethereum founder Vitalic Buterin is speaking at Korea Blockchain Week (KBW2022) and is raising expectations by mentioning contents such as reducing transaction processing costs, solving scalability problems, and popularizing cryptocurrency payments. In fact, the number of wallets with more than 100 Ethereum reached 45,277, the largest in 15 months.
In the second quarter of 2022, 32 new Altcoin investment products were released despite the sluggish cryptocurrency market. This is the highest figure except for the fourth quarter of 2021. However, despite the recovery of cryptocurrency, the weekly average trading volume recorded $1.1 billion, which is lower than the past weekly average trading volume of $2.4 billion.
Blue chip NFT collections such as BAYC and CryptoFunk rose 2.6% in dollar terms. However, the standard price of Ethereum decreased by 1%. However, the business expansion of the blue chip project continues, with Gucci adding BAYC's APE token to the payment list on the 2nd. The NFT Market Sentiment (1p-100p), which comprehensively aggregates transaction volume, price volatility, Google search volume, and social media activity by NFTGO, was 26p, up 1p from last week's 25p, indicating that investor sentiment is improving.
