[Coinlive inventory] Top 5 cryptocurrencies and NFTs with the best performance in the past week
Time: July 11, 2022 to July 18, 2022
• US retail sales rose 1% MoM in June, beating expectations for a 0.8% increase, according to the US Department of Commerce. While consumers are spending more on energy, there are signs of recovery in overall consumer confidence. In light of this good news, U.S. stocks led cryptocurrencies higher along with them.
• Blue-chip projects still dominate the NFT market, and two of the largest NFT transactions this year occurred within the same week.
There was bad news and good news last week. The bad news is that June's inflation rate soared to 9.1%, the highest level since November 1981, mainly contributed by the ridiculously high local energy prices in the United States. The good news is that retail buying sentiment has recovered slightly. The S&P 500 ended a volatile week with a solid rebound on Friday, ending the day up 1.92%. Thanks to the stock market, the global cryptocurrency market value briefly returned to the $1 billion mark over the weekend.
In addition to satisfactory retail data, there is also a lot of good news in the currency circle. The Lido DAO token (LDO) exploded 158.7% immediately after the Ethereum (ETH) merger day was announced. One of the Ethereum Foundation's core developers, Tim Beiko, proposed September 19 as a tentative target date for the merger. Lido Finance is mainly a platform that provides liquid pledges for cryptocurrencies such as ETH. LDO, as its governance token, naturally became one of the beneficiaries of the merger of Ethereum, so it topped the list last week in terms of gains.
Disney, on the other hand, selected Polygon as the only blockchain provider among five other companies to participate in the company's "accelerator program." After the release of the press release, the price of Polygon’s native token “MATIC” surged nearly 20% in one day. At press time, Bitcoin (BTC) has managed to hold the $20,000 mark, up 3.5%, while Ethereum (ETH) is trading at $1,400, up 21.7% over the past week.
In terms of NFT market volume, Cryptopunks have always led the way, but something particularly interesting happened last week. Two "ape" punks were sold for 2,500 and 2,691 ETH respectively, and the two so-called largest transactions in the second half of 2022 happened to happen within the same week.
Cypherpunks selling for millions of dollars is nothing new, but this time around 4156 Apepunk is different. NFT only started to rise in 2021. This ape-man wearing a blue turban was first sold at a high price of 650 ETH (equivalent to $1.25 million at the time) in February of that year. It later changed hands for 2,500 ETH in December of the same year. At this time, the price of ETH was very close to the record high price, and the converted value was as high as tens of millions of dollars. However, due to inflation and quantitative tightening by the Federal Reserve, the price of ETH and almost all cryptocurrencies fell to the bottom.
From the perspective of selling price, although the ETH units of the two transactions are very similar, the actual value is very different. Although the seller gained 191 ETH more after the transfer, the total loss was as high as an astonishing $7 million.
Many Twitter users have said that the seller's trick is actually a brilliant strategy called "investment loss tax saving". The so-called "loss tax saving" means that investors can offset part of the profits by selling part of the investment assets at a loss, so as to achieve the purpose of saving taxes. However, it is unknown if this is the seller's true intentions, but I wish him the best of luck after suffering such a huge loss.
Disclaimer: The content of this article is a follow-up to the top performing cryptocurrencies and NFTs of the past week. Any views, opinions, research, analysis or other information contained herein are considered general market commentary and do not constitute investment advice. Every investment involves risks, please do your own research and make a decision before investing.
Author: [Coinlive] Nell