This week the crypto market started off in a rapid up-trend, with Ethereum breaking 2020 all-time highs, hitting $480 and Bitcoin shortly breaching critical resistance above $12,000.
This sharp rise was highlighted in part by the success of new tokens like Polkadot (DOT), which was recently listed on Voyager, becoming a top 10 coin by market capitalization, and the Decentralized Finance (DeFi) craze raging on.
We saw a unique trend emerge in crypto this week, as multiple high-yield and extremely high-risk DeFi platforms emerged, all creatively named after your favorite food items. We kid you not; earlier this week we saw a rise, and in some cases a collapse, of platforms including Sushi, Pizza, Spaghetti, Noodle & Kimchi. HotDog was also an honorable mention, hitting nearly $5,000 before imploding to $1 a coin in an hour.
As crypto “Yield Farmers'' rushed around to take advantage of these fast-moving high-yield platforms and swelled with hundreds of millions of dollars staked, full-on “FOMO,” or fear of missing out, spread like wildfire across the entire crypto market. As a result, this caused Ethereum transactions to become increasingly congested and their fees to skyrocket.
While the grassroots innovation in the crypto market is inspiring, it’s crucial to remember how high risk these experiments are, as highlighted in the news this week.
This FOMO was quickly followed by “FUD,” defined as Fear, Uncertainty, and Doubt. The Korean Crypto Exchange Bithumb was reportedly raided by authorities and linked to a $25 million token sale, which never saw the light of day.
It was also reported that Bitcoin miners were reportedly selling unusually large amounts of Bitcoin. This Bitcoin miner sell-off was conveniently timed with Bitcoin not being able to hold above $12k critical resistance, tumbling back down very quickly to $10,000 and taking the rest of the market with it.
However, there is one thing we know for sure; once the FUD settles down, it will be a blink of an eye until the FOMO kicks back in. As everything happens faster in crypto!
Top Market Movers:
- Tron (TRX) +57%
- NEO (NEO) + 7%
- Compound (COMP) +4%
- EOS (EOS) +2%
Voyager Adds Band Protocol & Skyrocketing
This week Voyager introduced a brand new coin to its app, Band Protocol (BAND). Band Protocol is “a cross-chain data oracle platform that aggregates and connects real-world data and APIs to smart contracts,” as described on their website. With the addition of BAND to the Voyager app, there is now a total of 44 assets available for buying and trading. You also have the ability to deposit and withdraw BAND directly to and from your Voyager account.
In case you missed it, Voyager is shooting for the stars with its interest rates at an all time high this month.
- Earn up to 9.5% on USDC, 6.5% on BTC & 5% on ETH
- By holding 7,500 VGX in your portfolio, get 0.5% Interest Booster on BTC, USDC & ETH and upgrade your Maximum Daily Deposit Limit to $10,000
- Interest Now Available on LINK, BAT & KNC