The first week of August for the crypto market seems to be quite more stable than ever. Based on 7-day tracking, Bitcoin (BTC) showed little progress, Ethereum (ETH) rose at a good high, and Flow Blockchain is the biggest gainer of the week.
The growth aspect of the Web3 industry is contributing to pushing the crypto market higher. Despite the long crypto winter, the blockchain-based communities have been making an effort to develop the industry as a whole by dropping new projects or platforms.
Experts have already predicted that the crypto market is most likely to rise since the growth hasn’t stopped for even one day. Based on today’s crypto prices, the market seems to be moving in a steady pattern with highs and lows.
Bitcoin gains 0.40%
Bitcoin (BTC) gained only 0.40% in the past 7 days, according to CoinMarketCap. While looking at the chart, the BTC has seen an extreme low at $22k, and today it trades at $23k.
Compared to other cryptocurrencies, Bitcoin hasn’t been a big gainer for the week. However, it has broken off from its resistance level between $20K and $19K, which gives Bitcoin lovers a small hope.
Today, Bitcoin is showing a rise in its trend. Currently, it trades at $23,400 with a low of $22,930.
Ethereum rises 2.56% high
Ethereum (ETH) The Merge’s last fork comes out this month. This alone has shifted the sentiment of the market to the greatest hopes. Ever since mid-July, Ethereum is picking up at a high pace and surpassed the predicted prices last month.
In the first week of August, Ethereum rose 2.56% and is expected to rise even more once the fork happens. This is a big moment for Ethereum and Vitalik Buterin believes that the merge is the first step to Ethereum’s development.
Currently, Ethereum trades at $1,700.
Other than Ethereum, Ethereum Classic has also gained much attention since people are actively readying themselves for the new Ethereum era. Currently, ETC trades at $38.31 with a 4.16% increase in 7-day tracking.
Flow gains 50.54%
The recent Instagram NFT feature update added Flow blockchain compatibility to its global platform. This news pushed Flow’s crypto prices to an all-time high.
Widely known for being environment-friendly with high-speed transactions and no gas fee, Flow has become a center of attention for developers and creators in the Web3 space.
Flow partnered with Dapper for the Instagram feature so that users worldwide can directly upload NFTs on Instagram from the Flow blockchain. This motivated the crypto market for a huge buy-in.
The team also reported 1.4 MILLION transacting users last week on August 4, breaking its previous records of an all-time high.
Flow has now gained 50.54% based on 7-day tracking with the current price trading at $2.98.
If Polygon was last month’s biggest gainer, Flow might be the biggest gainer for this month, at least before Ethereum The Merge happens.
Other than the above-mentioned crypto coins, other altcoins also showed good progress in the crypto market.
BNB gained 15.66%, Cardano (ADA) rose 5.25%, Solana (SOL) hit 0.37%, PancakeSwap (CAKE) increased by 17.85%, Chiliz (CHZ) rose 23.26%.
Another Altcoin to keep an eye on is Saudi Shiba Inu (SAUDISHIB) a DeFi meme coin on Binance Smart Chain made to motivate Arabs into buying the coin. Based on 7-day tracking, SAUDISHIB rose 286.75% and is currently trending #3 on CoinMarketCap.
Is SAUDISHIB the next big meme coin after DOGE? Many are asking the same question.
August is a good start for the crypto market and seems to have moved on from its worst era. Nonetheless, the crypto community is still on its toes because anything could happen to push down the prices.
Will August give us bullish patterns? Many believe Ethereum The Merge might push up the crypto market in the coming weeks. With only one hard fork left to deploy on the Ethereum mainnet, the crypto market anticipates the bull market restlessly.