Top Coins to Watch This Week: BTC, ADA and LRC

Many wallet addresses that have been in losses for the better part of the year hit take profits on centralized exchanges in the past week as the broader digital currency ecosystem charted a very impressive growth momentum. - 2022-03-28T095610.215.jpg

The global crypto industry set a new record by crossing and maintaining support above the $2 trillion market capitalization this week for the first time in about 3 months.

The trend set by the digital currencies has given a new leap to many cryptos and here are those picked out to watch in the coming week.

Bitcoin (BTC)

Bitcoin is still the industry leader by far with a current price, just a breakthrough above $46,000, atop a market capitalization of $848.7 billion. For Bitcoin, the growth is not unexpected seeing how impressed investors are in the wake of regulations and positive deeds in Ukraine for the past month. Investors, cutting across those in both retail and institution classes have witnessed the coin resilience to maintain support at $42,000 and many may want to tap into the current growth in a bid to avoid missing out on the potential price gains. All things being equal, Bitcoin is on track to print a new monthly price high as more cash inflows are imminent this week.

Cardano (ADA)

Cardano is an old kid in the bloc whose potential is just been taking into account. Despite its impressive weekly growth of over 27%, Cardano’s price of $1.13 is at least 63% below its all-time high (ATH) price of $3.10.

Nonetheless, the smart contract capability of the Cardano blockchain is becoming the basis for a lot of ecosystem growth which the protocol has garnered lately with more than 4 million Non-Fungible Tokens (NFTs) minted thus far amongst much positive news. The ecosystem growth, coupled with the healthy industry outlook is billed to fuel Cardano’s growth in the short to medium term.

Loopring (LRC)

LRC is the Ethereum-based cryptocurrency token of Loopring, an open Layer-2 protocol designed for the building of decentralized crypto exchanges and applications. The token was unveiled as the protocol powering GameStop’s NFT marketplace as announced last week, a milestone that has effectively placed the coin on the investor’s radar.

While its price is currently pegged at $1.09 per data from CoinMarketCap, the chances of enhanced price action in the coming weeks are very high.

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Gamestop partners with Immutable X for NFT marketplace, announces $100M grant for creators

On Thursday, iconic brick-and-mortar video game retailer GameStop announced a partnership with layer-two nonfungible tokens, or NFTs, Ethereum (ETH) scaling solution Immutable X to develop GameStop’s upcoming NFT marketplace. GameStop will utilize Immutable’s technology for trading and minting NFTs.

Immutable developers claim that the new NFT marketplace will be 100% carbon neutral with no gas fees. In addition, both Immutable and GameStop will launch a $100 million grant program denominated in IMX tokens for NFT content creators and tech developers. Although, GameStop will receive the rights to up to $150 million IMX tokens upon accomplishing certain business milestones.

At the time of publication, the grant is only available to corporate entities and decentralized autonomous organizations developing video games, Web 3.0, metaverse, IT services, and digital brands. The month prior, GameStop entered the NFT space by announcing the hiring of over 20 new staff and teasing two upcoming partnerships with blockchain firms for NFT game development.

On social media, users appeared less than pleased with the development, with @LouiePikmin2 writing:

“Wow, you guys will really do anything to stay in business, including investing heavily into a fad.”

In context, GameStop had dropped over 70% since all-time highs last January, when it was the target of a Reddit-fueled short-squeeze. The decay of its stock momentum has created a community of less than happy investors.

In addition, users appear to be disgruntled that Loopring, an ETH token project designed for powering decentralized cryptocurrency exchanges, was not included in the announcement despite prior negotiations with GameStop. However, in a Securities and Exchange Commission filing the same day, GameStop disclosed that Loopring is still involved in the NFT marketplace, with the company stating:

“GameStop will not integrate any blockchain protocol other than Ethereum Layer 1 and Loopring into their NFT marketplace without first having integrated Immutable.”