Weekly Recap of the Best and Worst Performing Cryptocurrencies of the First Week of July 2023

JPEX made several announcements during the period with the highlight being Phase Two (2) of the Charitable Foundation promoting a stray animal rescue program with the theme “Adopt, Don’t Shop”. 

Aside from this, the exchange made huge gains with the announcement of its own blockchain called the Decentralized JPC Chain

The regulatory bodies of South Africa, the United Kingdom (UK), and Denmark trended online while Bitcoin (BTC) retested a price that could put the flagship crypto on an uptrend. 

Within the period of Sunday, July 2 to Saturday, July 8, 2023, Solana (SOL), Zcash (ZEC), Enjin Coin (ENJ), BoneSwap (BONE), and Bitcoin Satoshi Version (BSV) were among the best and worst performing virtual currencies gaining and shedding a significant part of their values. 

Below, JPEX takes a look at some of the price drivers which affected the price performance of the digital assets. 

The best-performing coins are analyzed first followed by the worst-performing ones. 

Bone ShibaSwap (BONE) increased by more than 30% 

BONE is the novel token of ShibaSwap, a decentralized exchange (DEX). The token allows the Shiba Inu Community to not only vote but also submit proposals and access future non-fungible tokens (NFTs). 

On Thursday, July 6, the Shiba Inu Ecosystem blog disclosed that the launch of Shibarium, an upcoming layer two (2) blockchain network built on Ethereum for Shiba Inu (SHIB) could take place in August 2023. 

The Blockchain Futurist Conference will be taking place in Toronto, Canada and this could be the perfect opportunity for this milestone to take place. 

The effects of the announcement were reflected positively in the price of the cryptocurrency.

BONE reached a weekly high price of $1.4709 on Saturday, July 8 after testing a weekly low price of $0.9404 on Sunday, July 2. 

The token opened and closed the period at prices of $0.9584 and $1.3271 respectively, data from crypto price tracker CoinMarketCap showed. 

BONE’s trading volume was between $7 million and $22 million

The trading activities took market capitalization from approximately $224 million to around $305 million. Overall, BONE increased by about 38%

Solana (SOL) soared more than 15% 

SOL is the native asset of the Solana ecosystem, an open-source project that banks on blockchain technology’s permissionless nature to provide decentralized finance (DeFi) solutions. 

SOL bounced back this week after shedding a significant portion of its market value consistently due to the SEC’s labelling of the crypto asset as an unregistered security. 

The Solana Foundation has vowed to fight this label so that traders can throw more money behind the coin like they once used to. 

As one of the most patronized NFT blockchains, the development team has lined up a series of upgrades to improve the functionality of the platform. 

SOL opened the week on Sunday, July 2 with a trading price of $18.69, reached a weekly high price of $22.40 on Saturday, July 8, tested a weekly low price of $18.50 on Wednesday, July 5, and closed the day at $21.86 on Saturday. 

The minimum daily trading volume was approximately $260 million and the maximum daily trading volume of roughly $989 million

SOL’s market capitalization rose from $7.8 billion to $8.8 billion

Zcash (ZEC) went down by 15% 

ZEC is the native asset of Zcash, a decentralized cryptocurrency focused on anonymity and privacy. 

ZEC along with Monero (XMR) and Dash (DASH) is known as the three-most popular privacy coins in the industry. 

Unfortunately, consistent news about regulation due to the numerous cybercriminals’ activities involving privacy coins has not bode well for ZEC and others. 

Over the week, ZEC plunged by 15% after closing the week with a relatively lower price of $28.80 on Saturday, July 8. 

ZEC began the week with a relatively higher price of $34.05. The crypto asset reached weekly high and low prices of $34.08 and $27.93 respectively. 

Investor interest which was expressed in the form of trading volume fell between $22 million and $38 million

Due to the bearish engulfing, ZECs market value plummeted to $470 million from $535 million

According to analyst David Cox at CryptoNewsZ, ZEC could reach new price milestones in the near, medium, and long term. 

According to him, ZEC could reach the best possible prices of $82 by the end of 2023, $110 (2024), and $215 by the year’s end of 2030. 

Bitcoin Satoshi Version (BSV) descended more than 10% 

BSV is the cryptocurrency behind Bitcoin Satoshi Version, the chain forked out of Bitcoin Cash in 2018

It aims to maintain all the features inscribed in Bitcoin’s original whitepaper written by the creator who goes by the pseudonymous name Satoshi Nakamoto. 

In the past three (3) weeks, BSV was one of the best-performing cryptocurrencies due to the advances made by companies interested in launching exchange-traded funds (ETFs) backed by Bitcoin. Unfortunately, BSV was among the worst-performing coins during the week of July 2 to 8 because many sellers decided to let go of some of their BSV holdings. 

BSV decreased by 14% after closing the week at $42.29. It opened the week at $48.90, reached a weekly high price of $51.11 on Monday, July 3, and tested a weekly low price of $40.49 on Wednesday, July 5. 

BSVs lowest daily trading volume was $50 million and the highest daily trading volume was $192 million

The project’s market capitalization took a hit in the process from $955 million to $815 million.  

Enjin Coin (ENJ) declined by 6% 

ENJ is the novel token of Enjin Coin, a platform that provides an ecosystem of interconnected, blockchain-based gaming products. 

ENJ was among the cryptocurrencies that brought losses to the portfolios of their investors. 

Riding with the market during bullish days, ENJ also followed the market during bearish seasons. 

Within the period, daily trading volume was reduced significantly and fell between $7 million and $43 million

ENJ’s market capitalization dropped from $312 million to $295 million. Over seven (7) days, the coin opened and closed at $0.315 and $0.2951 respectively. 

Despite its relatively lower price, Mariia Rousey at Changelly Blog believes ENJ could rise to new price milestones in the future. 

According to her, ENJ could reach the maximum price of $1.39 by the close of 2026 and the best possible price of $6.49 by the year’s end of 2030


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