AAVE Rebrands and moves into Content Creation as NFT Market Resurges
AAVE Rebrands and moves into Content Creation as NFT Market Resurges
The crypto currency market is experiencing a remarkable recovery with various indicators pointing towards a resurgence after a prolonged bear market and what will probably be known as one of the coldest Crypto Winters to date.
Scanning the Crypto News articles around today and many are showcasing positive highlights of the current market indicating a positive momentum in the Crypto sector that will continue to deliver high returns and continued price growth for the remainder of the year.
Continued mainstream adoption movements are leading to significant hype within the market itself and the hope of a target price match from 2021 and to exceed those levels. Will it happen? We will have to wait and see, but let’s take a look at some of the core news available today.
Market Performance
Crypto currencies such as Bitcoin and Ethereum have seen a substantial uptick in prices with a staggering 30% increase for Bitcoin and a 28% increase for Ethereum over the past month. The total crypto market capitalisation has surged by approximately 31% reaching USD 1.41 trillion during the same period. These figures suggest a significant reversal from the recent market downturn brought on by the collapse and mismanagement of many centralised exchange (CEX).
The Non-Fungible Token (NFT) market which experienced a decline after a hype cycle in 2021 and 2022 is now witnessing a resurgence. According to CryptoSlam data NFT sales have increased by an impressive 64% in the past 30 days alone!.
Ethereum, Bitcoin, and Solana emerged as the top three blockchains by NFT sales volume with sales increases of 44%, 1,222%, and 56% respectively during this period. It is anticipated that Bitcoin’s latest feature which was launched earlier this year which enables people to break down Bitcoin into smaller pieces and assign them to NFTs, will drive the latest wave of NFT booms.
The crypto venture capital landscape is heating up again after six consecutive quarters of declining investments in web3 companies. This positive trend is occurring despite a prolonged market downturn that had dampened interest from consumers, founders, and investors in the crypto industry.
Those that did continue to build and develop their projects during the bear market have seen their work pay off as venture capital firms are on the hunt for new investment opportunities in Web3. This space is anticipated to increase in funding opportunities.
AAVE Rebrand and move to Decentralised Social Media
In a recent podcast episode of Chain Reaction Jacquelyn Melinek interviewed Stani Kulechov. the founder of Avara (formerly known as Aave Companies).
Avara, a web3-focused software technology company that specialises in crypto Decentralised Finance (De-Fi). revealed its rebranding and strategic acquisition of an Ethereum based crypto wallet. The episode delves into topics such as Avara's rebranding and the acquisition, changes to projects under the Avara umbrella and content creator monetisation on decentralized social media platforms.
The move into social media platforms have been attempted and trialled by many projects over the years however, Hive and Leo Finance remain one of the most successful projects of this nature to date. Will there ever be a competitor that can come along and challenge Hive’s strong community?
Market Sentiment
Analysts are interpreting the recent price gains in crypto currencies as a positive signal for the crypto industry. The bullish sentiment is particularly notable after a lengthy market downturn that had persisted affecting consumer, founder, and investor interest.
However, Bitcoin exhibited resilience nearing an 18 month high just below USD 38,000 after a brief dip below USD 35,000. Ether also rebounded advancing more than 3% to reach nearly USD 2,060.
Altcoins like Solana (SOL) and Avalanche (AVAX) led gains among altcoins with impressive jumps of 18% and 23%, respectively during the day.
The other significant development that continues to drive anticipation is the regulatory approval for a Bitcoin exchange traded fund (ETF). Investors are hopeful that this approval will encourage more people to invest in Bitcoin and potentially bringing a substantial influx of funds into the digital asset.
The recent conviction of Sam Bankman-Fried a prominent figure in the crypto industry has stopped deterring the the positive momentum of the industry.
BlackRock's Crypto Initiatives Update
BlackRock, a major asset management firm has officially filed for a spot Ethereum ETF doubling down on its crypto currency investments. This move follows their filing for a spot Bitcoin ETF in June indicating a broader interest in crypto currencies beyond Bitcoin.
The potential approval of these ETFs is seen as a significant development that could further boost confidence in the crypto industry.
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