Ripple Creates Waves | Weekly Wrap: 10th July - 17th July

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If you took a snapshot of the BTC price from last week and compared it with the price this morning, you wouldn't think much had happened. But as usual with crypto, there was quite the rollercoaster in between with up to ~6% boost in price at one point.

• Bitcoin: 30239 🔼 +0.58%

• Ethereum: $1922 🔼 +3.57%

The big news this week was Ripple acheiving a partial win in their case with the SEC. This sent the price of their XRP token up by almost 100% in a matter of hours and sent the broader market into an upward swing for the next day or two. However, the initial euphoria and short squeezes eventually gave way and the majors sank back down to their prior levels by the end of the week.

None the less it was a significant milestone and will likely the ruling will likely have implications for altcoin fundraising for the foreseeable future, as well as indicating the likely legal status of many cryptoassets already on the market.

- @nuconomist

Crypto Market Cap: 1.26 Trillion Dollars 🔼 +3.85% (Was 1.21 T)

Bitcoin Dominance: 46.7% 🔽 -3.11% (Was 48.2%)

Ethereum Dominance: 18.4% ↔️ 0.00% (Was 18.4%)

Other Crypto (excl. BTC & ETH): 34.9% 🔼 +4.49% (Was 33.4%)

Nuconomist Notes:

Altcoins were the main winners this week after the Ripple boost. Ether made and held more gains vs Bitcoin and the rest of crypto index made gains the biggest gains. Approximately $15 Billion of those gains is from the effective market cap of XRP alone.

NFT Market Cap (ETH): Ξ 7.4 Million 🔽 -1.69% (Was Ξ 7.5 Million)

NFT Market Cap (USD): $14.25 Billion 🔼 +1.81% (Was $13.99 Billion)

30 Day NFT Volume (ETH): 461k 🔼 +1.54% (Was 454k)

Nuconomist Notes:

NFT volume is up again and while the price is up in USD terms, it is down in ETH terms due to the recent boost. Once again suggesting that people are pricing their NFTs in USD terms instead of their native ETH currency.

1. CryptoPhunksV2: 0.38 Ξ Floor ‧ 224 ETH PnL

2. Fatzuki: 0.008 Floor Ξ ‧ 207 ETH PnL

3. Fidenza | Art Blocks Curated: 80 Ξ ‧ 144 ETH PnL

4. Terraforms by Mathcastles: 2.13 Floor Ξ ‧ 127 ETH PnL

5. The Captainz: 6.75 Ξ Floor ‧ 115 ETH PnL

Nuconomist Notes:

It is a real mix at the top this week, with two derivatives, two art projects and a PFP project. While the gains are up from the prior week, they are still a small percentage in comparison to the loss leaderboard.

1. CryptoPunks: 49.9 Ξ Floor ‧ -851 ETH PnL

2. Azuki: 7.40 Ξ Floor ‧ -579 ETH PnL

3. Mutant Ape Yacht Club: 6.35 Ξ Floor ‧ -545 ETH PnL

4. Otherdeed for Otherside: 0.65 Ξ Floor ‧ -300 ETH PnL

5. Invisible Friends: 0.80 Ξ Floor ‧ -501 ETH PnL

Nuconomist Notes:

In contrast to the profitable collections this week, the losses are all for much higher amounts and from popular PFP collections from the last couple of years. The downtrend is clear.

What Ripple's XRP Win Means for Other Crypto Firms - CoinDesk

Co:Create Releases Web3 Loyalty App on Shopify - CoinDesk

Over 200 Ethscriptions Nabbed in Smart Contract Exploit - Decrypt

SEC Formally Accepts BlackRock Spot Bitcoin ETF Application for Review - Decrypt

Aave DAO Votes to Launch GHO Stablecoin - Decrypt

Nouns DAO is one of the most successful crossover projects between the DAO and NFT world. One NFT is auctioned every day and each NFT provides one vote towards proposals that people put forward to use funds from the treasury. This thread reveals that there is a significant number of these votes being auctioned off by NFT owners, allowing people to swing results and potentially benefit financially. It's worth a read and is a potential problem for many DAOs, not just Nouns.

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