[Coinlive inventory] Top 5 cryptocurrencies and NFTs with the best performance in the past week

When: July 5, 2022 to July 12, 2022

• The cryptocurrency market has recovered slightly over the past week, with some cryptocurrencies performing particularly well.

• A new NFT star successfully surpassed Boring Ape (BAYC) and took the second place in the trading volume ranking list on the OpenSea exchange.

Today, cryptocurrency investors must pay close attention to the S&P 500 Index. The index is composed of the 500 largest listed companies in the United States by market capitalization. Since September last year, the Chinese government has officially banned people from participating in cryptocurrency transactions, so that the trend of cryptocurrencies has become highly correlated with the US stock market. The S & P 500 index closed at 3854.44 points last week, a total increase of more than 60 points. However, the stock index fell more than 1% in the last trading session. This caused the market's downturn to spread to the cryptocurrency market, which continued to operate over the weekend, and caused some selling pressure.

At the time of writing, Bitcoin (BTC) has dipped below the $20,000 mark, down 1.47% for the week, amid intense selling pressure over the weekend. On the other hand, Quant Token (QNT) is up 29.64% in the past 7 days. QNT is an Ethereum token used to power Quant Network's Overledger enterprise software solutions. The solution is designed to allow seamless integration of multiple blockchain systems. Through last week's good performance, QNT has come to the 48th place in the world in terms of market capitalization.

There are mainly the following reasons why QNT has attracted much attention recently. First, Quant Network released the beta version of Overledger 2.2.9 Tokenise on June 30, after which the price of QNT began to rise. Second, according to Twitter user @Threetoesloth1, there was an interesting flurry of on-chain activity prior to the pump. He found that Coinbase had a large outflow of QNT and sent it to a wallet, which was then distributed to a cold wallet containing only QNT. This distribution pattern pretty much matches the behavior @Threetoesloth1 has been tracking for almost a year.

The last point is that there is a saying in the market that major exchanges only hold one to two percent of the current circulating supply of QNT. According to the law of supply and demand, when supply is lower than demand, prices will rise. Twitter user @richrxn showed a screenshot of Binance’s short-time limit QNT proposal.

The Saudis known as the "Oil Kingdom" have officially entered the NFT world. An NFT project called "The Saudis" climbed to the second place in the trading volume list on OpenSea in just three days. The project was first announced on June 26, and the public sale began two weeks later on July 9. Like most NFT projects these days, Saudis are minted for free. However, it is not easy to get whitelisted, and users need to actively speak in Discord and Twitter to be selected as "royalties". For those lucky ones who successfully got the whitelist and minted coins for free, they can be said to have been given money by the Saudis. The floor price of the Saudi NFT managed to break through the 1 ETH mark within the first hour of the sale. On the way to breaking through 2 ETH, there was an accident.

Long story short, a hacker (commonly known as "The Scientist") minted 400 NFTs and almost single-handedly destroyed the project. However, the Saudi team quickly discovered this problem and rescued more than half of the NFTs. Although the project is still arguably safe for now, its uptrend has been completely disrupted. If the Saudis release good news in the future, NFT investors may regain confidence in the project.

Disclaimer: The content of this article is a follow-up to the top performing cryptocurrencies and NFTs of the past week. Any views, opinions, research, analysis or other information contained herein are considered general market commentary and do not constitute investment advice. Every investment involves risks, please do your own research and make a decision before investing.

By [Coinlive] Nell