Crypto markets have been soaring high since the beginning of the week while the Russian ruble has been plunging as the United States and its allies have been dishing out several sanctions on the country over its war in Ukraine. The wide speculation is that Russians are probably beginning to ditch the ruble in favor of Bitcoin and a host of other cryptocurrencies as means of mitigating the effects of Western sanctions on them, thus increasing demand for crypto assets.
A New Index Joins In
There is now a new privacy coin index tracker on the block. Generally, cryptocurrencies are operated on a blockchain that’s made public where transactions and who carried them out or received them could be viewed easily. Privacy coin creates obscurity in transactions on the blockchain so that the anonymity and activities of its users can be maintained. One of the loudest criticisms against privacy coins, among others, is that they are easier to facilitate criminal activities and money laundering; hence, they are the object of many debates in the crypto sector.
There have been gains across many indexes so far this week. Smart Contract indexes are up by 22%, while the decentralized finance (Defi) and the privacy coin index are in the vicinity of 20% each. The Bitcoin and Metaverse indexes have gained up by 17% and 11% in that respective order.
Ethereum has gained 13%, EOS gained some 9%, while Terra (LUNA) has the most gain on the smart contract index by gaining 82%.
Terra (LUNA) also continues to lead on the Defi index with its 82% gain, but it happens that PancakeSwap (CAKE) on the Defi index is the only token to record a loss. It went down by 1%.
On the Metaverse index, Ultra (UOS) gained the highest by clinching 17%, while Aavegotchi (GHST) has gone flat on the weekly index.
On the new privacy coin index, the Keep Network (KEEP) got the most gain with a 46% increase, but Secret (SCRT) had the least gain at 3%.
The Bitcoin index holds its head high at 17%.
More Details on the Indexes
Bitcoin, which is the global leader of all cryptocurrencies, deserves to stand in its own category, and it is, in a lot of instances, the actual benchmark for all other crypto assets in the market.
Following Bitcoin and its strides, the next step of innovation was to create more programmable blockchains, and it came in the form of Smart Contract Platforms. They have the capacity to host decentralized applications or smart contracts, and they have given way to the growth of Defi and the metaverse.
The most popular example of a smart contract platform is Ethereum. Aside from Ethereum, there are other competitors in the smart contract space that include Avalanche (AVAX), Cardano (ADA), Solana (SOL), Chainlink (LINK), among others.
The Metaverse coins are in association with the digital world or virtual spaces on the web while they use a combination of virtual reality, augmented reality, and social media. The metaverse index includes Sandbox (SAND), Axie Infinity (AXS) Enjin coin (ENJ), among others.
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