It was another depressing week in crypto, but hope abounds in this week’s episode of Last Week On Sunday! For last week’s Last Week On Sunday, click here.  Week In Review: ETH Killers, Bitcoin Dumps, And The Santa Rally Either way, I’d argue things are looking good for the cryptosphere, regardless of how things are […] The post Last Week On Sunday – XTZ and GALA Lead The Way appeared first on CryptosRus.

Last Week On Sunday – XTZ and GALA Lead The Way

It was another depressing week in crypto, but hope abounds in this week’s episode of Last Week On Sunday!

For last week’s Last Week On Sunday, click here. 

Week In Review: ETH Killers, Bitcoin Dumps, And The Santa Rally

Either way, I’d argue things are looking good for the cryptosphere, regardless of how things are looking at the moment.

So yeah, this week kind of sucked. Let’s be real.

Sure, we saw some ETH killers pump — and a wannabe BTC killer — but the overall market lagged thanks to the sluggish performance of Bitcoin. And with Bitcoin carving out a spot below 50k, it’s making everyone nervous.

Is this the end of the bull run? Or, just crypto’s Dark Night of the Soul?

Our TA guy thinks we might have enough legs to keep going. As for a Santa Clause rally, some are still optimistic.

Either way, I’d argue things are looking good for the cryptosphere, regardless of how things are looking at the moment. Just look at what Polygon, Tezos, and Algorand are doing, for one.

The Good

Now, this is really good. And, even maybe extremely good. Yet, it didn’t feel like it for some reason. Ubisoft announced Tezos as its chain of choice for in-game NFTs. Tezos did pump for like 24 hours. But then, after that, nothing. You’d think a smart contract protocol that isn’t Ethereum announcing a partnership with a triple a video game publisher would be major news. But I guess not.

GALA continues to pump: It’s up another 18% in the last 7 days. The metaverse project was added to Coinbase back in November. Usually, the so-called Coinbase effect doesn’t last that long, but it’s probably because Gala is proving itself as a major player in the metaverse game.

A surprisingly good part of the week centered around crypto’s congressional hearing this week. It was a remarkably positive affair, with many senators demonstrating a nuanced understanding of the technology I had no idea they possessed.

Though, the real star of the event was the former exec of every company in crypto, Brian Brooks. He gave perhaps the most cogent pro-stablecoin argument I’ve ever heard.

Recommended: USDC Is Killing Tether FUD

The Bad

Another story that didn’t get a lot of hype this week — or three months ago when it first happened —  was Algorand’s involvement in El Salvador’s Chivo Wallet. Nick Rush wrote a detailed story all about how befuddling it really is. 

For whatever reason, ALGO’s role in the Chivo Wallet has been more suppressed than [insert conspiracy theory here]. Why? I haven’t the foggiest. Well, actually I kind of do, but it’s not fit for print.

Another not-so-great story: Central Banks are not too fond of DeFi, and they are coming for it. A member of a central bank-supported consortium said, “What we found is that, first, the decentralized aspect tends to be illusory.” In other words, we will gaslight you until you like paying the bank for having a savings account.

The Funny

Burn.

I’m gonna end on this gem from the XRP army. Whoa nelly, what a beaut she is.

Recommended: What’s Up With XRP These Days?

The post Last Week On Sunday – XTZ and GALA Lead The Way appeared first on CryptosRus.