Bitcoin Embraces Consolidation as New DeFAI Trend Gains Momentum

In the last seven days, broader crypto markets lost their strengths due to new developments. However, various interesting events also happened throughout the week.

Bitcoin embraced consolidation

According to data reported by CryptoRank.io, in the last seven days, broader crypto markets nosedived their values, basically triggered by a drop in Bitcoin prices.

The wider slump came after the US courts gave a green light to the DOJ to sell $6.5 billion Bitcoin confiscated from the Silk Road black marketplace.

The announcement led Bitcoin to see a slowdown since Tuesday this week. BTC is currently trading at $94,090.92, down 3.7% in the last seven days. As a result, the altcoin market, led by Ethereum, also witnessed price decreases.

Furthermore, several AI and meme coins also experienced a steady reduction, losing over 30% of their prices, according to data from CryptoRank.

Despite the slowdown, data shows that a new DeFAI trend is gaining momentum. Tokens such as Griffain (GRIFFAIN), Autonolas (OLAS), and the Big Grift (GRIFT) are setting the ground for impressive performance amid their growing market.

Gainers of the week

As per data from CryptoRank, Bitget token (BGB), XDC Network (XDC), Fasttoken (FTN), WhiteBIT (WBT), and Ripple (XRP) are the top crypto gainers in the last seven days.

Specifically, Bitget token surged by 21.4%, XDC Network by 14.0%, Fasttoken by 7.46%, WhiteBIT by 6.45%, and Ripple by 4.56%.

Top rounds this week

Finally, CryptoRank revealed the top three fundraising rounds that occurred this week. According to its data, the major three private crypto fundraising rounds that were sealed this week include VOOX Global, Event Flow, and SoSoValue.

On Friday, January 10, VOOX Global, an AI-focused crypto platform, secured a $50 million investment from Pinnacle Venture. VOOX VOOX said it intends to use the investment to revolutionize its AI cryptocurrency trading offerings.

Meanwhile, on Monday, January 6, Eventflo, an NFT ticketing and marketing platform, raised $20 million from Rollman Management Digital. Eventflo said the funds raised would enable it to broaden its blockchain and AI event solutions. It will use the funds to enhance RWA (real-world asset) tokenization of expensive event equipment like sound, lighting, and stages. Such tokenization ability would help advance fractional ownership and enable greater traders’ and investors’ profitability.

Lastly, SoSoValue, an AI-focused crypto research platform, secured a $15 million investment from HSG and SmallSpark. Crypto software firm SafePal and Web3-focused venture capital Company Mirana Ventures also participated in the funding round.

SoSoValue said it will use the $15 million to roll out its Investible Spot Index Protocol to provide investors with a seamless investment and trading experience.