Market Recap: Hope for Voyager While Celsius Slumps

This is the crypto market’s second week showcasing bearish tendencies. As assets continue to lose value, the total market cap for the industry has seen losses scaling $1T. Several developments alongside the ongoing slump have seen the world’s top cryptocurrency Bitcoin drop under $21,000. BTC had gathered steam enough to record notable gains in August but lost it all over the past two weeks. At writing the token is trading slightly above $20k.

Ethereum has also seen a steady decline in recent times. As the network’s Merge upgrade draws closer, the anticipation surrounding the launch seems to have dropped even further. Ethereum has failed to retain any of its gains from the last couple of weeks and is trading at $1,593 presently.

Top Gainers: VGX Surges Amid News of a Potential Acquisition

Mancium (MANC)

The token powering blockchain-based gaming ecosystem Mancium recorded gains scaling 218.68% over the past week. MANC had been trading at bottom levels for most of August, however, things began to pick up about two weeks ago. The token has embarked on a steady climb since then, eventually peaking at $7.36 on Tuesday to record an all-time high.

MANC is currently trading at $6.48, up 16.9% over the past day.

Voyager (VGX)

Bankrupt crypto brokerage firm Voyager digital finally saw its native token join this week’s top gainers with a 98.67% increase. VGX soared over 100%, leaping from $0.2697 to peak at $0.7315 in 24 hours. The token’s resurgence occurred after news of a possible acquisition by either FTX or Binance. VGX still falls short of its $12.54 all-time high by over 95%.

Since hitting its peak this week, VGX has seen its price retrace, and consolidate at around $0.440 before recovering slightly to trade at $0.5504 at writing.

Terra Classic (LUNC)

Terra Classic, the original token for the previous Terra chain has charted notable gains over the past few days. LUNC started the week trading in the red, a trend from the days before. However, the token later grew by 51.94$ rising from $0.0001012 to hit a monthly high of $0.0001636. The rise in value may indicate a corresponding rise in investor demand for the token. LUNC is up 8.71% over the past day and is seated at $0.0001584 at writing.

eCash (XEC)

Digital payments network eCash has seen its native currency climb 15.25% in the past 7 days. XEC had started off trading at 0.00003897, dipping further to a monthly low as the week went on. However, the coin suddenly shot up on Sunday to peak at $0.00006232. XEC has retraced since then and is currently trading at $0.00004487 as it consolidates within the region.

Nexo (NEXO)

After trading at bottom levels for most of the week NEXO, the token behind multi-purpose digital platform Nexo began to climb early on Tuesday. The token has accumulated 13.55% in gains and hit a monthly high of $1.15. NEXO is up 12.68% over the past day and is trading at $1.12 at the moment.

Top Losers: CEL Continues to Plunge, AR Succumbs to Market Pressure

Bitcoin Standard Hashrate Token (BTCST)

Bitcoin Standard Hashrate Token saw its value fall by 26.04% over the past couple of days. Early into the week, BTCST had been trading in the green, the token appeared to be recovering from the significant losses it experienced about two weeks ago. After trading sideways between Thursday and Friday, BTCST embarked on a sudden plunge. BTCST dropped to a monthly low of $9.88 but currently trades around $11.19.

Celsius (CEL)

The native coin for troubled crypto lender Celsius made this week’s top losers with a 21.46% decline in value. CEL had initially been consolidating at around $1.30 before plunging even further as the week went on. The token fell to levels last seen a month ago. While CEL’s price has risen since then the cryptocurrency is still trading in the red, it has dropped 5.27% over the past day and is worth $1.14 at writing.

HEX (HEX)

Ethereum-based “certificate of deposit” HEX has accumulated roughly 18.98% in losses within the past 7 days. HEX started the week riding the waves of a recent surge in value, however, the token began a downtrend on Friday. The token hit a weekly low of $0.03958 and has continued to hover just above that region. At writing, HEX is down 4.73% to trade at $0.04029.

Helium (HNT)

Blockchain-based IoT network Helium (HNT) has been on a steady decline for the past month. After opening above $9.1 on August 1, the token has lost almost 40% of its opening price. Last week saw HNT’s value cut by 26.91%.

The token had been trading at about $7.66 seven days ago. However, its continuous freefall means it now trades at $5.56, nearly 90% short of its November 2021 ATH..

Arweave (AR)

Arweave (AR) has charted a choppy plunge over the past 7 days recording 17.63% in losses within that period. At the onset of the week, the token traded sideways, struggling to stay in the green but lost the battle. AR hit a weekly low of $10.06 and while it recovered slightly afterward it slipped once more to trade about the same range at writing.