Market Recap: Major Losses as Bullish Sentiment Dwindles Post-Merge

In the weeks prior to the Merge, a wave of recovery seemed to have swept across the altcoin market, with notable gains across the board. These gains have bled out over the past week and the global crypto market cap has fallen under the $1 trillion price point again. Crypto king Bitcoin has not been left out having dipped to lose the added value from its resurgence. At writing, BTC is worth $18,975.

Meanwhile, following its transition to proof-of-stake, Ethereum hasn’t seen the increase it may have anticipated. Industry participants did cheer for the success of the upgrade, however, the positive sentiment failed to carry into the market. Several traders have been letting go of their ETH tokens causing the price to fall ever since. Ethereum is trading at $1339 at the moment.

Top Gainers: XRP and CHZ Surge Amid Exciting Announcements

RAI Finance (SOFI)

Over the week, RAI Finance’s SOFI token accumulated gains nearing 50%. At the start of the week, the DeFi app had seen its native currency consolidate at around $0.13, dipping on occasion as market pressure tightened. Later on, the token climbed to $0.1351 where it traded sideways briefly before it began its ascent once more. SOFI has since recorded a weekly high of $0.2073 before it retraced. The token is up 12.11% to trade at $0.1947 presently.

XRP (XRP)

XRP, the native token for payments network Ripple, was one of the week’s top gainers as it experienced a 19.29% increase in value over the past couple of days. The price of the digital coin was initially seated in the red, however, new developments surrounding Ripple’s long-running lawsuit with the SEC caused the token to surge. Subsequently, XRP reached a price point of$0.4215 on Tuesday evening, its highest value since May. At writing the token is worth $0.3987.

Chiliz (CHZ)

Sports-based cryptocurrency CHZ had been trading at bottom levels early into the week. However, on Sunday, the token began charting a bullish course and has witnessed its value grow by 18.41% since then. A few innovative developments may have prompted the price pump such as a recent announcement from founder Alex Dreyfus that the Chiliz network would switch from Ethereum to its native chain CHZ 2.0 to launch its fungible and non-fungible tokens. CHZ has also experienced a rise in whale activity in recent times. At the moment, the digital coin is trading at $0.2239.

QuarkChain (QKC)

The token behind permissionless blockchain network QuarkChain gained 8.93% in a couple of days. QKC kicked off some bullish price activity not long after the week began surging to price levels last seen 3 months ago. The token recorded a high of $0.01619 on Sunday and fell to a low of $0.01149 not long after. However, QKC has since recovered and is worth $0.01283 at press time.

Stellar (XLM)

Open Source payment protocol Stellar is up 8.59% after a week spent trading in the green. Stellar’s XLM coin had been in the red for most of September but began to see some positive movement on Friday. After rallying slightly the token plunged again on Monday but swiftly regained its footing rising to a monthly high of $0.1191. XLM is up 9.4% and is currently priced at $0.1135.

Top Losers: PHB, RVN Lose Gains From 2 Weeks Ago

Phoenix Global (PHB)

Next-gen blockchain platform Phoenix Global saw its local currency crash 51.86% over the past week. The token recently hit an all-time high ($2.55), however, its price was already in the red when the week began. PHB shot up briefly on Thursday to reclaim the $2 price point. Later on, however, it plunged once more. PHB charted a messy path downward and has slipped 9.46% over the past couple of hours to trade at $0.8253 presently.

Ravencoin (RVN)

Despite the positive price action of the week before, the native coin for peer-to-peer blockchain Ravencoin lost 37.74% in the last few days. RVN hit a 3-month high of $0.07529 Wednesday, however, market pressure saw the token give up these impressive gains. The digital coin entered a steady decline on Thursday and has not eased up since then. AT writing RVN is worth $0.03966.

Aergo (AERGO)

The native token for open-source smart contract network Aergo protocol entered a downtrend this week and accumulated 35.06% in losses. AERGO had been bullish earlier, even recording a 3-month high. However, after the first dip this week, the token fell further to begin consolidating at around $0.13. At writing, AERGO has grown 1.19% to sit at $0.1314.

Ethereum Classic (ETC)

The value of the native coin for Ethereum fork Ethereum Classic dropped 22.42% in the last few days as traders initiated a sell-off after the Merge took place. At the onset of the week, ETC was trading at around $37, however, the token plunged to a 7-day low of $27.98. ETC is yet to recover as its price currently rests at $28.52.

Ethereum (ETH)

Crypto second-in-command Ethereum experienced a 16.54% drop in value in the past 7 days. The network completed its long-awaited Merge upgrade on Thursday. However, the event triggered a sell-off among traders, some of whom may have purchased ETH tokens to receive the ETHW airdrop post-merge. Ethereum hit a 30-day low of $1,287 and has recovered marginally to trade at $1,339 presently.