Market Wrap: A Positive Twist for XDC; XCN Sticks to Losing
Skepticism still rocked the market this past week causing cryptocurrencies like Chain (XCN) and NEAR Protocol (NEAR) to record massive losses. In fact, the top coins on the losers’ table made double-digit losses. This was opposite to what was seen in the gainers’ leaderboard. Only XDC Network (XDC) recorded profits in double digits, while the rest made percentages that were at or close to the zero mark. As a matter of fact, the global market lost $82 billion in total capitalization this week, before gaining $24B in the last 24 hours. At writing the total market cap sits at $849 billion.
With Christmas approaching, crypto investors are anticipating a market upturn since this has been the trend in the last three years. However, this past week showed that they would have to still wrestle with the bears for some time before the market makes a move toward value. Bitcoin traded at $17,810 at the beginning of the week. But unlike the previous week where it accumulated value, the premier cryptocurrency lost some of its value to trade at $16,868 by the end of the week. Ethereum followed a similar trajectory, dropping to $1,215 from $1,323.
Top Gainers: XDC Leads With A Wide Margin
XDC Network (XDC)
It may seem as though XDC is (still) reaping the dividends of its liquidity campaign launched by Hummingbot. A few weeks ago, the DeFi market-making software platform led a 12-week liquidity mining campaign on behalf of XDC. The aim of the campaign was to “unify large communities to provide liquidity.”
Three weeks into the campaign and XDC is gaining momentum. This past week saw it gaining over 23% as it journeyed from $0.023 and peaked at $0.028.
Immutable X (IMX)
IMX which had a spot in the losers' table the previous week experienced a plot twist in the last seven days. In a not-so-impressive run to gain 2.40%, the token moved from $0.44 at the start of the week and touched $0.47 before settling at $0.45.
Fei USD (FEI)
Since the collapse of UST, crypto investors have been skeptical about stablecoins, especially algorithmic stablecoins. So it's quite unexpected to see FEI on the gainers' chart. Last week, the coin danced between $0.99 and $1.00, culminating in a value gain of 0.79%.
Tron's TRX had positive news this past week. It's reported that with a TVL of $4.30 billion, the token surpassed Binance's BSC to become the cryptocurrency with the second-highest total value locked (TVL).
However, TRX hasn't been able to respond strongly to this news. Spiking from $0.055 to $0.058 at the beginning of the week, it returned to its $0.055 base by the end of the week. With only a 0.30% gain, the token may shed more value soon as its red candles are slowly taking over the greens.
PAX Gold (PAXG)
PAXG managed to creep into the gainers' leaderboard with a gain of 0.02%. It opened the week at $1,804, then plunged to $1,776. However, in a show of resilience, the coin recovered and closed the week at $1,816.
Top Losers: XCN and FIL Lead the Trend of Double-Digit Losses
Unlike IMX which found its way out of the losers' table this past week, XCN was chained to the table and even occupied the number 1 spot. The coin which had lost 11% the previous week, went on to lose 39.45% last week. It made a steep descent to $0.02046 from $0.034.
FIL faced intense selling pressure last week. It registered massive losses of up to 32.18% as it tanked from $4.36 to trade at $2.93.
Trust Wallet Token (TWT)
This past week, TWT was also hit by the distrust and loss of faith plaguing the market. The native token of Trust Wallet witnessed massive selloffs and shed 31.14% of its value. The token which traded at $2.29 at the beginning of the week, fell to $1.30 within three days, before trudging to $1.55.
NEAR Protocol (NEAR)
Last week, NEAR reached a milestone of 250 million transactions. However, this feat didn't rule out that, given current market dynamics, NEAR's journey towards amassing value is quite far. The cryptocurrency lost over 23%—falling from $1.72 to $1.30.
The Sandbox (SAND)
The Sandbox had major headlines this past week. The Sandbox was OpenZeppelin’s first client as the latter launched its metaverse security service. Also, The Sandbox entered a partnership with advertising company Wunderman Thompson to provide decentralized entertainment content to the latter's clients. Forbes also announced that it would launch its metaverse hub through The Sandbox.
However, these headlines were not rock-solid enough to hold SAND's value. Last week saw the token’s value cave in as if it stood on quicksand. It lost 22.37%, plummeting to $0.44 from $0.57.