Market Wrap: Bears Ride the Waves from FTX Crash
A reduction in turbulence has followed new developments this week as the industry pulls away from the crash. A few assets have proven to be breakout stars recording notable gains over the past couple of days. However, the majority of cryptocurrencies are still struggling to regain their footing. The total crypto market cap is seated at $821B recording a $28B decline in the past week.
Bitcoin reclaimed the $16,000 price point on Tuesday, however, this came after the token sank to a two-year low. Indeed, the premier cryptocurrency dropped to $15,480 on Monday as it continues to battle contagion from FTX’s collapse. BTC bounced back on the news that Cathie Wood's Ark Investment Management had purchased $1.5 million in Grayscale's Bitcoin Trust (GBTC). At writing, Bitcoin is trading at $16,536, although the king crypto isn’t out of the woods just yet.
ETH saw its value drop 5.63% over the past week amid fears of a dump by an FTX hacker. Ethereum dropped to a 3-month low of $1,081 on Tuesday, after starting the week trading at around $1.2k. The token is up 7.48% over the past day to trade at $1,171 presently.
Top Gainers: PHB, LTC Soar Despite Turbulence
SONM (BEP-20) (SNM)
SNM, the local currency on the SONM computing power marketplace, led this week’s top gainers with a 451.19% increase in price. As a lesser-known coin, the token surprised market participants as it charged past the bears to record the majority of its gains; an 8000% surge in just 24 hours that saw it peak at $13.54. SNM had earlier been trading steadily at about $0.20, and following its sudden upswing, the token took a nosedive prompting speculations of a pump-and-dump scheme. At writing, SNM is worth $0.9173 and seems set to drop further.
Phoenix (PHB)
Next-gen blockchain Phoenix Global saw its native token accrue gains worth 72.44% over the past seven days. The digital coin embarked on a rally in the middle of the week after consolidating within the $0.410 price range. PHB soared to a weekly high of $1.17 but has retraced to sit at $0.6373 at press time while still retaining some of its bullish momentum.
Litecoin (LTC)
LTC swam against the tide this past week and was able to chart an almost 35% increase in value despite the unfavorable market conditions. The token traded unsteadily just above $60 for the majority of the week and began pumping on Tuesday ultimately hitting a 3-month high of $81.56. Some reports claim traders are turning to the token following the FTX fallout due to its reputation for stability. LTC is worth $79.84, up 28.92% over the past day.
Voyager (VGX)
On the back of news that Binance.US may be set to relaunch its bid for the failed platform, Voyager Digital’s native token added 23.29% to its value this week. An Ethos announcement regarding a token recovery program for victims of the lender’s bankruptcy further boosted the Voyager token’s value. The upsurge saw VGX chart a monthly record of $0.4962. Voyager is settled at a selling price of $0.3598 at the moment.
Trust Wallet Token (TWT)
As users continue to opt for self-custody in the wake of the FTX collapse, TWT has continued to see a steady price increase. The token attracted gains of 17.92% for a second consecutive week with the week’s top gainers. TWT touched an all-time high of $2.71 but has since retreated to sit at $2.20 following an 11.27% jump in the last 24 hours.
Top Losers: SOL Suffer From FTX Contagio, DYDX Joins In
FTX Token (FTT)
FTT is plunging to new lows as the token continues to dump following parent platform FTX’s downfall. The bankrupt exchange is taking hits from regulators and other entities amidst its ongoing scandal. Its native currency FTX token recorded a yearly low of $1.24. FTT is currently worth $1.33 following a 5.33% increase over the last day.
Chiliz (CHZ)
Sports-based cryptocurrency Chiliz is down over 20% despite expectations of increased activity surrounding the token due to the newly commenced FIFA world cup 2022. CHZ entered the week with a trading value of $0.2259 and began charting bullishly afterward. However, on Sunday the token entered an unanticipated downtrend that led it to a weekly low of $0.1701. CHZ has recovered slightly since then and is worth $0.1851 at press time.
dYdX (DYDX)
Despite leading the previous week’s top performers, the native currency for DEX dYdX bled out 19.65% of its value earning a spot with the losers. The token was trading in the green at the start of the week but began dumping not long after. DYDX’s negative movement has placed it firmly in bear territory with a current valuation of $1.89.
Uniswap (UNI)
Uniswap’s UNI token shed 9.48% of its value over the past 7 days. The token like many others suffered from the market volatility of the past two weeks. UNI spent the week trading in the red dipping to a low of $4.98 on Tuesday. At writing it is seated at $5.49 as it fights to stay above water.
Solana (SOL)
SOL has been on a downtrend since the start of FTX's spiral as the Solana ecosystem took a major hit from the platform’s collapse. The token recorded losses of 22.19% over the past 7 days and hit a yearly low of $11.01 due to the bearish movement. However, SOL is currently on the rise, accruing major gains in the past 24 hours. Within the past day, SOL has recovered by more than 16%, trading above $13.
