Market Wrap: Minimal Recovery Across the Altcoin Market
Over the past seven days, the total crypto market capitalization saw minimal recovery rising by about $20 billion. This comes despite a slew of major hacks across the DeFi sector that could have hampered the resurgence.
King crypto Bitcoin continued its struggle for the $20,000 price point and was able to reclaim it late Wednesday, the leading token traded at $20K all through Thursday. However, by Friday morning its grip on the resistance level began to slip, causing it to return to $19K for the rest of the week. The token sank on news from the US Bureau of Labor Statistics that the long-running inflation would not end anytime soon. At press time, BTC is seated at a trading price of $19,141.
Ethereum, on the other hand, charted positively leading the gainers after succumbing to the bearish pull post-Merge. Over the past month, anxiety spread amongst Ethereum traders as the token threatened to dip below the psychological $1,000 level. Fortunately, the crypto second-in-command surged to trade at about $1300, where it sits at writing.
Top Gainers: MKR Rides Bullish Wave, Forthcoming Acquisition Carries Huobi Token Along
Sologenic (SOLO)
DeFi ecosystem Sologenic saw its native token chart gain almost 140% in the past seven days. The token had been trading in the red in the weeks prior and thus started the week trading a bit slow, however, once Friday rolled around, SOLO began to pick up the pace. The positive activity saw the token’s value move from $0.1497 to a 90-day high of $0.3544. SOLO continues to trade bullishly and has grown 42.37% over the past day.
Huobi Token(HT)
Urged on by news of a forthcoming acquisition by a Hong Kong investment firm, Huobi Token recorded significant gains last week. The token had been trading sideways since the start of the month until the announcement saw its price grow 59.56%. HT is currently worth $6.50 after peaking at $6.71 for a 3-month record earlier today. The digital token has surged 23.29% over the past day and is set to rise further.
Ellipsis (EPS)
After recording significant losses the week before, stablecoin exchange Ellipsis saw its native token bounce back for a noteworthy recovery. EPS entered this week’s list of top gainers with a 36.88% increase in value within the last couple of days. The token began climbing early into the week to hit a 7-day high of $0.09784. On Saturday, EPS plunged quite suddenly, however, the token recovered the next day to resume its bullish movement. At press time, Ellipsis is up 10.50% to trade at $0.08979.
Mancium (MANC)
MANC, the token fueling the Mancium ecosystem, performed well over the past week, gaining 32.78% to record a monthly high of $4.36. The cryptocurrency started the week trading at $3.2778, and following a brief dip, its value began to climb. MANC spent the week rising progressively with its price consolidating at certain price levels. The token hit the $4.30 region recently and continues to trade within that range.
Maker (MKR)
Rather than hitting a pause on last week’s positive price action, Maker continues to chart new highs. The bullish momentum has seen the token break past the $1K price point peaking at $1,111 for a 30-day high. At writing the MKR is worth $967 after rising 17.77% during the past week’s uptrend.
Top Losers: SWEAT, CEL Continue to Tumble
Clearpool (CPOOL)
Decentralized credit marketplace Clearpool saw the price of its native token accumulate 37.82% losses in the past 7 days. The token began the week trading in the green but began to sink early dropping from $0.1972 to a weekly low of $0.09624. CPOOL attempted a recovery halfway through the week but failed to maintain the climb and instead sank further. The token is currently trading at $0.1163.
Sweat Economy (SWEAT)
Move-to-earn platform Sweat Economy unveiled its native token just over a month ago however, things have only gone downhill. SWEAT took a rough tumble down the charts this past week. The digital rose briefly on Saturday but eventually resumed its decline, shaving off 27.31% of its value. SWEAT has fallen nearly 100% since it first showed up and is currently trading at $0.02017.
Celsius (CEL)
CEL earned another spot with this week’s top losers as it continued the bearish trend from earlier. This past week, collapsed crypto lender Celsius Network saw the value of its native token drop by almost 30% amidst further updates surrounding its crash. With this descent, the digital currency hit a monthly low of $0.8612 and is now trading at $0.9706.
Bitgert (BRISE)
Blockchain network Bitgert saw its native currency sink 26.52% in the last seven days. BRISE charts have been dominated by the bears since the start of the month although the token did struggle to resurge at some times. Last week, however, the token embarked on a steady decline and fell from $0.0000006508 to record a weekly low of $0.0000004973. At press time BRISE is worth $0.0000005016 after plunging 0.36% in the last 24 hours.
Lido DAO (LDO)
The digital token powering liquid staking solution Lido DAO accumulated losses worth 14.40% this past week. After a brief spike to $1.5689 on Thursday, LDO consolidated at the $1.45 price region until Monday when its value slipped further. The token sank to a low of $1.30 but has recovered slightly, rising 0.38% over the past day to sit at 1.32 USD.
