Market Wrap: New Regulations Spur Widespread Gains

In keeping with the market’s current bent, the total market cap had hardly seen any movement within the past seven days, until the past 24 hours. Before October 25th, it did grow by only $3B, doing very little to offset last week’s decline which was upwards of $20B. However, new developments caused a spurt that caused the total crypto market to cross over the $1 trillion mark again, gaining $42 billion in the process.

In character, Bitcoin and Ethereum finally broke major psychological milestones after struggling and trading sideways for a month. Bitcoin is up 7% in the past day, and worth $20,653 at writing, crossing the $20.5k mark for the first time since September. Likewise, Ethereum trades at $1,534 at present, up by a massive 14% in the last 24 hours. It is also the first time the major altcoin has crossed the $1500 mark since The Merge.

What caused the spurt?

There is evidence that the US government and the UK have a lot to do with the sudden revival. The US government is considering supplying the market with more treasury bills to palliate the ongoing shortage. According to Arthus Hayes, co-founder of BitMex, this and a decrease in the Fed’s Reverse Repurchase Facility (RRP) could push the market resurgence even higher.

Other possible reasons for the market’s revival could be the UK Parliaments’ decision on the legality of cryptocurrencies. On Tuesday, the House of the Commons, the British Parliament’s lower house voted to recognize Bitcoin and crypto as financial instruments.

Top Gainers: Krypton and OP with Triple-Digit Gains

Krypton DAO (KRD)

Amid the widespread revival, the digital currency powering community alliance KryptonDAO has seen its price take major leaps. KRD outperformed other market participants gaining 160.97% overall. The token began the week consolidating at $0.38 and began climbing a couple of hours in only to trade sideways after the price jump. The token continued this pattern to ultimately record an all-time high of $1.04, 470.09% up from its August 19 all-time low. At writing, KRD is worth $0.9864, up 9.51% over the past 24 hours.

Optimism (OP)

Ethereum layer-2 scaling solution Optimism made a strong rebound with double-digit gains over the past week. OP witnessed a 40% increase in value as it surged past the $1 resistance point to record a 30-day high of $1.05. The token began positively about halfway through the week after a month-long drought. OP has retraced to sit at $1 at the moment, with gains of 19.46% from the last day.

Toncoin (TON)

The bulls had a victory this week with Toncoin, the native token of The Open Network (TON). Toncoin bagged gains worth nearly 41% over the past 7 days. The cryptocurrency’s value grew on the back of news that the TON had partnered with the social media platform Telegram.

TON entered the week trading in the red, however, the positive momentum from its Telegram partnership has carried the token to a monthly record of $1.92. It has also recorded 18.47% gains in the last 24 hours.

Klaytn (KLAY)

The native currency for open-source blockchain platform Klaytn made this week’s list of top gainers with a 40.04% increase in price. Until Monday, the token had been in the clutches of the bears, even dipping to a yearly low. However, its price took off after the team announced a governance proposal to reduce block rewards on the platform. Following the rally, KLAY hit a monthly high of $0.2119. The token is trading at $0.1989 at press time.

HEX (HEX)

Ethereum-based HEX was able to steal 31.89% in gains from the bears over the past seven days. The token started the week consolidating at bottom levels, however, it embarked on a resurgence that saw it chart a monthly record of $0.0435. Although it has since retreated, HEX isn't seated very far from there at writing, rising 10.43% in the last day for a current trading price of $0.04316.

Top Losers: PHA and MKR Succumb to the Bears Losing Previous Gains

Ellipsis (EPS)

Stablecoin swap platform Ellipsis led the week’s top losers after accumulating losses of 45.89% over the last few days. The token plunged rather suddenly not long after the week started. EPS dropped to a yearly low of $0.04681 and continued to consolidate at bottom levels. The token has recovered slightly to trade at $0.0521 at writing. However, it is firmly in bear territory.

REEF (REEF)

The Reef network’s utility token, REEF, tumbled down the charts this past week, losing 22.47% of its value on the journey down. The token had closed the previous week after peaking at $0.007678, this week saw REEF slide down from there. The crypto coin recorded a weekly low of $0.005533 a little under its current trading price of $0.005722.

Phala (PHA)

Community-oriented Phala network has seen its native token go downhill over the past 7 days despite leading last week’s gainers. The volatile market sliced off $18.60% of the token’s value after it slipped into the red on Wednesday. Phala attempted a resurgence but sank soon after, the token has continued its decline hitting a weekly low of $0.1823. PHA is worth $0.1914 after falling 3.46% in the past day.

Fruits (FRTS)

The native currency of exchange in the Fruits crypto ecosystem closed the 7-day trading period with losses of 16.74%. FRTS began the week trading in the red and has only continued to fall, dropping to a monthly low of $0.008549. Fruits is worth $0.009147 at press time.

Maker (MKR)

Finally out of steam from its bullish run this month, MKR is down 14.57% losing its grip on the $1k price level. The token has been on a freefall since the start of the week going from $1,091 to a low of $915. At writing, MKR is worth $974 having recorded minimal gains over the past day.