Market Wrap: RSR, NEBL Sneak in Massive Gains Despite Bears

Bitcoin had an undulating journey as it strove to float above the $20k mark. The premier cryptocurrency was able to touch this mark briefly before dipping to the $19k threshold, where it started the week. Aside from the Fed’s increased interest rates, other factors contributed to the lackluster performance of the king crypto. One of such is the statement by JP Morgan’s CEO, Jamie Dimon, who called Bitcoin a “decentralized Ponzi scheme.”

On the other hand, Ethereum, the second largest crypto, didn’t fare any better. One would expect that the Merge would cause an Ethereum price rally. But this has hardly been the case. One week after the Merge, ETH lost over 17% — falling from $1,642 to $1,351. As of press time, ETH was trading at $1,296. Overall, the market ended the week with a $928 billion market capitalization, losing about $30 billion.

Though the entire crypto market continues to take a beating, some currencies were able to print gains this past week. Top on the list includes Reserve Rights (RSR) and Quant (QNT). However, for cryptos like SWEAT and EOS, the bears continued to drag their value to unknown depths.

Top Gainers: RSR, NEBL Print Up To 60% Profit

Reserve Rights (RSR)

Sometimes, low-cap cryptos escape the bears’ ravaging paws. And it was so this past week for Reserve Rights token (RSR). It gained up to 60% in the last seven days. Its chart showed a steady ascent from $0.0054 at the start of the week, to a climax of $0.0087 by the end of the week. At the time of writing, RSR was trading at $0.008671.

Quant (QNT)

QNT saw a daily increase in its value. Starting the week at $103, it broke through the $110 resistance and even sprang up to $143. It later closed the week at $132 after accumulating a gain of 27.94%.

Neblio (NEBL)

Like RSR, NEBL was another low-cap crypto that performed well this past week. With no news capable of causing a price surge, NEBL snuck in a 57.70% gain past the bears. It pumped from $1.73 at the beginning of the week to $3.10, then lost about $0.40 to close at $2.7. At the time of writing, NEBL traded at $2.73.

Polymath (POLY)

POLY’s path to profit this past week was quite unpredictable. It lulled at $0.20 for a while, spiked to $0.23, and fell to $0.20 again. However, it surged to $0.26 and continued to go higher, even touching $0.28 before wrapping up the week at $0.27.

IOTA (MIOTA)

A 15% gain may be an iota of profit in a bull market, but in a crypto winter, it is massive. IOTA slowly and steadily accumulated a 15% gain this past week. Journeying from $0.26, it climbed to $0.33 and closed the week at 0.30.

Biggest Losers: SWEAT, EOS Bleed

Sweat Economy (SWEAT)

A fortnight ago, Sweat Economy, a move-to-earn platform, launched and airdropped its SWEAT token to 13.5 million users. With this news, the Sweat Wallet app became the most downloaded finance app in 51 countries. It also became the fastest IDO to ever sell out on DAO Maker. News like this should easily place SWEAT among the top gainers this past week. However, the token had to sweat it out in a fierce battle with the bears—and lost. The token bled out 41.86% of its value as it plunged from $0.048 to $0.028.

Divi (DIVI)

This past week for DIVI began as a battle with the bears. Its chart for the first few days was made up of red troughs and green crests as it kept bouncing from $0.021 to $0.022. But by the middle of the week, the bears overpowered the token. It broke through its $0.021 support and crashed to 0.0172 by the end of the week.

Lido DAO (LDO)

Since Lido DAO is a liquid staking solution for Ethereum 2.0, it was not surprising to see a price rally as the market anticipated the Merge. However, after the Merge, LDO began to drop. And this past week was no different. From $1.697, it fell to $1.587.

Nest Protocol (NEST)

Also sitting in the losers’ spot last week was NEST. Its chart showed a steep price slope, descending from $0.027 to $0.01952.

EOS (EOS)

EOS lost over 10% of its value. Starting the week at $1.284, EOS traded downwards till the end of the week, closing at $1.146.