Market Wrap: TWT Thrives as Market Struggles to Stay Above Water
FTX halted withdrawals and subsequently filed for bankruptcy after a failed acquisition deal with Binance. The former’s moves rippled across the crypto market as the exchange entered a free fall taking down several other companies with it. More assets began bleeding, widening the $200 billion hole in the total crypto market cap post-collapse.
King crypto Bitcoin suffered significant losses as the token had earlier been dancing around the $21k mark. However, the crash saw BTC spiral and ultimately drop to a yearly low of $15,682. The token saw minimal recovery afterward but plunged once more as users carried out BTC withdrawals worth over $1.35B across several exchanges. Resilient as ever BTC is on the rebound again, inching closer to $17,000 following news that the efforts from the U.S. central bank to tackle inflation have seen substantial success.
Ethereum did not escape the market-wide bloodbath as the token lost 25% of its value. The token sparked anxiety in the hearts of traders as it nearly dropped under the $1,000 threshold. ETH has seen its price pick up since then and the crypto second-in-command is changing hands at $1,245 at writing.
Gainers: DYDX Spikes, TWT Soars on Tweets From CZ
DYDX, the native token for the decentralized exchange dYdX led the biggest movers reeling in over 70% in gains despite the FTX collapse. Indeed, the platform processed more than 492,000 transactions for a trading volume scaling $2.23 billion following the crash. The movement saw the token grow progressively more bullish as the week wore on charting a 7-day record of $2.69, 0.01 cents away from the DYDX’s earlier 3-month high. The token started the week with a selling price of $1.37 but is worth $2.35 at writing time.
Yet another token that was able to escape bear control, KAS accrued a 70% increase in value within the past couple of days. Kaspa was steadily consolidating in the green within the $0.004 price range until Sunday when its price began to pick up. The charts report a pump that carried the token to an all-time high of $0.007211 despite the absence of a substantial push. KAS has since retraced to sit at $0.006165 presently.
Trust Wallet Token (TWT)
TWT, the utility and governance token for non-custodial crypto wallet app trust Wallet surged 56.75% in the last week. TWT began to climb and ultimately charted a monthly high of $2.68. The token was able to achieve this after tweets from Binance founder Changpeng Zhao encouraged crypto users to turn to the app for self-custody of their assets. Zhao’s endorsement drove up TWT's price which rests at $1.92 at writing.
Volt Inu V2 (VOLT)
Despite joining the positive movement a little late, VOLT was able to chart some solid gains, adding 47.60% to its price in the past week. The positive movement saw Volt Inu chart a 3-month record of $0.000001477 even as other altcoins wrestle with the bears. VOLT is worth $0.000001456 at the moment.
Constitution DAO joined the week’s best performers with gains of 28.98% within the week despite very little activity on the platform’s socials. The DAO’s PEOPLE token saw a sudden surge on Friday that saw it record a 90-day high of $0.03594. The upswing lasted over 12 hours before the token returned to its former price levels. At press time PEOPLE is valued at $0.02434.
Losers: SRM, SOL, Others Hit Hard by FTX Collapse
FTX Token (FTT)
As crypto exchange FTX unraveled over the past week, the decline extended to the platform’s native FTX token. FTT bled out 63.04% of its price amidst the debacle surrounding the exchange. FTX plunged to about $2.1057 but regained some of its value only to give up its gains as the firm fell victim to an attack that drained it of $650M. Other developments resulted in more losses for the token which hit a yearly low of $1.25 on Monday. FTT is worth $1.74 at writing.
ASD, the native token for crypto trading platform AscendEX is down 41.04% as the firm may be battling liquidity problems following the FTX collapse. Users have continued to request proof of reserves, however, as the team is yet to provide one, holders are dumping their ASD tokens causing it to spiral. ASD entered the week trading at $0.09703 but has dropped to a 3-month low of $0.05285, a short distance from its current value of $0.05396.
Serum saw its SRM token drop to new lows following the FTX crash. The coin dumped 31.85% of its value and hit a yearly low of $0.1707. SRM may be on the road to recovery, however, as the team pulled off an emergency fork that saw the token double its price. Indeed, SRM is trading at $0.3553 at writing, up 31.40% over the past day.
Solana is down 26.95% over the past day as the network took a hard hit this past week as the fallout wiped out about $700M in value. SOL has continued its downtrend with little reprieve, the token hit a yearly low of $12.25 and is trading slightly above that at $14.47 presently.
XCAD Network (XCAD)
Creator-oriented platform XCAD Network saw its XCAD token lose 26.77% of its value over the last few days. The token hit a yearly low of $1.14 and is seated at $1.31 at press time.