Weekly Recap: Altcoins Resurge After August Bloodbath

The global crypto market cap remains under $1T despite gaining $8B since last month’s decline. Various altcoins have embarked on an uptrend, however, king crypto BTC hasn’t been part of the ongoing marketwide rally. The token dropped beneath the critical $20k point for the first time since December 2020. As market anxiety deepens, the leading cryptocurrency is tied up in a struggle to hold on to $20,000. At writing, BTC is worth $18,850.

Meanwhile, Ethereum has shown some positive price action after layer-2 scaling solution Arbitrum rolled out its Nitro upgrade. The token consolidated for the majority of the week but charts reflect the occasional spike. At the moment, ETH is trading at 1,537 USD.

Top Gainers: Ethereum’s Imminent Merge Spurs Some Interesting Price Activity

Terra Classic (LUNC)

Terra Classic led this week’s top gainers with a 122.30% surge in value over the past couple of days. The token had been consolidating at around $0.00024 for most of the week. However, things began to pick up on Monday. LUNC saw its value jump 80% in 24 hours to hit levels last seen before the Terra ecosystem’s massive crash. The positive price action surrounding the LUNC tokens was spurred on by community support as users continued to burn and stake coins. LUNC hit a 3-month high of $0.000447 but has fallen 14.20% over the past day to trade at $0.0003508 at writing.

Voyager (VGX)

The native currency for bankrupt crypto firm Voyager Digital has continued to chart bullishly since last week. VGX token began the week at around $0.543 and hovered within that region for the first few days. Late on Monday, the token began to climb, and eventually hit a peak of $1.1161, shooting up 72.06% overall. Voyager has continued to rally, recording a 90-day high amidst ongoing speculation about a potential acquisition by either FTX or Binance. At the moment, VGX is up 5.43% and is worth 0.9471 USD.

Flux (FLUX)

The Flux ecosystem’s FLUX token made this week’s top gainers having charted a 26.77% increase over the week. FLUX had been trading in the red initially, however, the token entered a rally on Sunday that has continued since. There are several factors that may be driving the bullish trend such as increased trader interest as well as the forthcoming launch of the Flux Geolocation 2.0 feature. The blockchain platform is also presenting itself as an alternative to post-merge Ethereum for PoW supporters. FLUX peaked at $1.40 for a 3-month high, the token has retraced to trade at $1.26 presently.

Ravencoin (RVN)

Crypto blockchain platform Ravencoin has seen its token rally by 20.77% in the past few days. The token entered the week trading at bottom levels until early on Sunday when its value began to surge. RVN climbed from $0.02871 to peak at $0.04194, its highest value in a month. Analysts believe the price pump is the result of miners migrating to the network ahead of Ethereum’s forthcoming merge. Ravencoin has dipped 6% over the last 24 hours and is currently seated at $0.0373.

bZx Protocol (BZRX)

BZRX, the governance token for the bZx Protocol, charted notable gains this past week as it grew 65.73%. After consolidating at around $0.075 at the start of the week, the token experienced a sudden spike as it jumped to $0.1347. BZRX plunged once more that same day before resuming its climb to record a weekly high of $0.1969. The token embarked on a rocky decline afterward but has since recovered. At writing, VGX has grown 56.42% over the past day and is worth $0.1297.

Top Losers: HNT Losses Value As Investor Interest Declines

Helium (HNT)

Amid uncertainty surrounding a proposal for a potential transition to the Solana blockchain, Helium’s HNT token has lost 22.73% of its value within the past 7 days. With little demand for the token, HNT has seen its price nosedive over the week. The digital coin spiraled to a yearly low of $3.38 and has fallen over 90% from its record high of 55.22 USD. At the same time, this is a continuation of the negative price action HNT has experienced over the past month. The token has recovered slightly over the past few hours and is trading at $15.51 at the moment.

Nexo (NEXO)

Multipurpose crypto platform Nexo has seen its token cave to the bearish pressure to accumulate losses scaling 23.30% over the week. The token entered the week consolidating at about $1.06 but took a sudden plunge as Tuesday rolled around. NEXO fell from $1.0439 to a weekly low of $0.8248. The token seems set to continue the downtrend and has slipped 8.08% over the day to sit at $0.8607 presently.

H2O DAO (H2O)

The native coin for DeFi community H2O DAO has seen 38.78% shaved off its value over the week. H2O had been trading in the green early on Wednesday but began to fall that same day. The token followed a bumpy path downwards as it went through the occasional spike, and numerous dips one of which saw it hit a 3-month low of $0.2834. H2O is consolidating at around $0.2900 and is down 2.02% as it rests at $0.2895 at writing.

Zeon (ZEON)

Zeon has charted losses scaling 24.57% over the past couple of days. The cryptocurrency had been trading just above the red for most of the week, however, its value suddenly fell on Monday. ZEON dropped from $0.00911 to $0.008508 where it consolidated briefly before repeating the pattern. The token’s latest dip took it to a seven-day low of $0.006365 where it has consolidated over the past day. ZEON is up 3.99% to trade at 0.006781 at the moment.

ApeCoin (APE)

After trading unsteadily within the $4.70 range, for a few days, APE suddenly saw its value drop late on Tuesday. The token’s price has fallen 13.62% over the past week to record a 7-day low of $4.24. ApeCoin is almost 90% short of its March all-time high at its current value of $4.30.