Weekly Recap: ConstitutionDAO, Augur Stay Afloat as the Bear Market Bites
Bitcoin got off to a poor start this week, breaching its previous weekly low of $26,700, before sinking into new depths. The global crypto market capitalization fell by roughly $300 billion, sliding from around $1.2 trillion to $900 billion. While the king crypto has been on a sustained dip in the past two months, there are suggestions that the new losses are exacerbated by the recent Lummis-Gillibrand Crypto Bill.
Meanwhile, as expected, other altcoins have struggled, with few tokens like ConstitutionDAO and Augur managing to rake some greens in a thoroughly unpleasant week.
Likewise, Ethereum followed in Bitcoin's footsteps, ending the week barely above $1400, accruing a significant 20.41% loss. Since then, Ethereum has continued in a relentless dip, trading at $1110 at writing. This is a record-breaking ninth week of red candles in a row for the BTC competitor. While Bitcoin ended the week on a slight green only days ago, its new lows also continue a previous eight-week streak of red candles. In a similar fashion, DeFi protocols such as Convex Finance and Balancer have bowed to market forces. As a result, the DeFi sector lost over $14 billion from the total value protocols (TVL), which now stands at about $39 billion.
Top Gainers: ConstitutionDAO, Augur Erase Minor Losses
ConstitutionDAO
Bitcoin's outrageous drop last week prompted many altcoins to plummet, but others managed to stay afloat. One of the few projects that slightly recovered from the setback was ConstitutionDAO. The project's token PEOPLE fell to a two-week low of $0.01567 on Sunday as a result of the adverse sentiments.
PEOPLE has increased by more than 16% in the last seven days, peaking at $0.0275. Given the current market scenario, this is a sizable profit. The rise could perhaps be related to the launch of a new service by EarthFund, a decentralized crowdfunding platform. The solution, called DAO-as-a-service, allows anyone to easily create a funding DAO as well as engage in fundraising activities. At the time of writing, PEOPLE is trading at $0.02475, down 10% from its recent high.
Rari Governance Token
This DeFi-based venture has been continually seeking new lows but has managed to survive the preceding week. RGT broke its previous high on Tuesday, reaching over $10 from a low of $4.67. RGT is the goverance token of Rari Capital. Of late, there has been increased interest in Rari Capital, presumably because of the challenges of its competitor, Celsius Network.
However, the token has fallen since its last high, with only a 0.82% gain in the last week. RGT is trading at $6.24 with a small market cap of $79 million.
Ellipsis
After two rough weeks, Ellipsis (EPS) recovered only a small portion of its massive loss. Over the last seven days, the Binance smart chain-based token has soared by 4%. This means that the token is still down 69% from its three-week high of $0.31. Crypto.com’s recent announcement about the listing of Ellipsis might be responsible for its positive move. At the time of writing, EPS is trading at $0.183.
Augur
Augur, an Ethereum-based prediction market, has ended its seven-day streak of daily red candles. In the last seven days, the value of Augur's token REP has soared by nearly 7%. Additionally, the prediction market protocol recently gained attention with the launch of its decentralized system, AugurDAO.
Technically, this development could have triggered Augur's three daily green candles. REP is currently trading at $10.02, up more than 41% from its most recent low of $5.81. REP also reached a high of $11.06 today, the highest since the end of May.
Trust Wallet Token
Since mid-May, Trust Wallet Token has been trading between $0.74 and $0.45, following a trend reversal in April. TWT managed to bag a 0.58% weekly return after a preceding negative week. The BEP-20 utility token appears to be seeking a new low below $0.55, according to its chart. At the time of writing, TWT is worth about $0.6187, with a 2% increase in the past 24 hours.
Liquity USD
This USD-pegged stablecoin is also among this week's top gainers. Despite the fact that LUSD is expected to be pegged to $1, the coin rose as high as $1.033 on Wednesday. This represents a weekly return of 1.50%. Moreso, Liquity’s team on Friday announced the launch of their grant program for community contributions, suggesting they are actively working.
LUSD also managed to maintain its pegged value amid the stablecoin fiasco, though it had previously fallen to $0.97.
Top Losers: Convex Finance, Bancor Experience Steep Decline
Convex Finance
Convex Finance is gradually becoming a regular subject on the weekly losers list as it endures yet another disappointing week. The Curve staking-related project dropped in price last week to a current value of $3.43. It is now 95% lower than its all-time high of $62.69, set in January. CVX has plummeted 55% in the last seven days, falling from $9.
Render Token
This Ethereum-based project began its bearish cycle in November after peaking at $8.76. RNDR has been down 96% since its all-time high. The Render Token has sunk by more than 46% within the week to trade at $0.3728. Despite the token's low value, RNDR’s team appears to be working hard on its goal of supplying GPU computational resources.
Also, the team just launched its first official Render Network Proposal. This proposal will aid in the development of its metaverse-focused community.
Syscoin
Syscoin, who was part of the elusive green team the previous week, has dropped to the losers' bracket. The layer-1 initiative dipped past its significant support of $0.1356 on Monday. This suggests that it may seek lower levels.
SYS has fallen 46% in the last seven days, with a price of $0.1321 at time of writing.
Bancor
During the market's decline last Sunday, Bancor (BNT) briefly reached a high of $1.479. The blockchain protocol's demise was as abrupt as its rise. On Friday, BNT broke through its daily support of $1.197, resulting in a low of $0.642.
In addition, BNT lost approximately 44% of its value this week, making it one of the week's biggest losers. BNT is worth about $0.71 at the time of writing and is down 5% in the last 24 hours.
Monero
This privacy-focused project appears to be more appealing to day traders. In spite of its overall bearish outlook, it has had several pumps. However, Monero's XMR has not received any significant boost since early June. The project’s value may be declining due to external factors such as Coinbase and BlockFi's mass layoff.
Last May, the popular privacy token was worth $519, but its value has since plunged. XMR has also slumped by more than 41% in the last seven days, trading below $110.
Balancer
Since early April, Balancer (BAL), an automated market maker (AMM), has not seen a bullish monthly candle. Last week, the DeFi-based initiative suffered a nearly 42% drop. Even with the bearish period, Balancer’s team proves to be building as it recently accepted AuraFinance into the Balancer ecosystem.
Although BAL has gained 1% in the last 24 hours, it is still trading at $4.56, a far cry from its high of $75 in May 2021.
