Weekly Recap: Major Cut in Market Cap as Tokens Plunge into Red

Analysts have described this as one of the poorest weeks for the market in terms of price activity. The industry saw $150B shaved from its total market cap given the losses as several assets dropped in value. Bitcoin is one of them, despite breaking past the $25K level not long ago and hinting towards a likely resurgence. The leading cryptocurrency is down 12% and is trading at about $21,642 presently.

Ethereum hasn’t done much better and appears to have lost the force from the excitement surrounding its merger. Although the devs confirmed a date for the upgrade, more recently they have shared news of less positive developments. Community enthusiasm has waned causing it to fall by 19%, Ethereum is no longer avidly gunning for $2000 having settled at $1,698 at writing. Altcoins have not been spared as the downtrend has impacted the entire crypto market.

Top Gainers: Stargate and Bluzelle Surge Following Partnership News

EOS (EOS)

The native token for the open-source blockchain platform EOS network led this week’s top gainers with an 18.20% rise in the past 7 days.

The token had initially been trading in the red but began climbing around noon on Sunday. Before the pump EOS had been charting in the $1.30 range. However, the bullish price action saw the coin peak at $1.89, marking a 3-month high on Monday. EOS consolidated around $1.70-$1.80 afterward, before retracing to $1.66 in the past couple of hours.

Chiliz (CHZ)

CHZ entered the week riding the wave of a previous surge, however, it later fell to hit a weekly low of $0.1751. Fortunately, after consolidating at the bottom levels for a couple of days, positive news saw the token pick up steam. The sports-focused crypto token Chiliz racked up 47% gains within four days, especially after trailing at $0.17 at the weekend. The token began rallying on Tuesday eventually charting a 90-day high of $0.2636. This comes as founder Alexander Dreyfus shared plans to switch from launching tokens on the Ethereum blockchain to their own native chain. CHZ has remained within the region and is currently seated at $0.238.

Stargate Finance (STG)

Cross-chain bridge solution Stargate Finance has seen its native currency surge following news of Binance listing as well as a partnership with Bluzelle.

STG has grown 159.91% over the past 7 days after starting the week steadily trading at $0.334. The crypto token shot up on Friday morning to hit $1 for the first time since May. STG is up 4.24% in 24 hours and is trading $0.8754 at writing.

Bluzelle (BLZ)

BLZ, the token powering decentralized storage network Bluzelle has charted some impressive gains over the past few days. The coin spent the majority of the week steadily trading in the red with its price planted in the $0.07 region.

However, news of the platform’s Gamma 4 rollout as well as its forthcoming Stargate integration sparked investor interest leading to the token to rise. BLZ began rallying early on Wednesday and has grown by 78.73% since then. Bluzelle hit a monthly high of $0.1881 and is worth $0.1562 at writing.

Huobi Token (HT)

Crypto exchange company Huobi saw its native token plunge into the red at the start of this week. The token traded at around $4.30 for a couple of days before embarking on a rebound on Wednesday. HT rose by 4.34% and seems set to stay on its bullish course, the token is up 3.47% in the past day and is currently trading at $4.84.

Top Losers: Messy Court Case Drags CEL Downwards, ROSE Continues to Plunge

Celsius (CEL)

After accumulating nearly 42.97% in losses, Celsius has earned a spot once more with the week’s top losers. The struggling crypto lending platform saw its native token experience some positive activity as it closed the previous week.

However, over the past seven days, its value has continued to sink accompanied by new, messier developments surrounding its ongoing lawsuit. CEL has fallen from $3.10 to a low of $1.36 and is currently trading at $1.38.

Bitcoin Standard Hashrate Token (BTCST)

Despite performing well over the past two weeks, BTCST began to fall at the start of the week. The token dropped steadily from around $28.70 to losing 35.85% of its value. On Wednesday it recorded a weekly low of $14.26 and has recovered slightly since then up 12.16% to trade at $16.74 presently.

Filecoin (FIL)

Open-source digital payment network Filecoin has fallen 21.59% over the past 7 days. FIL had been trading at about $8.15 on Thursday, however, a few hours later the token suddenly dropped in value. Filecoin has continued to consolidate at around $6.30, the token is valued at $6.45 at writing.

Stepn (GMT)

Social and gaming Stepn has seen its native token GMT chart 18.36% in losses this past week. As of Thursday, the token had been trading in the green but entered a decline early that same day. At first, GMT dropped to about $0.8733 but later dropped even further to chart a weekly and monthly low of $0.742. The token is up 1.49% to trade at $0.8018 presently.

Oasis network (ROSE)

Oasis has continued its steady freefall over the past 2 weeks and has dipped 16.27% in 7 days. ROSE entered the week trading at $0.08596 but dropped later on. The token has consolidated at around $0.0680 throughout the week, dipping to $0.06373 at some point. Oasis has dropped 1.48% in the last 24 hours and is currently seated at $0.07235.