Weekly Wrap: PHA and PIVX Surge in Tepid Week

With several assets bleeding out, the crypto market failed to retain what gains it managed the previous week.

While most altcoins have recorded losses, things aren’t as grim as they could have been. In the past week, the total crypto market capitalization only shaved off $26 billion from its overall value. Compared to other plunges over the past few months of the ongoing crypto winter, this is not such a major decrease.

Premier crypto Bitcoin kept up its ongoing struggle for the $20,000 price point. For over a month now, the token has been locked in a sideways trading pattern between $18k to the aforementioned psychological resistance. The token’s efforts haven’t exactly amounted to much, especially amidst speculation of unfavorable developments. Indeed, the token came close over the past 7 days but failed to hit $20k instead peaking at $19,835. At writing, BTC is worth $19,192 down 2.16% in the last 24 hours.

Ethereum is also fighting to stay above water, however, the crypto second-in-command may be fighting a losing battle. ETH sank to $1,209 early into the week, before climbing back to $1.3k once more, the token consolidated just under that for a while but has recovered slightly. ETH is now trading at about $1,295.

Top Gainers: PHA, FXS Surge on Upcoming Rollouts

Phala Network (PHA)

Community-oriented smart contract platform Phala Network appears to be resurging after spending the month trading in the red. Indeed, the network’s native PHA token was worth only $0.08023 at the start of the week. Since then, Phala has defied the general bear sentiment to outperform other cryptocurrencies in the market with gains of 185.01% in the last couple of days. PHA’s rally arrived on the back of forthcoming releases which have created substantial demand for the token in recent times. The digital coin peaked at $0.4618 on Saturday but has retraced to sit at $0.2308 at writing, up 222.02% from its Oct 13 all-time low.

PIVX (PIVX)

Recouping earlier losses, privacy-focused cryptocurrency PIVX recorded gains of 129.05%. After some major consolidation over the first part of the week, the token embarked on a rally that saw it leap from $0.3144 to a weekly high of $0.4928. The privacy coin has since retreated to trade at $0.4348 at the moment, however, PIVX remains bullish, having grown 14.80% in the past day.

DeFi protocol Frax Finance witnessed its governance token Frax Share jump by 36.52% over the past 7 days. The skyrocketing value may be due to news of the forthcoming launch of liquid staking protocol for Frax users. Frax began climbing on Thursday mere hours after news of the release emerged. The token hit a monthly high of $7.02 and is currently worth $6.70. FXS has grown 0.33% in the last couple of hours and seems set to continue rising.

Casper (CSPR)

The token powering layer one PoS blockchain Casper network was able to sneak in a major resurgence this past week. CSPR had been in the bears’ unfriendly grip but rallied halfway through to accumulate gains of 24.87%. Analysts believe the coin was overbought in the past weeks, hence the pump. The token set a 90-day record of $0.5363 but is now trading at $0.04383.

Maker (MKR)

Still riding on the momentum of a previous surge, MKR saw some positive movement this past week. The token broke past $1000 for the first time in a month with a 15.47% rise in value. Maker’s valuation rests at $1,093 at press time, the token has grown 1.51% over the last few hours and may continue climbing.

Top Losers: SWEAT, NEST Continue to Nosedive

Sweat Economy (SWEAT)

Move2Earn ecosystem Sweat Economy, SWEAT token has not veered off its month-long decline. The token accumulated losses of 26.75% this past week, placing it on the losing end of the industry’s ongoing battle with the bears. The cryptocurrency took a massive plunge early into the week before seeing a minimal recovery. However, SWEAT has only fallen further since, taking the token to a monthly low of $0.01467.

NEST Protocol (NEST)

NEST joined this week’s losers heading downward on a notably steep slope losing 25.95% of its value overall. The token opened the week trading at $0.02347, its highest value since. NEST sank to a low of $0.01775 and briefly grappled to recover, climbing to $0.02281. However, its attempts at resurgence ultimately failed, NEST is seated at bottom levels once more, $0.01877 at writing.

Terra (LUNA)

As the unfavorable conditions of the broader crypto market continue to impact the token, LUNA has tumbled down the charts. LUNA is down 14.47% over the past 7 days after initially trading at $2.8675. The digital token tried to recover a few times, even hitting a peak of $2.89, however, at writing LUNA is selling for $2.45.

Rally (RLY)

Creator-oriented cryptocurrency RLY’s path downward was marked by weak attempts to rally over the last couple of days. Rally has seen its worth record losses of 13.97% amidst growing bear control. The token has dropped from its opening value of $0.01869 to its current trading price of $0.016. RLY hit an all-time low in the course of this week and may yet sink lower.

NEAR Protocol (NEAR)

The NEAR protocol’s native token has lost 9.19% of its value within the past week. The token took a rough path down hitting a yearly low of $2.80 early into the week. Post-recovery NEAR is trading only slightly above that at writing as it sits at $2.90, having fallen 3.49% over the past few hours.

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