Weekly Recap: Serum and Polygon Rise Amid Celsius’ Troubles
Top cryptocurrencies Bitcoin and Ethereum finished the previous week on a high note. Some altcoins also performed well and recovered gains, while the total market capitalization increased by $88.5 billion during the week.
Importantly, Bitcoin rose from a weekly low of $19,300 to a high of $22,500. Short-term traders may have profited from the brief recovery. However, at writing, the prices of BTC and ETH have returned to their weekly bottoms, wiping out previous gains.
Notwithstanding the crypto bear market, recent developments in the crypto market have taken place. One instance is Reddit's integration of new NFT functionality into its platform.
However, some projects, such as Celsius, Waves, and Origin Protocol, have struggled to stay afloat, even losing double digits. Coins like Serum and Quant, on the other hand, were able to recover some of their recent losses.
Top Gainers: Serum and Quant Defy Market Conditions
Serum
Serum managed to end the previous week in green following a string of consecutive lows. SRM, the DEX's utility token, did significantly better last week as compared to prior ones, rising from $0.77 to $0.98. Indeed, SRM was able to pull off a four-day green candle stretch, the first since February.
In the last seven days, the value of SRM has increased by around 36.56%. Furthermore, the introduction of the Serum Remote could be a major driver of this surge. The Serum Remote is a new feature that allows community members to manage the treasury accounts of the decentralized organization.
At the time of writing, SRM is trading at $0.9967, a 6% decrease from its weekly high of $1.04.
Quant
This blockchain interoperability network had a terrific week, surpassing an 8-week high. The protocol's token QNT began the week at $55.9 and has since climbed to a high of $90.9, marking a gain of more than 62%. Following the rise, the token's price steadied to close the week at $81.1, while still maintaining a 50% profit over the previous week’s closing price.
Internet Computer
Even before the general bearish season, Internet Computer was plummeting precipitously. On Friday, the protocol's token ICP broke through a weekly resistance level, indicating a short-term bullish structure. Following the break, ICP's price climbed to $7.48 from a low of $5.20, generating substantial gains for day traders. Additionally, ICP outperformed the market by 23.3% over the last week. ICP now trades at around $6.50, a long way from its record high of $750.
Notably, the release of an improved developer kit by InfinitySwap, an Internet Computer-based staking platform, may have impacted the value of ICP.
Polygon
Ethereum scaling solution Polygon has accrued value in the last three weeks. Despite the fact that Monday through Friday ended in the green, MATIC was unable to surpass its previous monthly high. Regardless, the layer-2 token managed to rack up more than 15% gains in the process.
In addition, the introduction of Reddit's NFT marketplace on Polygon blockchain could have helped increase MATIC's value. At the time of writing, Polygon's token trades around $0.56.
Aave
Since mid-June, the decentralized finance giant has been creating a daily bullish structure. Last week was no exception, as AAVE cleared its prior daily resistance level of $75.8. Although, after hitting a peak of $83.2 over the weekend, it subsequently retraced its gains. Since its recent high, AAVE's price has settled at $67.94, a 15.92% growth over the previous week. The recent proposals to launch an overcollateralized stablecoin dubbed GHO may have boosted the price of AAVE.
Top Losers: Celsius and Waves Submerge Under Market Pressure
Celsius
CEL is, unsurprisingly, among the week's greatest losers, with the current market slump wiping out about 20% of its value. The development was expected given the project's recent struggles to keep its head above water. CEL fell from $0.91 to $0.80 and is currently trading at $0.73.
Origin Protocol
Aside from a brief jump to $0.383 last Monday, the price of Origin Protocol’s OGN has consistently dwindled. The OGN token plummeted to $0.214, sliding just below its daily resistance level. With a 27% decrease, OGN clearly ranks on the week's losers list.
ApeCoin
ApeCoin began last week on a high note, but by the weekend, it had sunk to $4.9. Consequently, the cryptocurrency linked with the Bored Ape Yacht Club has lost around 7.3% of its total value within the last seven days. APE trades around $4.24 at press time.
Waves
WAVES traded in a narrow range between $5.14 and $5.74 for the majority of the week. However, as the week came to a close, WAVES began to lose steam and slid from $5.67 to $5.09. Having consistently featured in the losers list of late, the eco-friendly token lost another 6.86% in the previous week. At writing, the token is trading at $4.78.
Dogecoin
For some weeks, the value of the popular meme token has declined. It did not have much price action for the majority of the week, as it ended in a Doji pattern. It only hit $0.0735 on Friday and has been nosediving ever since. DOGE is currently trading at $0.0618, down 6.34% in the last seven days.
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