The year has started off quite well for the cryptocurrency space, with Bitcoin managing to recoup its losses from the FTX crash. Similarly, Ethereum has gloriously rebounded above the symbolic $1,500 mark. However, it is not these cryptocurrencies that have really benefited from the recovery environment. Discover the best performing cryptocurrency market in our Top and Flop of the Week section.
Overview of the week
While the cryptocurrency market ended 2022 on a bearish note, 2023 looks pretty good. After 15 days, the overall capitalization of the sector increased from 813 billion dollars to 972 billion, an increase of 19.55%. Bitcoin reversed the $20,000 mark and Ethereum settled comfortably above $1,500. And let’s not talk about the trend of altcoins! Solana, in particular, has seen its price more than double since the beginning of the year.
However, this technical rebound seems to obscure the fact that the bear market continues to impact the cryptocurrency industry. This week, Coinbase, Crypto.com, and SuperRare all parted ways with a good chunk of their staff. The week before, Huobi had announced a 20% reduction in his staff. Along with the wave of layoffs, the conflict between DCG and Gemini is the other black point of the week. Incidentally, DCG’s Genesis and Gemini have both been sued by the SEC for illegally raising funds through the EARN program.
Aside from the bull run, the other good news: Lawyers on FTX’s restructuring team announced that they’ve managed to recover $5 billion in platform funds. They also plan to sell the exchange’s acquired companies to speed up the refund process for the platform’s customers.
Now, without further ado, let’s move on to the cryptocurrency highs and flops of the week:
Top Cryptocurrencies: AGIX, the great recovery champion
|Cryptocurrencies||Current course||Earnings in 7 days||Actual position|
SingularityNET’s AGIX token is leading the rise in the cryptocurrency industry. In fact, the data indicates that the price of the cryptocurrency has increased by 226.56% in the last 7 days. Based on its peak during the week, its growth is as high as 428%. SingularitNET’s good performance is linked to investor enthusiasm for AI projects since the beginning of the year.
Find out more about the good performance of AGIX by reading our following article:
🤖SingularityNet (AGIX): the nugget of the crypto industry at the beginning of the year!
As for Serum (SRM), it would have no particular reason behind its rise, other than that it is a project that is trying to recover from its decline. The cryptocurrency was among the ventures whose price was weakened after the FTX crash. The reason: The exchange’s investment arm, Alemada Research, was among the big investors in the project. So Serum would take advantage of the overall bounce to get a real breath of fresh air.
Aptos (APT), for its part, is enjoying the hopes placed on the cryptocurrency. Moreover, the founders of the project present it as the most secure blockchain in the sector. Many analysts believe that the APT token could replicate the performance of SOL in early 2021.
As for NuCypher and Decentraland, there are no specific reasons behind the growth of these two cryptocurrencies. However, it should be specified that metaverse project tokens have experienced relatively high growth compared to the rest of the market. Flow (+52.1%), Sandbox (+45%) and GALA (+57%) in weekly data.
Cryptocurrency on the flop: Neutrino USD collapses
|Cryptocurrencies||Current course||Growth in 7 days||Actual position|
|USD neutrino (USDN)||$0.3621||-18.65%||121st|
|Pax Gold (PAXG)||$1899.87||2.08%||74th|
|XDC Network (XDC)||$0.0276||2.38%||96th|
|Huobi Token (HT)||$5.14||7.28%||56th|
The Waves network stablecoin continues its descent into hell. Its current price, $0.3621, is moving further and further away from its dollar peg. During the week, USDN lost 18.65%, the worst performance of the entire cryptocurrency market. Despite the announcement of the bailout plan for the founders of the stablecoin, it is no longer on the exchange. So, everything seems to indicate that he will follow in the footsteps of his FSO colleague.
As you can see, other cryptocurrencies have not experienced negative growth. Their performance was simply less explosive than the market average. For example, Pax Gold, the cryptocurrency that tracks the price of gold, is usually a project that grows at fairly moderate levels like its benchmark.
Regarding Huobi Token (HT), we understand that financial worries are still weighing on the evolution of the token on the stock market. As for Nexo and XDC, we couldn’t find any specific reason behind their underperformance.
Moral of the story: while some are already crying out for a return to the bull run after this good start to the year for the cryptocurrency market, it is important not to sell the bear’s skin before killing it.
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