Crypto Market - Winners of Past Week
The crypto market in the past week was very bearish and a lot of coins saw losses more than 5%. But normally speaking, where there are losers there are also some winners. In this article I want to take a brief look at the losers of previous week as well as discuss why the winners might have pumped.
As the whole crypto market is moving slowly downwards, there are some projects that are falling faster than others. The top 5 biggest drops are Gals, Revain, Voyager, ICP and BitTorrent. While Gala, ICP and BitTorrent are more widely known the other two are pretty new to me so I can not really tell what the deal with those is. Gala on the other hand is a very well known token which is used in the Gala universe. I think I am the only one who calls them that but they have some pretty cool P2E games aligned. Maybe it is just the correction of the slowly decaying metaverse hype which results in the 20% drop of price which can be seen in the monthly chart below.
Turning to the more fun side of the crypto space. Lets take a look at the winners. Here we can see yearn finance, Arweave, Terra, Harmony and Avalanche. The yearn finance token is pumping in an extreme way because of a proposal to adjust the tokenomics of YFI. Essentially, this proposal included that the yearn finance protocol begins being back a big amount of YFI which is obviously boosting its price.
The next on the list is Arweave. This project is providing a decentralized data storage for Solana’s blockchain history and seems to be on the edge of doing this for other top performing cryptocurrencies. Its price is going up because of the partnerships that this projects recently announced. One of the most recent ones was the partnership with near protocol.
Terra is the next best performing coin on the list. This project made a name for itself as a coin that keeps going up in value even if the whole crypto space is going down. This has a nice effect of attracting more capital. The real reason why Luna is pumping is because it is used to mint UST Stablecoins and because this stablecoins market cap has risen in the past few weeks we can see a similar uptrend for Luna.
The penultimate project is Harmony. It is a smart contract coin and its price is going up because of a recently announced Chain-Link integration. This integration would introduce the robust data feeds that decentralized applications on the harmony blockchain need to succeed. Furthermore, data shows that Harmonys ecosystem is growing which is always a good sign for a project.
Last but not least is Avalanche. Its price is going up because of institutional interest. I will make a separate article about this later on this week. One of the main arguments is that it could serve as a part for an Ethereum alternative. I do not think that its price will continue to go up like this over the past weeks but it is nice to see the project going up.
Published by ga38jem on
On 20th December 2021
Posted Using LeoFinance Beta