Crypto market’s weekly winners and losers — TON, FTM, BONK, JUP

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  • ONDO, TON, and FTM had the week’s biggest gains.
  • INJ, JUP, and BONK were the biggest losers for the week.

Last week was marked by a gen­er­al decline in bull­ish sen­ti­ment in the cryp­tocur­ren­cy mar­ket, which impact­ed the per­for­mance of sev­er­al assets. 

Dur­ing that peri­od, the glob­al cryp­tocur­ren­cy mar­ket cap­i­tal­iza­tion fell by 7%. Here’s AMBCrypto’s list of the biggest win­ners and losers from the 17th to the 24th of March.

Biggest winners

Ondo [ONDO]

Ondo [ONDO], the native token of secu­ri­ties tok­eniza­tion project Ondo Finance, led the cryp­tocur­ren­cy mar­ket as the asset with the most gains in the last week. 

Exchang­ing hands at $0.75 at press time, the token’s val­ue rose by over 57% over the last sev­en days.

On the 21st of March, ONDO climbed to an all-time high of $0.81. This fol­lowed reports that Black­Rock had com­mit­ted anoth­er round of cap­i­tal to launch a tok­enized mon­ey mar­ket fund. 

Although ONDO’s price was up almost 10% in the past 24 hours, the dou­ble-dig­it decline in its trad­ing vol­ume with­in the same peri­od cre­at­ed a diver­gence that hint­ed at a pos­si­ble draw­back in the token’s value. 

Toncoin [TON]

Per CoinMarketCap’s data, TON saw an impres­sive week­ly ral­ly of 46% to rank as the asset with the sec­ond-high­est gains last week.

The surge in the token’s price was due to the com­mence­ment of the first full sea­son of The Open League, which the Ton Foun­da­tion announced on 20th March. 

Accord­ing to the blog post, the pro­gram will allow TON-based projects to com­pete for rewards, and the network’s users will receive rewards for their on-chain activity. 

Through this event, 30 mil­lion TON worth around $115 mil­lion will be dis­trib­uted to ecosys­tem members. 

As of this writ­ing, the alt­coin exchanged hands at $5.10, with a 109% uptick in its trad­ing vol­ume in the past 24 hours.

Fantom [FTM]

FTM, the native util­i­ty token that pow­ers the entire Fan­tom blockchain ecosys­tem, wit­nessed a 34% growth in its price last week. 

Dur­ing the week, the token climbed to a 30-day high of $1.18 on 22nd March before wit­ness­ing a cor­rec­tion to its cur­rent mar­ket val­ue of $1.06. 

The dou­ble-dig­it ral­ly in FTM’s val­ue in the last week has been due to the sus­tained demand for it.

Accord­ing to its key momen­tum indi­ca­tors assessed on a 24-hour chart, despite the gen­er­al mar­ket draw­back, FTM investors con­tin­ue to favor accu­mu­la­tion over sell­ing their hold­ings for a profit.

FTM D1 TradingView

Source: FTM/USDT on TradingView

Biggest losers

Injective [INJ]

Fol­low­ing an extend­ed peri­od of ral­ly, INJ peaked at $52.38 on 13th March to close the week as the biggest loser. 

Trad­ing at $35.40 at press time, the altcoin’s price fell by 14% in the past sev­en days and by 32% from its recent peak.

At the begin­ning of the week, INJ exchanged hands at $41.01. How­ev­er, as the gen­er­al mar­ket retraced, INJ’s dai­ly trad­ing vol­ume shrunk by 65%, accord­ing to Santiment’s data.

This result­ed in a cor­re­spond­ing decline in its val­ue dur­ing the peri­od under review. 

Injective Trading Volume

Source: San­ti­ment

The low trad­ing vol­ume was due to a decline in demand for the alt­coin, on-chain data revealed. Per Santiment’s data, in the last week, the dai­ly count of address­es involved in INJ trans­ac­tions fell by 33%.

Like­wise, the num­ber of new address­es cre­at­ed to trade the alt­coin dai­ly plum­met­ed by 14%.

Jupiter [JUP]

JUP, the token that pow­ers Jupiter, the Solana-based decen­tral­ized exchange (DEX), ranked as the asset with the sec­ond-high­est loss­es over the past week. 

At press time, the gov­er­nance token trad­ed at $1.17, record­ing a 13% decline in its price dur­ing the peri­od under review.

The token attempt­ed to reclaim its $1.4 price mark on the 21st of March, but the buy­ing pres­sure was not enough to sus­tain the ral­ly, caus­ing an addi­tion­al 10% price decline since then.

Extend­ing its week­ly loss­es at press time, JUP’s val­ue was down 3% in the past 24 hours due to a 30% fall in trad­ing volume.

Bonk [BONK]

Accord­ing to CoinMarketCap’s data, BONK, the Solana-based meme asset, ranked as the token with the third-high­est week­ly loss. 

Dur­ing that peri­od, its val­ue plunged by 11%. Although it made attempts at dif­fer­ent points to ini­ti­ate an upward cor­rec­tion, the gen­er­al market’s bear­ish sen­ti­ment made this impossible. 

Con­firm­ing the bear­ish trend, BONK’s MACD line rest­ed beneath its sig­nal line to sug­gest that its short-term mov­ing aver­age is trend­ing low­er than the longer-term mov­ing average.

This inter­sec­tion sig­nals the re-emer­gence of bears and a rise in sell­ing activity.

BONK D1 TradingView

Source: BONK/USDT on TradingView

At press time, BONK trad­ed at $0.00002217, see­ing a minor 0.23% price ral­ly in the past 24 hours. 

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