Crypto market’s weekly winners and losers
In a week characterized by significant fluctuations and a general downturn across the cryptocurrency spectrum, a few digital assets remarkably deviated from this trend.
Leaders of the Week
Sui (SUI)
When observing Sui (SUI) on a daily chart, we notice a striking resurgence following an extended period of depreciation. The week initiated with SUI experiencing a 5.39% fall, which was further compounded by a drop exceeding 7% the following day.
This downward movement continued for the 10th consecutive day, pulling its value down to $0.53.
Yet, the narrative shifted dramatically on August 5th, with SUI enjoying a 12.55% uptick, elevating its price to roughly $0.6. Its most notable surge came on August 8th, with a dramatic 38.58% increase, sending its price to about $0.8.
The week wrapped up with SUI climbing an additional 7.42%, culminating in a closing price of roughly $0.9.
Such successive gains propelled SUI to conclude the week with an overall advancement exceeding 44%, establishing it as the week's frontrunner, as per CoinMarketCap.
Furthermore, the latest metrics pinpoint SUI’s market capitalization at over $2.3 billion, with a trading volume exceeding $319 million, witnessing a surge of over 16% in the past 24 hours.
Helium (HNT)
Starting the week on a shaky note similar to Sui, Helium (HNT) faced a substantial 7% decrease, taking its trading figure down to around $4.2.
Despite the early hurdles, Helium swiftly shifted gears, logging several consecutive growths throughout the week, including two instances of double-digit escalations.
Although the week ended with a modest 3.98% dip, Helium successfully retained its heightened valuation, closing the period near $6.5. This rebound designated Helium as the second-leading riser of the week, with a growth rate exceeding 34%.
Per the most recent data from CoinMarketCap, Helium’s market size is just over $1 billion, though it observed a slight contraction in the past day. Consequently, its trading volume saw a substantial decrease, dropping by more than 50% to approximately $13.7 million.
Zcash (ZEC)
Initiating the week on a downward trajectory at around $31, Zcash (ZEC) switched course, mirroring the positive trends seen in other high-performing cryptocurrencies by the week’s close, reaching approximately $41.
With these movements, Zcash was earmarked as the third-highest climber of the week, showcasing a remarkable ascent of over 27%, according to CoinMarketCap. This upswing bolstered its market worth to beyond $672 million.
However, despite this bullish price trend, Zcash’s trading volume contracted significantly, diminishing by more than 40% in the recent 24 hours to about 80.9 million.
Major Decliners
Lido DAO (LIDO)
Lido DAO (LIDO) endured a difficult week, becoming the most notable decliner. Kicking off with an opening price around $1.2, it embarked on a downward journey, concluding the week near $1.1. This movement reflected nearly an 18% decrement over the week.
The asset’s market cap mirrored this negative drift, positioning itself at roughly $988 million, even as it accounted for only modest declines in conjunction with the price reduction.
Moreover, LIDO's trade volume experienced a drop, shrinking by more than 7% over the week to about $70.3 million.
Maker (MKR)
Maker (MKR) navigated through a challenging week, initiating at above $2,200 but subsequently facing steep declines. By week’s end, MKR’s valuation had fallen to around $1,961, classifying it as the second most significant loser, with a downtrend surpassing 13%, based on CoinMarketCap.
Trade volume for MKR also diminished, plunging by over 30% in the last 24 hours to near $45 million. Besides, Maker’s market cap took a hit due to unfavorable price movements, recorded at about $1.8 billion.
Aave (AAVE)
Aave (AAVE), a previous week’s star performer, found itself among the biggest decliners recently.
Price analysis revealed Aave opening the week with an 8% reduction, dropping from around $105 to $97. Though some positive fluctuations occurred, they weren’t enough to elevate Aave’s value back to the $100 mark.
Closing the week near $93, Aave registered an additional decline of over 2%, culminating in a weekly reduction exceeding 12%, as CoinMarketCap data highlights, making it the third most affected. Moreover, the Relative Strength Index (RSI) was logged at 46, suggesting a bearish outlook. Also, Aave’s market size was reported around $1.4 billion.
Trade volume took a significant hit, dwindling by over 18% to around 87.2 million.
