Hello, 18Digits; as many people are looking to find the latest in the crypto world and how such news can impact their trading and investments, we will review how this week has been. In addition to updating you with the biggest stories in the crypto space, we’ll also delve into your weekly voting results.
This week, much was going on in the contagion following the FTX collapse. Asides from the prices of crypto assets trying to recover and consolidate at a new support level, crypto coins connected to the liquidity pool of FTX, like Solana (SOL) and Dydx (DYDX), have been on a general downtrend.
Before delving into the rest of this article, note that this content is not indicated as financial advice. Conduct your research or interact with a professional before investing in crypto tokens.
What happened in the crypto market this week?
This crypto week, the crypto market experienced contagion effects from the fall of the FTX exchange. Many crypto exchanges reported large withdrawals of crypto assets from their exchanges as sales of hardware wallets like Trezor and Ledger rose. Notably, for Gemini, a total of $682 million was totaled as the net outflow from the exchange during this week, according to analytics by Nansen.
Binance CEO Changpeng Zhao was also in the news as he commented on plans to raise an industry recovery fund for projects in the FTX ecosystem that suffered losses because of the crash. The ripple effect of Zhao’s comment sent some coins flying high, including Voyager’s VGX token, which rose 48% after the announcement.
On Thursday, Binance and OKX announced the suspension of support for two stablecoins, Circle’s USDC and Tether’s USDT, on the Solana blockchain in separate blog posts. OKX specifically indicated that they were going to delist the tokens. However, Binance has released a press release announcing the resumption of deposits for USDT on the Solana blockchain, while OKX said it wouldn’t be going ahead with plans to delist the tokens.
Despite the turbulence in the crypto industry, crypto prices are holding up. This week Bitcoin did not gain significant upward momentum and is hanging around $16,700 with a 6% decrease over the last 7 days. Ethereum stuck around $1200 and is about 7% down over the last 7 days. BNB dipped 10% over the week, and Solana continued its downtrend by dipping as much as 20% over the past week. Major outliers in the market were Chiliz (CHZ) and Trust Wallet Coin (TWT), which increased by over 17% and 90%, respectively.
18Digits Top 18 Voting Results: Ethereum (ETH) overtakes Bitcoin (BTC) to rank first, while Polygon (MATIC) drops 3 levels.
Last week, Bitcoin (BTC) zoomed to the first position on 18digits, but that has changed as Ethereum (ETH) overtakes Bitcoin. This week’s voting results show Ethereum at the first position, followed by Ethereum. Binance Coin (BNB) and Solana (SOL) retained their 3rd and 4th positions, while Cardano climbed from 7th to 5th.
Litecoin (LTC) also moved two steps upwards to the 6th position, while Shiba Inu (SHIB) was found at the 7th position. Tron (TRON) gained a shift to 8th from 9th while Polygon (MATIC) dropped from 6th to stand at 9th position. Dogecoin (DOGE) and Polkadot (DOT) maintained their positions at 10th and 11th, respectively, while Ripple (XRP) dropped by two steps to the 12th position.
Tether (USDT) and Stellar (XLM) retracted by one step to rank at the 13th and 14th positions, respectively. Pancakeswap (CAKE) and Terra (LUNA) retained positions 15 and 16, while Celo (CELO) and Zilliqa (ZIL) swapped from 18th and 17th to now rank at 17th and 18th, respectively.
Biggest Winners & Losers: Hashflow, Aleph Zero shoots high; Proof Of Memes – Ethereum and MultiversX dives deep
Each week comes with a unique list of top winners and losers, which also goes for this week. Based on the voting results for this week, Hashflow (HFT) tops the winning list with a leap of 9513 steps from 9832 to 319. Aleph zero (Azero) followed with a 6652 position increase to 8517 from 15169. XDEFI came third by moving up 3192 levels from 8644 to 5452. Qatar 2022 (FWC) sports token was among this week’s winners entering the tier with a position shift of 1463 from 16248 to 14785. Finally on the top 5 winners list is BitDAO (BIT), rising 921 levels from 1304 to 383.
Proof Of Memes – Ethereum (ETH 2.0) is the top loser this week, losing 17802 ranks from 3638 to a new position of 21440. WX.Network Token (WX), MultiversX (Elrond), MusicFi (MC), and Cryptofi (CFI) are the other tokens to lose heavily from this week’s voting results.
Vote for Your Favorite Cryptocurrency on 18Digits
And that’s it for this week. We hope you found this review informative and enjoyable. Remember to vote for your favorite cryptocurrencies next week. If you’re new here, it’s very easy to get started. All you need is to sign up to become a member of the 18digits community. Check out the rules section to get the hang of how the community runs. See you next Friday!!