Another week has passed, which means it is time for our weekly recap, where we analyze the recent news regarding the cryptocurrency market and how their effects are reflected in the top 10 tokens by market capitalization, along with the 10 tokens that experienced the largest growth in the past seven days. Let’s take a look:
Top 10 Cryptocurrencies - Market Value
1 - BTC: $5408.39, with a change of -3.98% since yesterday and -39.26% since last week.
2 - ETH: $128.19, with a change of -5.35% since yesterday and -46.09% since last week.
3 - MIN: $1.088, with a change of -28.66% since yesterday and -17.82% since last week.
4 - XRP: $0.1518, with a change of -5.24% since yesterday and -35.87% since last week.
5 - USDT: $1.005, with a change of -0.20% since yesterday and 0.10% since last week.
6 - BCH: $169.99, with a change of -4.60% since yesterday and -48.68% since last week.
7 - LTC: $35.54, with a change of -6.42% since yesterday and -41.33% since last week.
8 - BSV: $120.35, with a change of -1.59% since yesterday and -48.73% since last week.
9 - EOS: $2.022, with a change of -4.76% since yesterday and -44.66% since last week.
10 - BNB: $10.73, with a change of -3.07% since yesterday and -47.06% since last week.
As the situation with COVID-19 continues to get worse as days go by, with most of European authorities suggesting people should stay at home, the U.S. cancelling any trips from and to Europe by federal order and a massive wave of unfounded hysteria is driving people to impulse-purchase certain products in bulk, markets are hurting deeply from the big reductions in production and consumption.
We have seen before how difficult times for traditional economics drive people towards cryptocurrency as a safe haven, an alternative that is allegedly protected against all of these factors that may generate big spikes or drops, but what we’ve seen this week is a direct contradiction to this claims. The crypto market dropped over $100 billion in the last week, which can easily be seen in the plots above.
BTC fell down to around $5,400, low marks we have not seen since last April, and the same goes for the rest of the big names in the market. Given how governments from all around the world are taking more serious measures to try and control the spread of COVID-19, investors and enthusiasts are dropping out of such a volatile market as cryptocurrency for more stable alternatives, which may explains the rise in government bonds.
A side effect of this market-wide drop is that certain tokens get the chance to climb the ranks and settle down in a high spot on the table for a while, which is the case for MINDOL, an Ethereum-based token minted by the platform of the same name, oriented towards financing and supporting the rise of Japanese “geek culture” all around the world, by offering users access to animation, movies, games, merchandise, music and more.
The platform was previously on a hiatus since December 2018, when they announced on Twitter that the projects associated with them would be postponed indefinitely, but they resumed their operations back in November 2019. For the last months, the price of MIN has been climbing steadily, and it seems that the drop in the market did not affect it as hard as the rest of the tokens, meaning that it experienced not much of a spike and the rest of the market dropped to its level instead.
The entire cryptocurrency landscape is being hurt in a similar degree as traditional stock markets, which means that pure-crypto traders need to start looking at these other markets to be aware of the complete situation, instead of isolating themselves to the idea that their digital assets are completely invulnerable to any external factor.
Top 10 Cryptocurrencies - Performance
1 - QNTU: $0.0000323, with a change of 21.86% since last week.
2 - HVN: $0.002213, with a change of 17.95% since last week.
3 - DREAM: $0.03082, with a change of 8.71% since last week.
4 - CVT: $0.003821, with a change of 3.78% since last week.
5 - DAI: $1.02764, with a change of 2.78% since last week.
6 - USDS: $0.934, with a change of 2.25% since last week.
7 - GUSD: $1.027, with a change of 1.39% since last week.
8 - ANCT: $0.793, with a change of 0.34% since last week.
9 - PAX: $1.005, with a change of 0.10% since last week.
10 - BUSD: $0.999, with a change of 0.07% since last week.
The great fall of the market has made it so small projects struggle a little more to raise enough momentum to reach big numbers in terms of growth, meaning that increases in the two digits may as well be the best performing token of the week, which is the case for the Quanta Utility Token, which will be the subject of our special feature for next week.