YOUC, WXT, ANC, HEX, WTRX: Why these cryptos grabbed eyeballs this week?

Highlights

• yOUcash (YOUC), Wirex Token (WXT), Anchor Protocol (ANC), HEX (HEX), and TRON (TRX) were the top gainers between 29 April and 6 May.
• On 6 May, the overall crypto market cap is at US$1.65 trillion, with a volume of US $122.33 billion after the massive market free fall.

It has been an eventful week for the cryptocurrency market. In a week that was filled with ebbs and flows, the crypto market, which on 29 April was placed at US$1.77 trillion, dropped to US$1.65 trillion in mere few hours.

All the gains seem to have rolled out due to a couple of bad days, resulting in the market crashing by 8.20% in the past 24 hours.  Leading cryptos, such as Bitcoin, Ethereum, etc., crashed, wiping around US$100 billion from the market.

However, not all cryptos saw such dips. A few tokens managed to register gains on a day that was nothing short of a nightmare.

Let’s look at the top five gainers of the week.

yOUcash (YOUC)

Mcap: US$4,219,901,251

yOUcash (YOUC) managed to finish the week on a strong point for the second time after registering gains of over 371.60% in the past seven days. Last week, the YOUC token was one of the top gainers registering gains of 2553.11%, as per CoinMarketCap.

As a decentralised, tokenised platform, the YOUC token is built on top of the Ethereum platform. The YOUC token offers the users seamless, quicker, and borderless micropayments from advertisers to its users.

Also read: The US$100-bn flash crash: Why are cryptos crashing today?

On 6 May, YOUC was unable to sustain its rally as it was down by 0.07% in the past 24 hours and was trading at US$0.501356 with a 24-hour trading volume of US$11,37,222.

On 5 May, YOUC managed to sustain its volume rally as it saw an increased investor interest resulting in a rally of 207.63%.

Wirex Token (WXT)

Mcap: US$130,750,804

Launched in: July 2019

As a multi-blockchain network, Wirex Token (WXT) primarily offers X-tras rewards. With increased speed and efficiency, the WXT crypto is designed to reward its users for their loyalty. Wirex Token offers the users the opportunity to additional rewards along with a 4% buyback in WXT every time they use their Wirex cards in-store or online.

This week, the WXT token registered gains of over 49.16% in the past seven days. At the time of writing, the 291-ranked WXT token was trading at US$0.013075 with a volume of US$62,73,040. The WXT crypto was up by 14.31% in the past 24 hours along with a volume gain of 205.92%.

Also read: Is Steem (STEEM) crypto feeling the heat of market free fall?

Anchor Protocol (ANC)

Mcap: US $726,408,825

Launched on: 17 March 2021

Launched in March 2021, the Anchor Protocol (ANC) crypto was founded by the Terraform Labs. ANC crypto is primarily a lending and borrowing platform that promises to offer up to 19.5% yield on stablecoin deposits.

The lenders stand a chance to deposit their UST and get returns on their investments. Due to this, the Anchor Protocol is ideal for those who are looking for high-yield, low-volatility investments, and increased demand for UST.

In the last seven days, ANC crypto managed to register gains of 19.17% and on 6 May was witnessing a rally of 4.84% with it trading at US$2.12 with a 24-hour trading volume of US$21,68,72,692.

HEX (HEX)

Mcap: US $31,227,369,701

Launched on: 2 December 2019

HEX is an ERC20 token that was launched by Richard Heart in 2019 on the back of an aggressive marketing campaign to build its userbase. HEX aims to be a store of value and leverages the emerging DeFi (Decentralised Finance) ecosystem.

Built on top of the Ethereum blockchain, users can send or receive the HEX tokens and get rewards for staking on the platform. The 201-ranked HEX token has been grabbing attention following its massive gain of over 11.43% in the past seven days.

The HEX cryptos hot streak seems to have halted largely due to the overall bearish crypto environment prevailing. The HEX was down by 5.89% in the past 24 hours and was trading at US$0.180077 with a volume of US$3,11,80,739.

TRON (TRX)

Mcap: US $8,073,169,856

Launched on: 25 July 2018

TRON (TRX) is a decentralised blockchain network that was launched by Justin Sun. Originally launched on Ethereum, it quickly developed its own network for its functioning.  

As an entertainment and content-sharing platform on a peer-to-peer (P2P) technology, Tron can accommodate smart contracts and build and deploy decentralised applications (DApps), which can be utilised for various purposes. As it doesn’t involve centralised platforms, it ensures that the users can do away with intermediaries thereby making it less expensive.

The TRX token in the last one week has witnessed gains of over 20.29% over the past week. The TRX crypto, however, was feeling the heat of the crypto crash as it was down by 4.74% in the past 24 hours.

The 18th ranked token was trading at US$0.079161 with a trading volume of US$3,46,93,20,500.  

Conclusion

The week saw mixed sentiments in the market with high price gains and sudden free falls. Therefore, as a market participant, it’s important to ensure proper market research is done before investors make any investment decisions.

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