- CoinLoan (CLT), Sapphire (SAPP), BinaryX (BNX), AXEL (AXEL), and Maker (MKR) outperformed Bitcoin and were the top performers of the week between 6 May and 13 May.
- The mayhem has reduced the overall crypto market cap to US$1.31 trillion and the total volume was placed at US$146.42 billion.
The crypto market has seen an eventful week. The crypto market lost US$200 billion in a single day reducing the global market cap to US$1.21 trillion. The US$200-a-day loss on 12 May was largely due to the Terra crash, which lost 100% of its value since it achieved its all-time high.
Besides, the overall crypto market was stung by the aftereffects of the US Federal Reserve’s decision to increase the interest rates by 50 basis points. This led to Bitcoin dipping under US$30,000 and touching US$26,350.49, which created a huge sell-off pressure.
However, the market on Friday seemed to have recovered some of the losses, as the market picked up slight momentum and was up by 9.21%. The total market capitalisation was at US$1.31 trillion with an overall volume of US$142.29 billion.
Image credit: 2022 Kalkine Media®
Image description- The crypto market lost US$200 billion in a single day reducing the global market cap to US$1.21 trillion
Amid all the carnage, a few tokens managed to do well outshining the likes of Bitcoin, Ethereum, XRP, Dogecoin, etc., which ultimately brought some cheer to the overall market.
Let’s look at the top five cryptos that were top gainers of the week.
Mcap: US $44,171,515
Launched in: November 2017
Founded by Alex Faliushin and Max Sapelov, CoinLoan is a European crypto-lending platform that offers interest-earning deposits, fiat & crypto loans for its users. The Estonian-based firm was launched in 2017, its instant loan offerings allow users to avail of crypto-backed loans with a 20% to 70% loan-to-value (LTV) ratio with a 1 to 36 months loan duration period. Besides, as a service it also allows the users to exchange their crypto assets, stablecoins, and fiat currencies.
CoinLoan is governed by its native token CLT, and it had managed to register a gain of 39.96% in the past seven days, as per CoinMarketCap.
On 13 May, the 428-ranked CLT token was able to maintain its momentum with a rally of over 28% and was trading at US$22.45 with a 24-hour trading volume of US$1,51,164. The token also managed to attract an impressive volume rally of over US$36% in the past 24 hours.
Launched in: June 2019
Dubbed as a token for doers, the Sapphire (SAPP) token intends to be used in a real economy as a stable mode of payment. It will be issued only to partners who bring value to the project. The goal of the project is to develop an easy-to-use and fast payment transfer system.
The SAPP token this week has been the second-highest achiever registering gains of over 25.68% in the past seven days.
At the time of writing, the 220-ranked SAPP token was still managing to gain significant traction, registering gains of 6.6% in the past 24 hours. On 13 May, the SAPP token was trading at US$0.759429 with a trading volume of US$17,10,054.
Mcap: US $274,916,621
A project of CyberDragon, BinaryX is primarily a play-to-earn game on the Binance Smart Chain (BSC) blockchain. As a decentralised derivative trading protocol, BinaryX is aimed to cash in on the boom of the GameFi sector.
BinaryX with its metaverse game CyberDragon is attracting gamers and developers to its platform. This has resulted in it achieving a gain of 18.61% in the past seven days.
On 13 May, the BNX crypto was one of the top gainers of the day registering gains of over 39%. It was trading at US$137.26 with a 24-hour trading volume of US$9,84,01,971 in a day.
Mcap: US $49,384,441
Launched in: February 2019
AXEL token is built on the thesis of making a product that offers data custody options to millions of its users. With its native token AXEL, the users can transfer their data using the Proof-of-Stake consensus and make it mandatory for the master node holders to stake to participate in the network. AXEL uses new technologies such as blockchain and the InterPlanetary File System to facilitate data transfers.
The AXEL crypto over the past week has registered gains of 18.85%. On 13 May, the AXEL crypto was garnering good attention as it was up by 6.10%. It was trading at US$0.174033 with a volume of US$1,27,134 over a day.
Launched in: December 2017
Maker (MKR) is primarily a governing token of MakerDAO and Maker Protocol. As a decentralized organization, MKR crypto is primarily based on the Ethereum blockchain, which allows the users to manage and issue the DAI stablecoin.
MKR tokens allow the users to share their voting rights and give the holders voting rights.
The MKR token in the last one week has witnessed gains of over 8.49% over the past week. The MRK crypto was also one of the top-performing cryptos of the day as well as it was up by 28.24% in the past 24 hours. The 45-ranked token was trading at US$1,448.07 with a 24-hour trading volume of US$37,12,19,622.
While the crypto week has been in news for the wrong reasons, the gain made by these cryptos and other cryptos like these has managed to save the week from a total disaster.
But, at a time when the crypto market is extremely volatile, with prices of cryptos changing daily, investors would do well to study the market trends and movements before entering the market.