- Terra (LUNA), IDEX (IDEX), PolySwarm (NCT), DIA (DIA), and Kyber Network Crystal v2 (KNC) were the top gainers this week despite overall gloom in the market.
- The gains made by these cryptos helped the crypto market surge over 3.91% taking the global market cap to US$1.29 trillion. The total volume was placed at US$83.79 billion.
The crypto market continues to leave investors in shock and awe since the bloodbath last week. The Terra (LUNA) crash, which led to the crypto flash crash last week, is now suddenly showing signs of life.
The crash did see Luna losing its 100% value since achieving its all-time high in April 2022 resulting in the de-pegging of its stablecoin TerraUSD (UST). But this week, the LUNA showed signs of revival.
The market’s revival on 20 May comes at a good time for the market after Terra’s crash sparked a huge sell-off resulting in the global crypto market losing over US$600 billion.
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However, the market on Friday showed some signs of recovery registering a gain of over 4.05% and enjoying a global market cap of US$1.29 trillion with a volume of US$83.79 billion.
But one token which seems to have taken everyone by surprise is Terra (Luna) as it was the top gainer of the week. Besides this, IDEX (IDEX), PolySwarm (NCT), DIA (DIA), and Kyber Network Crystal v2 (KNC) registered gains this week.
Let’s look at the top five cryptos which were top gainers of the week.
Launched in: January 2018
Terra (Luna) was the top crypto of the week, registering gains of over 272.23% in the past 7 days. Terra’s managed to gain ground over the past week largely on the back of trading volume recovery, which saw an increase of over 200% this week.
This helped Terra to wriggle out of the hole and as of 20 May, it has managed to register gains of over 13808.6% from its all-time low which was registered on 13 May.
The fiat-pegged stablecoin protocol, which aims to offer price stability, struggled to showcase any form of momentum, but the volume gain seems to have catapulted Terra back into some form of normalcy.
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On 20 May, the 213-ranked Luna token was able to see a rally perhaps for the first time since its fall as it was up by 5.79% and was trading at US$0.000140 with a 24-hour trading volume of US$51,45,30,440.
However, the token hasn’t managed to attract market participants onto its platform since the weekend as the trading volume was down by 40.36%, according to CoinMarketCap.
Mcap: US $49,936,108
Launched in: September 2014
Built on top of the Ethereum platform, PolySwarm is the second-highest grosser of the week. PolySwarm is primarily a crowdsourced threat intelligence marketplace, which offers unique ways to detect, analyse, and respond to threats.
Driven by its native token NCT, PolySwarm depends on its community for detecting malware. NCT rewards its users to provide cyber security and is used to access insights provided by the network.
The NCT token witnessed a gain of over 99.37% over the past week and on 20 May, it was trending hot with gains of over 67.32%. The NCT crypto on Friday was trading at US$0.034173 with a 24-hour trading volume of US$1,60,67,053.
Mcap: US $61,857,480
Launched on: April 2018
The Ethereum-powered IDEX (IDEX) is a unique decentralised exchange that combines the best of centralised as well as a decentralised exchange. It offers protocol security and liquidity.
IDEX protocol protects its users against failed trades and shields against attack, along with the cost-effectiveness while placing or canceling orders. Besides, IDEX crypto also offers arbitrage opportunities on other exchanges for its users.
IDEX was the third-highest grosser of the week with gains of over 91.55% over the past week. At the time of writing, the 366-ranked IDEX token was still rallying by 10.55% and was trading at US$0.095452 with a trading volume of US$5,77,14,482 over a day. The IDEX crypto was also enjoying a volume rally of over 10.50% at the time of writing.
Kyber Network Crystal v2 (KNC)
Mcap: US $476,698,657
Launched in: September 2017
Kyber Network is a hub of liquidity protocols that offers liquidity through multiple sources to ensure instant and secure transactions on any DApp. The main motive of the Kyber Network is to ensure that DeFi DApps, DEXs, and other users have seamless access to liquidity pools at the best rates.
The transactions, which happen on the Kyber Network, are instantly verified using any Ethereum block explorer. The Kyber protocol was seeing good traction as it garnered gains of over 71.80% over the past week.
The momentum in KNC crypto was visible on 20 May as it was up by 31.98% and was trading at US$2.68 with a trading volume of US$53,38,42,028 over a day.
Mcap: US $45,113,966
Launched in: August 2020
DIA (DIA) crypto is primarily a multi-chain, end-to-end, open-source platform that enables sharding as well as validation of data feed. DIA’s institutional-grade data feeds cover asset prices, metaverse data, lending rates, etc.
The DIA token in the last one week has witnessed gains of over 63.80% over the past week. The DIA crypto, however, was unable was able to maintain its momentum on 20 May as it was down by 8.37% and was trading at US$0.622197 with a 24-hour trading volume of US$7,97,90,822.
The current week’s performance is a classic example of how the crypto’s prices and performance can change at any given point in time. Besides, Terra’s example also showcases why the market participants need to be wary of price volatility and therefore, must do their respective market research before entering the crypto market.
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