Cryptocurrency Tops and Flops: Nothing Stops SingularityNet’s AGIX

The year has gotten off to a pretty good start for the cryptocurrency space, with Bitcoin managing to recoup its losses from the FTX crash. Likewise, Ethereum has gloriously climbed back above the symbolic $1,500 mark. However, it is not these cryptocurrencies that have really benefited from the context of the recovery. Discover the best performances of the crypto market in our Tops and Flops of the week section.

Overview of the week

While the cryptocurrency market ended 2022 on a bearish note, 2023 is looking pretty good. After 15 days, the total capitalization of the sector has increased from $813 billion to $972 billion, an increase of 19.55%. Bitcoin turned the $20,000 mark and Ethereum fell comfortably above $1,500. And let’s not talk about the performance of altcoins! Solana in particular has seen its price more than double since the start of the year.

However, this technical upswing seems to mask the fact that the bear market continues to affect the crypto industry. This week, Coinbase, Crypto.com and SuperRare parted ways with a good number of their employees. The week before, Huobi had announced a 20% reduction in its staff. Along with the wave of layoffs, the conflict between DCG and Gemini is the second black spot of the week. Incidentally, DCG’s Genesis and Gemini are both being sued by the SEC for illegally raising funds through the EARN program.

Aside from the bull run, the other good news is: FTX’s restructuring team’s lawyers announced that they were able to recover $5 billion of the platform’s funds. They also plan to sell companies acquired by the exchange to speed up the repayment process for platform customers.

Now, without further ado, let’s get to the cryptocurrency highlights and flops of the week:

Top cryptocurrencies: AGIX, the grand champion of recovery

Cryptos Current course Profit in 7 days Current position
SingularityNET (AGIX) $0.19 226.56% 130
Serum (SRM) $0.454 176.76% 177
Aptos (APT) $8.13 106.45% 46
NuCypher (NU) $0.1661 89.12% 179
Decentralized country (MANA) $0.6826 81.03% 39
Source: Coinmarketcap

SingularityNET’s AGIX token is leading the progress in the crypto sector. In fact, the data indicates that the price of the cryptocurrency would have increased by 226.56% in the last 7 days. Based on its peak during the week, its growth even reaches 428%. The good performance of SingularitNET is linked to investors’ enthusiasm for artificial intelligence projects since the beginning of the year.

Learn more about the great performance of AGIX by reading our following article:

🤖SingularityNet (AGIX): The nugget of the crypto sector at the start of the year!

As for Serum (SRM), it would not have any particular reason behind its rise, except that it is a project trying to recover from the ways of decline. The cryptocurrency was among the initiatives whose price weakened after the collapse of FTX. The reason: Børsen’s investment arm, Alemada Research, was among the major investors in the project. So Serum would have taken advantage of the overall rebound to get a real breath of fresh air.

Aptos (APT), for its part, is enjoying the hopes placed on cryptocurrency. Besides, the founders of the project present it as the most secure blockchain in the industry. Many analysts believe that the APT token could replicate the performance of SOL in early 2021.

As for NuCypher and Decentraland, there are no specific reasons behind the growth of these two cryptocurrencies. However, this needs to be clarified metaverse project tokens have experienced relatively high growth compared to the rest of the market. Flow (+52.1%), Sandbox (+45%) and GALA (+57%) in weekly data.

Cryptocurrency flops: Neutrino USD plummets

Cryptos Current course Growth in 7 days Current position
Neutrino USD (USDN) $0.3621 -18.65% 121
Nexo (NEXO) $0.7346 1.93% 83
Pax Gold (PAXG) $1899.87 2.08% 74
XDC Network (XDC) $0.0276 2.38% 96
Huobi Token (HT) $5.14 7.28% 56
Source: Coinmarketcap

The Waves network stablecoin continues its descent into hell. Its current price, $0.3621, is moving further and further away from its dollar peg. During the week, USDN lost 18.65%, the worst performance in the entire crypto market. Despite the announcement of the rescue plan for the founders of the stablecoin, it no longer comes to the exchange. Everything indicates that it will follow in the footsteps of its colleague UST.

As you can see, other cryptocurrencies did not experience negative growth. Their performance was simply less explosive than the market average. For example, Pax Gold, the cryptocurrency that replicates the price of gold, is usually a project that grows at fairly moderate levels as its benchmark.

As for Huobi Token (HT), we understand that financial concerns are still weighing on the development of the token on the stock market. As for Nexo and XDC, we couldn’t find any specific reason behind their underperformance.

Moral of the story: While some are already clamoring for the bull run to return after this good start to the year for the crypto market, it’s important not to sell the bear’s skin before killing it.

Disclaimer

All information on our website is published in good faith and for general information purposes only. Any action taken by the reader based on information found on our website is entirely at the reader’s own risk.

Leave a Comment