Crypto market’s weekly winners and losers – AAVE, XAUT, WIF, PYTH

Aave and Tethere Gold were the gainers of the past week.
Dogwifhat, Ethena, and Pyth Network were the biggest losers of the week.

As an analyst with over a decade of experience in the financial markets, I must say that this week has been quite the rollercoaster ride for cryptocurrencies. While some assets managed to hold their ground, many took a significant beating.

As a long-time cryptocurrency investor, I must say that this week has been incredibly challenging for my portfolio. The market seems to be taking a turn for the worse, with nearly all crypto assets experiencing significant losses. In contrast to last week’s promising gains, memecoins like Dogwifhat have fallen into the loser category, leaving me questioning my investment decisions. It’s disheartening to see my hard-earned savings dwindle, but I remain cautiously optimistic that the market will recover and provide opportunities for growth in the long run.

According to the tracked data, only two assets managed to avoid this downward trend.

Biggest winners

Aave (AAVE)

Examining Aave’s day-to-day performance, it was observed that the past week was quite turbulent. The week started with a dip of more than 2% causing the price to fall from roughly $101 down to around $98.6.

Afterward, there was a significant upward movement in AAVE, reaching its peak on 1st August with an 8.61% rise, pushing the price above $116.

Over the course of the week, AAVE experienced a substantial decrease of more than 4%, ending near $105. This downturn came after a drop of over 5% the previous day, which pushed the price down to approximately $110.

Crypto market’s weekly winners and losers – AAVE, XAUT, WIF, PYTH

Regardless of the ups and downs, information from CoinMarketCap showed that AAVE had the biggest weekly gain, amounting to a total rise of 8.25%.

Currently, according to recent statistics, AAVE‘s market capitalization is close to $1.6 billion, and its trading volume surpasses $265 million.

Tether Gold (XAUT)

Apart from Tether Gold (XAUT), the sole other asset on the list of this week’s gainers showed a 2.42% increase. Initially priced at about $2,387 at the start of the week, Tether Gold saw its value rise, ending up at approximately $2,474 by the end of the week.

Much like the pattern observed in African American Vernacular English (AAVE) where a surge is followed by a dip and finally stabilization, I noticed a similar trend with XAUT‘s price. It spiked, dipped, and settled at approximately $2,445 at week’s end. At this moment, Tether Gold boasts an impressive market capitalization of around $602 million, with daily trading volume hovering near the $6 million mark.

Biggest losers

Dogwifhat (WIF)

Based on my extensive experience in financial markets and having closely monitored Dogwifhat (WIF) for quite some time now, I must admit that its performance over the past week has been rather disappointing. Upon examining its daily timeframe chart analysis, it appears that there is a clear downward trend which I believe could be indicative of a larger market correction. As someone who has witnessed numerous market cycles, I would advise caution when investing in this particular stock for the near future. However, as always, I encourage everyone to conduct their own due diligence and make informed decisions based on their unique financial goals and risk tolerance levels.

Based on AMBCrypto’s assessment, Wrapped Bitcoin (WIF) fell for six out of the last seven days. The downward trend started with a 2.9% decrease on Monday, causing its value to drop from approximately $2.48 to $2.41.

After this, there were continuing decreases, with only a minor rise of almost 1% on July 30 being the only instance where there was an upward trend.

On August 2nd, we saw a substantial drop in price, with a fall of more than 15%. As the week came to a close, the price of WIF was roughly around $1.60.

Data from CoinMarketCap indicated that WIF’s overall decline for the week was 35.75%.

Crypto market’s weekly winners and losers – AAVE, XAUT, WIF, PYTH

The Relative Strength Index (RSI) for WIF is almost at 30, which typically signals a powerful downward trend and suggests that the asset has been overbought. At present, WIF’s total market value is more than $1.5 billion, and daily trading activity surpasses $360 million.

Ethena (ENA)

As a seasoned cryptocurrency investor with years of experience under my belt, I have seen countless digital assets rise and fall, but few have caught my attention like Ethena (ENA). This week, it was unfortunate to see this coin slip from its previous position as one of the market’s top performers to become the second-biggest loser.

Over the course of the week, ENA saw a series of drops, culminating in a near-low of about $0.31. According to data from CoinMarketCap, this cryptocurrency faced a weekly decrease of approximately 28.58%.

Currently, the market value of Ethena is approximately $583 million, and its daily trading volume is roughly $58.6 million.

Pyth Network (PYTH)

As a seasoned cryptocurrency investor with years of experience under my belt, I’ve seen my fair share of market fluctuations. This week, I found myself closely watching the performance of two digital currencies: Pyth and Pepe. Both experienced significant declines, but it was Pyth that took the third-largest hit, losing 27.24%. To put this into perspective, consider that just a few weeks ago, Pyth was one of the top performers in the market. Yet, as I’ve learned throughout my investing journey, volatility is an inherent part of the crypto world.

Observing the pattern of Pyth’s price fluctuations this week, it initially traded around $0.39. But it faced a series of drops daily, concluding the week near $0.28.

Despite this drop, Pyth’s market capitalization remains over $1 billion, with a trading volume of around $50.4 million as of this writing.

Conclusion

As a researcher studying market trends, here’s my summary of this week’s top performers and underperformers: Keep in mind that the market is inherently unpredictable, with prices fluctuating swiftly due to various factors.

Thus, doing your own research (DYOR) before making any investment decisions is best.

2024-08-04 22:16