While the global crypto market goes through turbulent waters, experiencing a 3.42% decrease in its overall market capitalization, investors are closely monitoring the performances of different cryptocurrencies. In the midst of the crash,some have managed to defy the odds and emerge as gainers, while others faced the harsh reality of losses. Let’s delve into the crypto gainers and losers of the week.
Crypto Gainers: AI Altcoins Rise
Render (RNDR) and Akash Network (AKT) emerge as the shining stars in a sea of red, exhibiting impressive gains despite the overarching market downturn.
1. Render (RNDR)
Render, the artificial intelligence altcoin, has experienced a 31.16% increase in value in the last week. With a market capitalization value of $4.2 billion, Render has solidified its position as the 24th largest cryptocurrency.. In the past day, the trading volume of the token has seen a slight drop of 19.24%, reaching $483.96 million.
The sudden increase in RNDR price occurred following a presentation by Apple‘s vice president of platform architecture, Tim Millet, in which he referenced Octane, a 3D rendering software powered by the RNDR network, during the introduction of the new iPad Pro and its M4 chip.
2. Akash Network (AKT)
Another AI altcoin, Akash Network, has shown significant growth with a weekly rise of 28.98%. Despite slight fluctuations, the token has recorded a market cap of $1.3 billion, making it the 63rd largest cryptocurrency. Over the past 24 hours, there has been a 16.55% increase in volume, totaling $257.9 billion.
The positive development for AKT involves surpassing a diagonal trendline in the 4-hour timeframe, indicating a potential reversal of the downward trajectory and bullish market sentiment. To consolidate gains, AKT aims to sustain the previous week’s high of $5.095 as a crucial support level, solidifying its market position.
Crypto Losers: Core (CORE) and Bonk (BONK)
Conversely, Core (CORE) and Bonk (BONK) are both experiencing losses this week as they struggle with substantial drops in their market prices.
1. Core (CORE)
Core has seen a decrease of 21.41% in the last week, showcasing the challenges that some cryptocurrencies are encountering in today’s market environment. Core is holding the 60th largest cryptocurrency, with a market capitalization of $1.4 billion. The token of the layer 1 blockchain that that is compatible with Ethereum Virtual Machine (EVM), has experienced a 11.04% reduction in trading volume over the last 24 hours, resulting in a total of $69.89 million.
2. Bonk (BONK)
BONK price experienced a decrease of 18.35% over the week, highlighting the volatility that comes with the cryptocurrency market. Even with this setback, the Solana memecoin has recorded a market capitalization of $1.47 billion, solidifying its position as the 59th biggest cryptocurrency. BONK’s trading volume has grown by 5.50% over the past day, now standing at $238.91 million. Unipics, known as “Bonk Guy,” shared a bullish outlook on Bonk. He believes BONK’s recent weakness is due to token vesting for OpenBook users, causing sell pressure. With the vesting period ending soon, he expects a change in market dynamics.
Conclusion
As investors navigate through these fluctuations as demonstrated by the crypto gainers and losers, it is becoming clear that some sectors in the cryptocurrency industry, especially AI-based focused projects like Render and Akash Network, are maintaining resilience and potential despite market obstacles. On the other hand, Core and Bonk cryptocurrencies highlight the risks that come with investing in this growing asset category. As always, it is crucial for both cryptocurrency enthusiasts and investors to stay informed and alert.
The post Crypto Gainers and Losers of the Week appeared first on CoinGape.
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