Key facts:
Only two other coins rose to the cutoff of this report: Zcash and MANA.
FTT, the token of the FTX exchange, stands out as the least affected among the losers.
The cryptocurrency market closed another week in the red. And on this occasion, it did so in a way that could be classified as dramatic, considering how the Luna Foundation debacle, with Terra USD and LUNA, dragged the rest of the coins into the abyss.
Even bitcoin repeated the weekly close in the red for the seventh week in a row. Something unprecedented in the history of cryptocurrency to date. And the picture across the market was certainly bleak, with just 3 big-name coins in the green. And only one of them with a high increase percentage in the last 7 days.
That featured coin is MKR, the governance token of the decentralized finance (DeFi) protocol MakerDAO. Being the protocol where the DAI stablecoin is issued, which Terra USD was supposed to displace according to the words of the latter’s creator, the message from the market seems clear.
The other two currencies in green for this weekly newsletter are Zcash (ZEC), one of the most important with a focus on privacy; and token MANA from Decrentraland virtual lands project.
To close this weekly top, we selected the two coins with the lowest drop percentages of the week: the token FTT of derivatives exchange FTX and Polkadot (DOT)although with a depreciation of more than 8%.
During this week that ended, bitcoin fell more than 9%, despite a slight rebound in the last hours of this weekend. Even with worse performances, we find another of the 10 cryptocurrencies with the largest market capitalization, all above 10% drop: ether (ETH), Cardano (ADA), Solana (SOL) and Ripple’s XRP.
Maker dominates the DeFi market after the Terra debacle
Less than two months ago, the creator of Terra USD, Do Kwon, declared with great fanfare via Twitter that DAI, the stablecoin multi-collateral that is issued in the MakerDAO protocol, I would die “by their hands«. In short: that Terra USD arrived to end the DAI market.
So it’s not surprising that one of the market’s responses to the Terra USD debacle and the Luna Foundation project in general has been to give MakerDAO a big thumbs up. The capital locked in MakerDAO rose during the week and is approaching an equivalence of 10% of the entire DeFi marketaccording to data from DeFi Calls.
In the last 7 days, MKR had a rise of 38.75% at the cut of this report. Its price is 1,553 dollars, making it the fourth coin with the highest individual value on the market and number 42 in terms of total capitalization. Right now, it accumulates more than 1,500 million dollars of capital and moves a volume greater than 190 million in a range of 24 hours.
Edward Snowden: one of the creators of Zcash?
The second most successful coin in the bloody cycle of the last 7 days was Zcash (ZEC). The privacy-focused coin rose just over 4% after famous CIA worker Edward Sowden came out as one of the creators of ZEC.
In statements collected by Forbes, Snowden assured having been one of the six people who participated in the creation of the currency in 2016. The reaction of the market was neither very immediate nor very strong, but being one of the few in the green in the cut of this bulletin, it seems that Snowden’s fame would have given Zcash’s reputation a boost.
With the recent push, Zcash is priced at around $109 per unit, has a capitalization of more than $1.5 billion and is ranked 41st in the market.
Decentraland, the latest winner of this top cryptocurrency
The third and last survivor of the debacle is MANA. Decentraland’s native token is up a modest 1.17% in 7 days, at the end of this CriptoNoticias newsletter. With its price at $1.22 per unit, the coin is still in very negative numbers this year: more than 60% down in 2022.
MANA is ranked 33rd in the market, with a total capitalization that exceeds 2,200 million dollars and with trading volumes on exchanges of more than 640 million in the last 24 hours.
FTX Token, the least loser in recent days
FTT, a token of the derivatives exchange FTX, is one of the coins with red in the week least affected: in a market in which the main coins fell between 9% and more than 20% in 7 days (leaving aside the total collapse of Terra and its tokens), the -1.81% FTT seems irrelevant.
It is curious that the FTX token is among the survivors of this devastating week for thousands of investors in the world of cryptocurrencies. Especially considering that the exchange’s CEO and founder, Sam Bankman-Fried (SBF), defended the disgraced Terra founder, Do Kwon.
Through Twitter, SBF came out in defense of Kwon against the accusations that what happened with Terra was due to a scam. Nevertheless, stressed that the project model proved to have been “bad and finished very badly”.
The price of the FTX token at the end of this article is about 31 dollars, with a total capitalization of more than 4,300 million dollars. FTT is the currency market number 22 with that amount of capital, while moving only about 65 million dollars on exchanges in a 24-hour range.
Polkadot also does not survive the slaughter of the market
With -8.32% in the last 7 days, it seems impossible that Polkadot (DOT) is part of the top with the best returns. But it is, which speaks to how the rest of the cryptocurrencies had a very strong crash in the week.
DOT closed the court with a price of 11 dollars. More than 50% below its opening price this year. And not to mention how it is compared to its all-time high, set at around $53 last November. From that mark, DOT is down more than 70% to date.
Its market capitalization (Polkadot is number 11 in the ecosystem with the most capital invested) exceeds $10 billion and in the last 24 hours it has had a trading volume on exchanges of more than 1,000 million.