Here’s krypton that stayed green during the carnage
The crypto market is bouncing back from another sudden move into the lows with Bitcoin, Ethereum and other major cryptocurrencies recording heavy losses. In this perilous environment for risk, there are a select few tokens that remain in surplus with the potential to continue swimming upstream in the coming weeks.
At the time of writing, Bitcoin is back in its range and trading at $19,200, making a comeback after a quick retracement near its annual low. Ethereum follows a similar trend but still sustains some losses over the past 24 hours with Cardano and Solana performing the worst.
On the higher time frame, Cardano and Solana recorded a loss of 14% and 12% respectively in the last week. In particular, ADA has failed to provide warming following the implementation of Hard Fork Combinator (HFC) “Vasil”, which has led to sustained negative price action below support previously established at around $0.40.
These tokens gain profit as major crypto trend lower
Data from CoinGecko indicates that Huobi (HT), TerraClassicUSDC (USTC), Quant (QNT) and Maker (MKR) are the top assets in the area over a 7-day period. The first of these selected HT groups has a profit of 74% over this period.
Meanwhile, the algorithmic stablecoin of the failed Terra ecosystem experienced a 65% rally. While MKR and QNT have had modest gains north of 12% in the last week.
The former of these tokens, Huobi’s HT, is experiencing positive price development due to a potential takeover by About Capital of the exchange’s assets. Speculators are jumping into the action based on the potential for the platform to see the implementation of the token in new use cases, and the onboarding of new users.
TRON founder and diplomat Justin Sun, member of Houbi Global Advisory, hinted at this possibility via his official Twitter account. In that sense, and similar to USTC’s price action, these tokens are seeing positive price performance due to news-related events rather than fundamentals.
Of the cryptos in the group above, MKR has the most potential to maintain its bullish momentum. MakerDAO and the community of MKR holders have implemented proposals, with the support of big names in the industry, to improve the platform and its financial system.
Maker Governance voted to change the GUSD PSM parameters:
• Fee from 0 bps to 20 bps.
• Maximum debt ceiling from 60 million DAI to 500 million DAI.
• Measure available debt from 10 million DAI to 50 million DAI.
— Maker (@MakerDAO) 13 October 2022
Data from Material Indicators shows that nearly every investor class bought into MKR’s price action during this flash crash trading session. This allowed the MKR price to bounce back from a low of $927 to the current level of $937.
However, the cryptocurrency needs support from larger investors to extend the current bullish momentum. If the crypto market can hold off the bears from taking over the action over the weekend, MKR could make a run to the $1,000 price point.
