After another sharp drop into the lows, the crypto market has been rebounding. Ethereum, Bitcoin and many other major cryptocurrency cryptocurrencies are reporting heavy losses. There are still a few tokens that can make a profit in this risky environment. They have the potential to swim against the current in the weeks ahead.
Bitcoin has returned to trading levels at $19 200 as of the writing. This is a return after an abrupt relapse close to its annual lows. Ethereum follows a similar trend, but has lost some of its value in the past 24 hours. Cardano (the worst) and Solana are the best.
Cardano and Solana experienced a loss of 14% and 12% over the week. In particular, ADA has failed to fuel bullish momentum after the implementation of Hard Fork Combinator (HFC) “Vasil” which has led to a sustained negative price action below support previously established at around $0.40.
These Tokens Earn As Much Profits as Larger Crypto Trended Lower
CoinGecko’s data shows that Huobi, TerraClassicUSDC and USTC are the most successful assets in this space. This period saw a profit of 74% for the first of the selected HT groups.
The algorithmic stablecoin from the Terra ecosystem, which was destroyed by the financial crisis, saw a rally of 65%. MKR, QNT and QNT experienced modest gains of around 12% over the week.
The former of these tokens, Huobi’s HT, is experiencing positive price performance due to a potential takeover from About Capital over the exchange’s assets. The potential to have the token implemented in new uses and onboarding new users is what is attracting speculators.
Justin Sun (founder of TRON and Diplomat), is a member the 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.
MKR, the top crypto among the above group, has the greatest potential to continue its bullish momentum. MakerDAO, the MKR community, and major industry names have worked together to develop proposals for improving the platform and its Treasury system.
Maker Governance voted to change the parameters of GUSD’s PSM:
• Fee out from 0bps to 20bps.
• Maximum Debt Ceiling from 60 million DAI to 500 million DAI.
• Target Available Debt from 10 million DAI to 50 million DAI.
🗳 https://t.co/JKbYTaltG2 pic.twitter.com/NC6EwJymic
— Maker (@MakerDAO) October 13, 2022
Data from Material Indicators shows that almost every investor class bought into MKR’s price action during this trading session flash crash. MKR prices bounced from $927 low to current $937 level.
To maintain its bullish momentum, however, cryptocurrency requires support from bigger investors. MKR could make an attempt to reach the $1,000 mark if the crypto market is able to thwart the bears.