Crypto markets had quite an eventful week. While Bitcoin [BTC] seemed steady, altcoins experienced significant fluctuations. Some, like Aerodrome Finance, Mantle, and Lido DAO, skyrocketed, while others like Monero and Toncoin faced losses.
Let’s explore the biggest winners and losers from the crypto space this week.
Weekly Winners
Aerodrome Finance [AERO]
Aerodrome Finance saw an impressive surge of 56%, climbing from below $0.80 to over $1.25 before settling around $1.17. This upward trend was bolstered by a spike in trading volumes and strong support indicators. Notably, the news about decentralized exchange (DEX) trading being introduced on the Coinbase app in the U.S. generated excitement among investors.
Mantle [MNT]
Mantle soared nearly 52% this week, jumping from around $0.68 to over $1.05. The price action remained bullish, particularly following announcements that key executives from Bybit would join Mantle as advisors. This development has instilled confidence among investors, pointing towards potential further gains.
Lido DAO [LDO]
Lido DAO had a great week too, increasing nearly 47%. The token bounced from $0.87 to around $1.37 before stabilizing at $1.27. Traders are eagerly awaiting an upcoming Tokenholder Update Call on August 14, where new insights about the project’s roadmap will be shared, likely maintaining investor interest.
Other Notable Winners
Smaller tokens like MYX Finance and Loan Protocol also took off, with MYX skyrocketing by an astonishing 1,323.8% to $1.64. Loan Protocol followed closely with a 253.1% increase. Such movements highlight the speculative nature of the market and the potential for high rewards, albeit with high risks.
Weekly Losers
Monero [XMR]
Monero experienced a downturn, dropping from over $300 to around $270.92. Concerns around its mining centralization due to Qubic’s mining pool controlling over 40% of its hashrate have fueled fears regarding its transaction integrity. This uncertainty has contributed to its recent declines.
Toncoin [TON]
Toncoin faced a reduction of 10.38%, falling from above $3.60 to about $3.32. Despite a small spike following some positive Telegram news, the overall sentiment has remained bearish, pushing it back into a downward trend.
XDC Network [XDC]
XDC Network continued its losing streak, slipping from around $0.093 to approximately $0.088. The market bias appears tilted towards further losses unless a reversal emerges soon.
Wrap-Up
This week’s market swings illustrate the inherent volatility of cryptocurrency trading. While opportunities for profit exist, it’s crucial to stay informed and cautious. The dynamic nature of crypto means that buy-and-hold strategies might quickly turn risky, while savvy traders could capitalize on short-term movements.
As always, keep an eye on market trends and be prepared for whatever comes next!
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