Despite the ongoing bear market, crypto markets ended Q1 of 2021 as one of the best-performing sectors in finance, boosted by bullish narratives related to the banking sector crisis and low liquidity. However, in April, major cryptocurrencies appeared to have lost some momentum and were range-bound last week.
Bitcoin, the largest cryptocurrency with a market cap of $548 bln, is trading at around $28,352, at the time of writing, according to CoinGecko. While barely moved in the past week, BTC/USD has recorded 40.4% gains in the past month and is up 70.5% year-to-date (YTD). Bitcoin is still down 59% from its all-time high of $69,000 in Nov. 2021.
Ethereum, on the other hand, managed to see some greens, recording an increase of 3.6% in its price this past week. Earlier in the week, Ether managed to breach $1,920 only to fall back. Trading at $1,860 at the beginning of this new week, ETH is up about 30% in the past month and 55% in 2023 so far while still down almost 62% from its peak. Click here if you want to learn all about investing in Bitcoin, and tap here for Ethereum.
Much like these two majors, the rest of the crypto market hasn't been doing much lately. This has put the total crypto market cap up only about 1.56% in the past week as it stands at $1.23 trillion on Monday, nowhere near the $3 trillion mark from Nov. 2021.
While the crypto market has barely moved since late March, some tokens are still outperforming the market, not only on the upside but also on the downside. So, let's see the movers and shakers of this week.
First, heading into Monday, the following are the biggest movers of the past week:
The $542 million market cryptocurrency XRD is up 28.5% in the past seven days to now trade at $0.054. However, the token is already down 3.6% in the past 24 hours while recording $4.9 mln in volume during the same period. XRD is also up about 40% in the past month but down a whopping 92% from its ATH of $0.65 in Nov. 2021.
Radix (XRD) is a decentralized network for developers to build securely and without size restrictions, with staking made simple via delegated proof of stake. It aims to create an open, interconnected platform for sophisticated DeFi applications with unlimited scalability, royalties, and a great user experience.
Radix started 2023 with a bang, as evidenced by XRD's impressive performance on the cryptocurrency charts. This surge is attributed to the launch of Babylon RCnet, Radix's latest milestone release, offering new features and capabilities for developers and users alike. RCnet includes a Core API that is likely to attract even the most experienced exchanges and front-end tools and standards aimed at early adopters.
December saw the highly anticipated launch of Babylon Betanet, which served as an ideal launchpad for an exciting start to the new year. In January, XRD became available for purchase through debit or credit card transactions via Switchere, and Radix followed up with the Radix Grant Program launch.
With six promising projects accepted into the 12-week program, the Radix ecosystem is expected to receive a significant boost in value. In February, the Radix team participated in the Scrypto DeFi Challenge, competing for a share of the $50,000 prize pool using Scrypto as their native language.
Finally, in Q1 2023, the Babylon RCnet officially went live, providing 8,000 Scrypto developers with a core API for exchanges and more robust front-end features.
Bitget Token (BGB)
Up 14% in the past week, BGB is another top-performing coin. With a market cap of $642 mln and a 24-hour volume of $33.4 mln, BGB stands at the 76th position. It is also in the green on Monday by 11.8%. The token is actually only about 10% off its peak of $0.515, which BGB hit earlier this year in late Feb.
BGB is the native ERC20 token of BITGET, a cryptocurrency futures and spot trading platform that offers futures trading, copy trading, C2C trading, and spot trading. The token is used for transactions and availing services on the platform. BGB holders can also stake their tokens to get rewards.
Most recently, VC fund Dragonfly invested $10 million in Bitget to support its market and service expansion and CSR initiatives.
“As the fastest-growing exchange in the past 12 months, this investment is a recognition of our focus on BUIDL in the bear run. Except for the cash inflow, what will benefit us more from the Dragonfly partnership is their crypto savvy and insights. Together, we will be able to discover more growth opportunities and contribute more to the sustainable growth of our industry,” said Gracy Chen, the Managing Director of Bitget.
Bitget has also partnered with Space and Time for proof of reserves and Lionel Messi and Juventus for sponsorship. Additionally, it collaborated with Capitual to participate in Brazil and Argentina's CBDC projects and expand its reach to “government-level” initiations.
Dev Protocol (DEV)
Among the low-cap coins, the $33.2 mln market cap DEV token is up 3,621% in the past week with a 24-hour volume of $34,269. DEV token is down 98.54% YTD, as per Messari. However, it should be noted that low-cap crypto can be easily pumped and dumped.
That said, in March this year, the Dev Protocol (DEV) team unveiled an exciting new feature called Clubs. This all-in-one ecosystem allows creators to easily bring their communities into the world of Web3 in a matter of minutes.
Now, the Clubs plugin marketplace has officially gone live, giving creators access to a wide range of new Web3 tools that they can use to engage and grow their communities in even more impactful ways.
Some honorable high-performers include RUNE (11.2%), CRV (10%), MIMO (3,514%), and XEN Crypto (1,603%).
Now, let's take a look at the biggest losers of the past week:
With losses of 14.2%, KAS is the worst performer heading into Monday. However, the $608 mln market cap coin is seeing gains of 13.5% in the past 24 hours and recording $12.9 mln in volume during the same period.
The last week's losses for KAS actually came after a stellar past month, during which it went up by 140%. Just about a week ago, the coin hit its ATH at $0.0428 on April 2nd. Currently, down 20% from this high, KAS is trading at $0.034 as of writing this.
Kaspa (KAS) is a technology that focuses on simplifying the development and deployment of dApps for developers. The platform uses the unique GHOSTDAG protocol, which allows for the processing of almost 100 blocks per second.
Unlike other platforms, Kaspa is independent of major investors and has no pre-generated tokens.
The project was created by David Vorick's team of developers, who also founded the decentralized cloud storage platform Sia. The main goal of KAS is to build a more scalable and user-friendly decentralized blockchain network than existing cryptocurrencies.
With a market cap of over $2 bln, HBAR is the 33rd largest cryptocurrency which is down 10.4% in the past week to now trade at $0.0657.
In the past 24 hours, the token has gone up by 2.8% and recorded $37.75 mln in trading volume. HBAR is down by more than 69% in the past year and has lost 88.5% of its value from its ATH of $0.569 in Sept. 2021.
HBAR is the native cryptocurrency of Hedera, a public network designed for enterprise-grade applications. Based on a PoS model, Hedera is known for its scalability and efficiency, for which it uses Hashgraph, a distributed ledger technology.
HBAR tokens are used to pay network transaction fees, which are frequently used for file storage, smart contracts, and regular transactions. Users can stake HBAR to help maintain the network's integrity, and the project aims to be a disruptor in smart contracts, with a speed ten times faster than Ethereum. However, competition in this space is strong, which could be affecting the token's performance.
Base Protocol (BASE)
This $0.31 mln market cap token with a 24-hour volume of $1,130 is down 99.96% this past week. Being low-cap crypto means the token can be easily pumped and dumped.
Back in February, BASE saw a 385% rally due to a misunderstanding about its connection to Coinbase's Layer 2 launch. However, this led to a correction of almost 75%.
BASE is a rebasing crypto project pegged to the total crypto market cap whose social media accounts and development activity have been quiet recently.
Its Twitter account has been inactive since September 2021, the last GitHub update was in December 2020, and nothing new has been added to its Medium blog since late July 2021.
Other notable losers include Aptos (10.4%), WBT (8.9%), ZIL (8%), STX (4.5%), PLG (98.3%), and Ordinal Doge (96.5%).