The crypto market hasn't been very bullish this week, as shown by the current -2.47% decline in the total market cap, according to TradingView.
This metric has dropped from a high of nearly $1.8 trillion to around 1.59 trillion at the time of writing, mostly due to Bitcoin's decline from over $48,000 to around $40,000 after the ETF launches.
Most of the top cryptocurrencies are down, leaving some room for the "underdogs" to take over.
And in this article, we will be going over some of the biggest gainers versus some of the biggest losers over the last week, as well as how both classes have performed so far.
The crypto market's decline is so profound this week, that some of the biggest gainers over the last week, went no further than gains of about 30%.
Some of the best performers, however, as highlighted below:
According to CoinMarketCap, Flare has been the top gaining cryptocurrency over the last week, with a weekly price movement of around 26%.
What is interesting about Flare is that it is bullish on its major timeframes. On a monthly basis, Flare is up by around 31% at the time of writing.
However, things take a wrong turn on the daily timeframe, when we realize that Flare is down by around 2% at the time of writing.
Siacoin comes in next, with a weekly gain of around 19%, as shown by the snapshot below:
Just like Flare, Siacoin is up by about 60% on a monthly basis. However, things are different with Siacoin, because it is up by about 3.5% over the last day, at the time of writing.
This presents a bullish case for Siacoin on all timeframes.
Ronin comes right after Siacoin, with a weekly price gain of around 18.8% at the time of writing.
Ronin's performance is even more impressive on the daily timeframe, with an 8% price increase over the last 24 hours and a 365% increase on a yearly basis.
In summary, Ronin appears to be one of the most consistently bullish cryptocurrencies on the market at the time of writing, and on all timeframes.
Interestingly, most of the crypto market's top cryptocurrencies have turned out to be some of the biggest losers over the last week.
Good examples are the likes of SUI, Optimism, Ethereum Classic, Lido DAO and even BONK.
Here are some of the worst-performing cryptocurrencies over the last week, in terms of price performance.
Considering how Optimism used to be one of the hottest cryptocurrencies on the market, it comes as a surprise, how this cryptocurrency is now taking the lead as one of the top losers on all timeframes.
For example, Optimism is down by about 17% in the weekly timeframe, as shown by the chart above.
Optimism is also down by about 2.7% on the daily timeframe at the time of writing and is only saved by some of its past glory, like the current 44.6% price gain on its monthly timeframe.
There has been an ongoing battle between Optimism and SUI for the top loser over the last week.
This is mainly because of SUI's 17.35% decline in the last 7 days (as opposed to Optimism's 17.63%) as shown below:
The snapshot above shows SUI's price decline over the last week. However, this decline becomes even more serious when we mention that SUI is also down by around 7.38% over the last day.
Just like Optimism, SUI is also only helped by its 53% price gain over the monthly timeframe.
Arbitrum comes third when it comes to weekly declines, as shown by its ongoing 17.23% drop over the last 7 days.
This decline puts Arbitrum in third place, compared to the others.
Just like Optimism and SUI, Arbitrum is also down by around 5% over the last day, with a 60% price increase over the last month.
As shown by the performance of the top gainers and losers over the last day, most of the major cryptocurrencies seem to be the most affected, because they have the most people invested in them.
The short to medium-term drop in the crypto market's prices would have earned them more liquidations, as their investors dumped them to escape "the reds".
Moreover, the spot Bitcoin ETFs being approved have turned out to be a "sell the news event", due to more "short sellers" buying crypto based on the ETF hype.
Overall, the crypto fear and greed index shows a "slightly greedy" neutral reading, showing that investor hopes remain high despite the ongoing downturn.
Disclaimer: Voice of Crypto aims to deliver accurate and up-to-date information, but it will not be responsible for any missing facts or inaccurate information. Cryptocurrencies are highly volatile financial assets, so research and make your own financial decisions.