The sentiment in the cryptocurrency market still remains bearish as the market sell-off intensified. Bitcoin, having gained and seems to be headed towards $32,000 during the week, fell as the bears took over, with the flagship cryptocurrency asset declining and falling below the $30,000.
Although the majority of the top 100 cryptocurrencies by market capitalization posted weekly declines, gains from ADA, HNT and WAVES, led the rally in the market, posting gains of 20% and more. Here’s why:
Cardano’s ADA +21.27%
Cardano whales were on hand to come to its rescue as they accumulated the cryptocurrency en masse with the longing of driving its price back up. According to data released by the on-chain data provider, Santiment, close to 160 Cardano whales purchased ADA, the native currency of the Cardano blockchain, worth over $100,000 on Friday. The data also revealed that the transactions occurred just six hours late Friday.
Following this wave of whale accumulation, the Cardano price rose over 6% on the day, bumping to levels just above $0.57, with its market capitalization rising to above $19 billion. In the process, this accumulation helped Cardano usurp XRP, making it the sixth-largest cryptocurrency by market valuation.
However, since the accumulation, ADA has seen a little retracement from $0.57 to currently trade around $0.56. Regardless, it is still up by over 20% in the week, making it the biggest gainer in the top 20 cryptos by market cap. Earlier this week, the amount of NFTs issued on the Cardano chain crossed 5 million, driving the cryptocurrency to resurgence.
Helium’s HNT +33.31%
Helium (HNT) is a decentralized blockchain-powered network for Internet of Things (IoT) devices. Launched in July 2019, the Helium mainnet allows low-powered wireless devices to communicate with each other and send data across its network of nodes.
Nodes come in the form of so-called Hotspots, which are a combination of a wireless gateway and a blockchain mining device. Users who operate nodes thus mine and earn rewards in Helium’s native cryptocurrency token, HNT. Helium’s goal is to prepare IoT communication for the future, identifying inadequacies in current infrastructure from its birth in 2013.
The Helium network has had the fastest rollout of a global wireless network in history. Chief Operating Officer Frank Mong details his love of the project stating, “The Helium Network is proof of the incredible feats everyday people can accomplish when you come together under a shared mission.”
It looks like the recent price action seen is as a result of increased interest in the token as well as a fall towards an oversold region on technical analysis.
WAVES, the native token of the Waves Chain, was amongst the top gainers in the top 100 by market capitalization, as it rallied up by over 100%. The Waves Chain is a blockchain platform where users are able to create, transfer and exchange blockchain tokens on a peer-to-peer basis with WAVES tokens adopted in the settlement of transaction fees.
The WAVES token started the week out trading at $4.40. As of the time of this writing, the price per WAVES token stood at $8.87. During the week, the token traded as high as $9.43 representing a 115% rally. Since its launch in 2016, the token has made its most progress this year reaching an ATH of $62.36 on 31 March.
The Money Flow Index (MFI) for the WAVES token has been on an upward curve for the past seven days. This means that there is an increased buying pressure was underway. Although the Relative Strength Index (RSI) shot up during the last seven days, its growth was rather slow when compared to that of the MFI. Just slightly above the 50 neutral regions, the RSI stood at 54.89 at press time. In an upward curve, increased buying was underway.