Crypto Top and Flops of the Week: Pax Gold in Safe Haven Mode

The FTX issue has sent cryptocurrencies into an extreme streak of volatility this week. The market capitalization again falls below the symbolic bar of 1000 billion dollars. Token FTT posted a performance of -98% while Pax Gold established itself as a safe haven with a slight increase of 3.58% in weekly data. Discover the tops and flops of the week:

Cryptocurrency Market Overview

This week has been particularly troublesome for the cryptocurrency market. Two big events awaited him: the US mid-term elections and US inflation data. If at the beginning of the week, cryptocurrencies showed some resilience compared to the “medium term”, an actor in the industry will sow panic with his problems. cash.

Giant FTX, which became the second exchange this year, will collapse after the value of its backup token, FTT, eroded. However, cryptocurrencies will do a little technical jump after the release of US inflation data, but will end up falling again at the end of the week when FTX admitted its failure by starting bankruptcy proceedings. As we will see, very few projects managed to show positive growth in the weekly data.

Without further ado, discover our tops and flops:

Pax Gold: the top crypto of the week

Top 5 Cryptocurrencies of the Week Breakdown Chart

Cryptos Current course % increase in 7 days Current position
Pax Gold 1728 dollars 3.37% TA-66
trust portfolio land $1.24 2.75% 68 th
dYdX $1.89 -0.98% 160
Chain (XCN) $0.0505 -3.57% 38
BinaryX $144.82 -2.57% The 77th
Source: Coin market cap

Pax Gold: the gold of the crypto market

The PXG ticker replicates gold’s performance. Like its benchmark, it is widely used as a hedge during periods of volatility. Its price showed a very nice increase with the FUD of FTX. Indeed, it went from $1,672 to $1,778, an increase of 6.33%. However, the price of Pax Gold fell to $1,728 in the Saturday session. However, this did not affect its weekly growth.

Regarding the realization of other projects, the Trust portfolio Token benefited from the buzz around wallets. In fact, after the FTX debacle, some users moved their cryptocurrencies from centralized platforms to physical wallets and online wallets. Since one wallet crypto as Trust portfolio is easier to access than a book key, the panic this week may have driven users to its structure. This is even if this type of wallet remains less secure than a Ledger key.

As for other cryptocurrencies (dXdY, Chain, BinaryX), there is no particular explanation behind their resistance to this week’s volatility sequence.

FTT Token: this week’s bearish symbol

Breakdown chart of the 5 worst crypto performances of the week

Cryptos Current course % discount in 7 days Current position
FTT sign $2.06 -91.86% 101
STOLE DAO $0.0209 -62.71% 137
Solana $14.88 -61.40% 13
Serum $0.3362 -61.30% 182
Reserve rights $0.00405 -45.83% 133
Source: Coin market cap

FTT token. : A story in LUNA

FTT’s decline would begin when it was announced that it was essentially FTX stocks. At war with Sam Bankman Fried’s exchange, Binance’s Changpeng Zhao (CZ) will use the revelations from the said report to attack FTX. CZ has thus stated that Binance will liquidate its FTT tokens. This announcement completely changed the price of the token, which lost more than 60% in the space of a day. After 3 days, its decline reached -96%.

Solana suffered from abandoning whales and the domino effect of the FTX collapse. In fact, according to Blockchain expert Wu, the whales liquidated the equivalent of 2,450,418.5 floor (worth more than $51 million) on November 9. We should add that during this session, the value of SOL fell by 25%. Experts believe that the technical difficulties of the Solana network have also had negative effects on the price of SOL.

As for other cryptocurrencies (Serum, VIDT DAO and Reserve rights), their decline is largely explained by the FTX debacle.

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