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The whole crypto market seems to be experiencing a downward run. However, this is just a minor correction after two whole weeks of an intense bull run. This is a much-needed correction and we could all see it coming. The whole market is still in a way better position than its condition in January 2019.
Amidst the sea of red, there are a few cryptocurrencies which were still trading in green over the past week. Additionally, most of the lesser known cryptocurrencies have experienced a great deal of increase in their value. Most of this seems to be another round of pump and dump which will eventually result in that particular asset aligning with the movements of other popular cryptocurrencies such as Bitcoin, Ethereum, etc.
Best Performers of the Week:
While no cryptocurrency amongst the top 20 cryptocurrencies changed its rank over the past week, there were a few that actually traded in green. Amongst them, Maker (MKR) was a very successful investment in the past week. This virtual asset gained over 13% value in just seven days when the rest of the market was undergoing a correction phase.
Even though Ontology (ONT) lost its place in the top 20 cryptocurrencies, it rewarded everyone who invested in the asset very well. By gaining over 30% in the last week, Ontology was by far the best performer amongst the popular cryptocurrencies out there. Even though it is now showing signs of an undergoing correction phase, it surely is an asset to reckon with.
Another great performer in the past week is the Bitcoin SV (BSV) virtual coin. This cryptocurrency that was forked off the Bitcoin Cash blockchain has shown tremendous potential over the past week. With Bitcoin Cash slowly losing its worth in recent times, this forked coin is an option that investors can consider. By gaining over 7% in just under a week, this asset has proved its potential to the investors. Additionally, it is not showing any signs of alignment with the overall market shifts, so this increase in its value might continue as we move towards the next week.
As the popular cryptocurrencies started to go through a correction phase, the various pump and dump groups became extremely active over the last week. One of the lesser known cryptocurrency called the ThorCoin (THOR) alone saw its value increase by over 9,000%.
This alone shows the level this asset was pumped during the last week. These digital assets will soon probably align into Bitcoin and other popular cryptocurrencies which would lead to another bull run by these popular virtual currencies.
Worst Performers of the Week:
While the loss in value at this range is very normal amongst cryptocurrencies, we can still judge their performance based on the percentage of loss that they endured. Even though most cryptocurrencies underwent this correction phase, there are a few which lost a whole lot more than any other cryptocurrency that is experiencing a correction.
Bitcoin Cash has continued its struggling run even though we could see a considerable gain last week. This spin-off of Bitcoin has lost over 8% of its value when compared to the previous week. Whereas most other cryptocurrencies have experienced a loss of below 5%.
Another cryptocurrency that have lost over 8% of its value is Ethereum Classic (ETC). This cryptocurrency has been bleeding ever since the 51% hack was executed on its blockchain network. Even during the bull run that these assets experienced, Ethereum Classic saw the least gain in its value.
What to expect for the upcoming week?
Being able to predict the price trends of the crypto market is extremely difficult. However, if these virtual assets follow the past price trends, their value will stabilize over this week which would then set a platform for another round of bull run. This correction that we are currently seeing is very healthy for the market and is hinting towards a more mature behavior by the crypto market.