Fighting Back: Here Are The Cryptocurrencies That Are Fending Off The Bears
Most cryptocurrencies in the market are suffering massive losses just from the downtrend of the last two days alone. It has not spared any digital assets regardless of whether they are big or small, as both leading cryptocurrencies in the market, as well as small cap altcoins, are feeling the heat. However, there are some that have put up a good fight compared to some others in the space, recording low losses or even profits amid the declines.
Cryptocurrencies Take A Stand
It is no secret that the market bloodbath has a lot of digital assets bleeding into the double-digits. Amidst all of this have emerged some underdogs that continue to push back against the current bear trend. These unlikely fighters have been provided a light during a dark time for a lot of investors by either minimizing losses or returning profit. These have mostly been mid cap altcoins that have put up the biggest fights. An example of this is the FTX Token.
This Ethereum whale favorite, although has taken a hit, has seen its losses come back as one of the lowest in the space. When most digital assets are in the double-digit reds over the last week, FTX Token has only seen a 4.96% decline on a 7-day moving basis, making it one of the best performing cryptocurrencies through the crash.
Another that has held up quite nicely is the Theta Network (THETA). This coin is currently ranked 39 on Coinmarketcap but has been making its way onto the radar of investors due to its recent performance. It has seen one of the lowest declines with only a 0.99% dip on a weekly basis and is up 18.51% in the last 24 hours. This means that the digital asset is returning some gains even through the market crash.
Helium has also held up quite nicely. With only a $1.090 billion market cap, it has seen a decline over the last 7 days of 7.52%. It is a bit higher compared to the assets already mentioned above but when put side by side with the majority of the digital assets in the space, it shows the tremendous resiliency of this cryptocurrency.
OKB, the official token of the OKEx exchange, has been doing its parent company proud through this market. Presently, the cryptocurrency is only recording a 2.71% decline on a weekly basis and is up 6.34% in the last 24 hours.
For the large caps, Cardano (ADA), although having come back with double-digit losses too, had emerged as the best performing. This is in comparison to bitcoin and Ethereum which had declined 24.4% and 32.35% respectively over the last seven days. ADA had only seen a 15.97% decline at the time of this writing. Even with the recovery trend of early Tuesday, it remains ahead with an 8.60% recovery over the last day.
The stablecoins have provided the most cover during this time. Most of them continue to maintain their peg, although there have been concerns raised regarding the USDD peg. The TRON Foundation has since responded by injecting $700 million in USDC into its reserves to maintain the peg. USDC, BUSD, and USDT remain investor favorites.