It has been a brutal week for cryptocurrencies as most of them erased gains made last week when investors cheered the Federal Reserve interest rate cuts and the robust stimulus from Chna, the second-biggest economy worldwide.
Bitcoin slipped from $66,300 to about $60,000, while the crypto fear and greed index dropped from the greed area of 60 to 30. Recently launched tokens like Hamster Kombat, Catizen, zkSync, and EigenLayer also retreated, leading to substantial losses for investors.
Still, not all cryptocurrencies have crashed this week. Wormhole (W) price jumped to a high of $0.41, its highest level since June 17, while Sui (SUI) surged, and crossed the crucial resistance point at $2. It has soared by 323% from its lowest level in August and is trading at the highest swing since April 1.
Mantra (OM), a popular crypto in the Real World Asset Tokenisation (RWA) industry, has risen to $1.3, its highest level since July, and a few points below its all-time high. It has been one of the best-performing cryptocurrencies this year as it jumped by more than 2,000%.
Mantra token surged ahead of the mainnet launch
Mantra is a blockchain that aims to become the leading player in the RWA tokenisation industry, which is expected to be a multi-trillion-dollar one in the next few years.
Its goal is to replicate the success of other niche blockchains like Injective and Immutable X. Injective focuses on the financial services industry. At the same time, Immutable X has become a big name in the gaming and NFT sectors.
Mantra will be a fast, cheap, and highly secure blockchain that will let developers tokenise assets like real estate and art.
It has also soared because of its high returns, which dwarf those by other cryptocurrencies like Ethereum, Solana, Avalanche, and Tron. Data shows that Mantra yields over 22%, meaning that a $1,000 investment will bring in $220 annually.
Most notably, unlike other cryptocurrencies, Mantra will not have any dilutive token unlocks in the future since all of its tokens are in circulation. Technically, Mantra token will likely continue rising as bulls target the next key resistance point at $1.4108, its highest point in July.
🕉️ #MANTRA Brings Real-World Assets Onchain with #Mainnet Launch. We’re thrilled to announce that the highly anticipated launch of the MANTRA Chain Mainnet will be coming in October 2024. 🔥As part of MANTRA’s vision to become the preferred ledger of record for real-world…
Mantra chart by TradingView
Wormhole soars after Upbit listing
Wormhole is an important player in the crypto industry in that it offers a bridge that lets people interact with various blockchains at a go. Its top partnerships include Hashflow, Pyth, Mayan Swap, Audius, and Biconomy.
The Wormhole token jumped in a high-volume environment after it was added to the Upbit exchange. It soared to a high of $0.4188, its highest point since June 17, and 160% from its lowest point this year. This surge brought its market cap to over $892 million.
Cryptocurrency prices often jump after being listed by some of the biggest crypto exchanges. Upbit is a notable name because of its popularity in South Korea, a highly active market for digital currencies.
Data shows that most of Wormhole’s surge was driven by Upbit traders, who were buying the U/KRW pair. The pair had a 31% market share in the last 24 hours. Most of the other volume was from Binance and Gate.io.
Wormhole’s challenge is that surges that happen after an asset has been listed in an exchange are often short-lived. On the positive side, it has formed a double-bottom and moved above the 50-day moving average, meaning that gains may be sustainable.
W chart by TradingView
Sui surged because of its ecosystem growth
Sui, a top Solana rival, has been one of the fastest-growing layer-1 networks in the industry. Its token has surged from $0.46 in August to $2 today.
This rally happened because of its robust ecosystem growth and its role in the crypto industry. It Total Value Locked (TVL) in the Decentralized Finance (DeFi) industry has jumped to over $1 billion, making it the 7th-biggest cryptocurrency in the industry.
Sui has also become a top holder of stablecoins, which have become the most important assets in crypto payments.
More data shows that Sui is now a leading player in decentralized exchanges (DEX). The total volume handled in the ecosystem rose by 13% in the last seven days to over $695 million. It has become a bigger network than some of the best-known blockchains like Cardano, Near, Tron, Avalanche, and TON.
Technicals show that SUI has more upside as the token formed a golden cross when the 200-day and 50-day Exponential Moving Averages (EMA) crossed each other. The Average Directional Index (ADX) has soared to 55, meaning that the network has high momentum.
Therefore, the path of the least resistance for SUI is bullish as bulls target the key resistance point at $2.17, its highest point in March.
Sui chart by TradingView
Read more: SUI price rises 12% as Grayscale launches Sui Trust to meet soaring crypto demand
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