Crypto Weekly Winners and Losers: Ondo Soars, Injective Tumbles

In the previous week, the crypto market witnessed an overall decline in sentiment, impacting the performance of various assets. ONDO, TON, and FTM emerged as the biggest gainers, while INJ, JUP, and BONK were the top losers. The global crypto market cap declined by 7% during this period.

Weekly Crypto Market Performance: Notable Winners and Losers

Amidst a prevailing bearish sentiment in the cryptocurrency market last week, the performance of several assets was impacted, leading to notable gains and losses.

Winners

Ondo (ONDO)

Leading the pack as the most profitable asset of the week was Ondo (ONDO), the native token of the Ondo Finance security tokenization project.

Trading at $0.75 at press time, the token's value surged by over 57% in the past seven days. On March 21, ONDO climbed to an all-time high of $0.81. This rally was fueled by reports of BlackRock committing another round of funding to launch a crypto money market fund.

Despite a near 10% gain in ONDO's price over the past 24 hours, a double-digit decline in trading volume during the same period has created a divergence, suggesting a potential retracement in the token's value.

Toncoin (TON)

With an impressive weekly gain of 46%, TON ranked as the second-highest gainer of the past week, according to CoinMarketCap data.

The token's price surge was attributed to the announcement by the Ton Foundation on March 20 of the inaugural season of The Open League. According to the blog post, the program will allow TON-based projects to compete for rewards, with network users earning rewards for their on-chain activity. Through this event, 30 million TON, worth approximately $115 million, will be distributed to ecosystem participants.

At the time of writing, the altcoin was exchanging hands at $5.10, with a 109% surge in trading volume over the past 24 hours.

Fantom (FTM)

FTM, the native utility token powering the Fantom blockchain ecosystem, witnessed a 34% price appreciation last week. During the week, the token surged to a 30-day high of $1.18 on March 22 before witnessing a correction to its current market value of $1.06.

FTM's double-digit price recovery last week was driven by sustained demand for the asset. According to key momentum indicators assessed on the 24-hour chart, FTM investors, despite the general market weakness, continued to prioritize accumulation over selling their holdings for profit.

Source: FTM/USDT on TradingView

Losers

Injective (INJ)

After an extended period of price appreciation, INJ peaked at $52.38 on March 13, only to end the week as the biggest loser.

Trading at $35.40 at the time of writing, the altcoin's price had declined by 14% over the past seven days and was down 32% from its recent peak.

At the beginning of the week, INJ was exchanging hands at $41.01. However, as the broader market turned bearish, INJ's daily trading volume plunged by 65%, according to data from Santiment. This led to a corresponding decline in its value over the period under review.

Source: Santiment

On-chain data revealed that the low trading volume was a result of waning demand for the altcoin. As per Santiment's data, the number of daily addresses involved in INJ transactions declined by 33% last week. Similarly, the number of new addresses created to transact the altcoin on a daily basis witnessed a steep 14% decrease.

Jupiter (JUP)

JUP, the token underpinning Jupiter, a Solana-based decentralized exchange (DEX), ranked as the second-highest loser of the past week.

At the time of writing, the governance token was trading at $1.17, marking a 13% price decline over the period under consideration. The token attempted to reclaim the $1.4 price level on March 21, but buying pressure was insufficient to sustain the uptick, resulting in a further 10% decline since then.

Extending its weekly losses at press time, JUP's value had depreciated by 3% over the past 24 hours amid a 30% decline in trading volume.

Bonk (BONK)

According to CoinMarketCap data, BONK, a Solana-based meme asset, ranked as the third-biggest weekly loser. Over the period, its value dropped by 11%. Despite attempts at various points to initiate a corrective rally, the bearish market sentiment has prevented this from materializing.

Confirming the downtrend, BONK's MACD line lies below the signal line, indicating that the short-term moving average is trending below the long-term moving average. This crossover signals the resurgence of bears and increased selling activity.

Source: BONK/USDT on TradingView

At the time of writing, BONK was trading at $0.00002217, registering a marginal 0.23% price increase over the past 24 hours.