- Amidst the market slowdown, BTC once again resurfaced above the $30k line before dropping again.
- Glassnode co-founder Negentropic says as BTC dips, Altcoins will continue to feel the pressure.
- SOL, TON, and HBAR are among the altcoins that made impressive gains this week.
The crypto market has recorded a mixed performance so far, with some tokens recording momentary gains and others experiencing a steep decline. BTC this week, once again, moved above the $30k line. But the world’s largest cryptocurrency has since shed its gains as the overall market slowdown continues.
Altcoins face a similar struggle in performance, with many shedding accumulated gains. According to Negentropic, Glassnodeās co-founder, the market slowdown may continue unless a surprise catalyst emerges. He further mentioned that as BTC dips, altcoins will feel the pressure in the market.
However, tokens like SOL, TON, and HBAR survived the pressure this week to record between 6% and 9% gains overnight. SOL, which is the native token of the Solana network, surged by 6% on August 9 despite getting delisted by BitStamp. According to BitStamp, the delisting was due to U.S. regulations that the company has to follow.
However, that had little effect considering that the token still maintained a good form. Data from CoinMarketCap show that the token in the past seven days grew by 7.07%. That percentage could have been more if the token hadn’t shed most of its gains.
Toncoin (TON), one of the standout altcoins, also enjoyed a momentary bullish run during the week. The token rallied on August 9 but has since slowed down. At the time of press, the token is down by 2.16% but still has an impressive 5.47 gain from the last seven days.
HBAR, the native token of the decentralized network Hedera, also had a positive run during the week. The token this week has added a remarkable 10.40%. Although, at the time of press, it has declined by 5.81%.
According to Negentropic, the market recovery could be post-summer if the market slowdown continues.
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