The third (3rd) full week of March 2023 had its ups and downs and this saw some traders and investors make significant gains while others suffered huge losses in their investment portfolios.
Within the period, users of Telegram received good news as they will be able to transfer the popular stablecoin from Tether Limited, United States Dollar Tether (USDT) among themselves.
Aside from that, the NFT market which has surpassed $50 billion in all-time sales saw the addition of a new marketplace for Bitcoin Ordinals digital collectibles.
Overall, positive and negative market sentiment led to Ripple (XRP), Litecoin (LTC), and OMG Network (OMG) bringing double-percentage gains to traders while Immutable X (IMX) and Arbitrum (ARB) brought double-percentage losses to their holders.
OMG Network (OMG) Increased By 25%
Formerly called OmiseGo, OMG Network is a non-custodial layer two (2) scaling solution that was built to allow users of the platform to transfer the novel token of the most used smart contracts network in the world, Ethereum (ETH) and other ERC20 tokens in a cheaper and faster manner. Since OMG is the native asset of the OMG Network, increased usage of ETH for those who prefer to engage with its platform has reflected positively on its novel token. This is the reason why within seven (7) days, OMG spiked by 25%.
The cryptocurrency opened on Sunday, March 19 with a price of $1.4539. It increased significantly by 67% to a weekly high of $2.4325 on Monday, March 20 after falling to a weekly low of $1.459 on Sunday, March 19.
By the end of the week on Saturday, March 25, OMG was exchanging hands for $1.8305. Thanks to increased investor interest, daily trading volume ranged from around $99 million to approximately $753 million.
XRP brought 19% gains to investors
XRP is the native asset of Ripple, one of the most used networks in the cross-border settlements space.
After bringing mild returns and sometimes seeing massive losses, XRP rebounded in the third week of March largely due to investors’ hope that the firm is going to win its case with the Securities and Exchange Commission (SEC) of the United States of America (USA).
In December 2020, the SEC charged Ripple for selling XRPs as securities but the case is yet to be resolved.
Due to positivity in the air, investors responded well by pouring more liquidity into the cryptocurrency.
The 19% gain came after XRP closed above its opening day price of $0.3744 (Sunday, March 19) and reached $0.4447 on Saturday, March 25. There was a 31% spike in the coin’s price to $0.4914 from the opening day on Tuesday, March 21 after suffering a weekly low of $0.374 on Monday, March 20.
Daily trading volume moved from an impressive $1.07 billion to $4.18 billion. In the process, XRP’s market capitalization increased to $24 billion from $19 billion.
Litecoin (LTC) rebounded strongly with 15% gains
Many stakeholders of the crypto industry believe LTC has underperformed over the years in large part due to its extensive usage as a transactional currency.
Within the period, LTC saw huge investor interest that saw it beat its major competitors Bitcoin (BTC) and ETH.
Created by Charlie Lee in 2011 to serve as the silver to BTCs golden status in the decentralized finance (DeFi) economy, LTC saw daily trading volume ascend to $1.05 billion from $445 million during the week.
This led to a market cap increment to $6.79 billion from $5.69 billion. The price action was the rising of LTCs price to a weekly high price of $95.76 on Friday, March 24 after opening at $83 on Sunday, March 19. After the ups and downs in the unpredictable crypto economy, the silver coin tested a weekly low price of $77.73 on Tuesday, March 21. LTC closed the week at $91.58 on Saturday, March 25.
Despite the positives, Arbitrum and Immutable X did not fare well as cryptocurrencies listed on JPEX.
Arbitrum (ARB) shed 89% of its market value
As an Ethereum layer two scaling solution, Arbitrum remains one of the protocols that has achieved some of the goals blockchain enthusiasts always talked about which is related to scalability and cost-efficiency. ARB, the novel token of Arbitrum appeared on many cryptocurrency exchanges within the period and opened at $11.80 on Thursday, March 23. This statistic remained the week’s high.
After chaos on the Arbitrum website which is where the claiming of airdropped tokens was supposed to take place, the congestion of the platform led to panic which resulted in a massive sell-off.
This led to a sharp price decrease to $1.1045 on its opening day. ARB fought against the negativity and closed the week at $1.2247 on Saturday, March 25. The trading volume saw a substantial reduction from $2.3 billion to $1.29 billion. Negative market sentiment also led to a decrease in market capitalization from $1.69 billion to $1.56 billion, an 89% plunge in just three (3) days.
Immutable X (IMX) fell by 29%
Immutable X remains an instrumental force in the NFT, Web3, and gaming sectors of the crypto economy.
Unfortunately, competition and a mixed NFT market have not bode well for its novel token, IMX.
The resultant effect of this has been a dip in the number of wallet addresses on the IMX network.
Within the week, IMX saw its daily trading volume move from $218 million to $35 million, and its market capitalization also dropped to $910 million from $1.27 billion.
IMX’s 29% plunge came about when it closed on Saturday, March 25 at $1.0486 after testing a weekly low price of $1.0310 on the day of its close. The token performed well earlier in the week when it reached a high of $1.5627 on Sunday, March 19 after opening at $1.4857 on the same day.