BLUR Token Led Trader Losses during Easter Week (1st Full Week of April)

JPEX alerted customers to the efforts of cybercriminals to steal personal information and assets during Easter Week. 

This was the same week that several important events related to crypto adoption and the launch of new versions of NFT marketplaces were also announced. 

Overall, the week that shed light on a lot of religious activities did not provide much in gains to cryptocurrencies. 

Instead, it brought mild losses to several projects in the blockchain-powered economy. 

Among others, digital currencies on JPEX such as CurveDAO (CRV) and Chiliz (CHZ) brought decent gains while others such as Hedera Hashgraph (HBAR), Blur (BLUR), and Zilliqa (ZIL) brought above-average losses to holders of the respective crypto assets. 

Below is a breakdown of the price action, trading volume, and market capitalization changes that led to gains and losses over the festive period. 

BLUR saw a double-percentage loss within the week 

BLUR is the novel token of Blur, a non-fungible token (NFT) marketplace that has taken the digital arts sector by storm. Blur NFT marketplace was the highest digital collectibles platform by trading volume during the first quarter of the year (Q1 2023). 

Despite dethroning OpenSea, X2Y2, Magic Eden, LooksRare, and others, its cryptocurrency has failed to follow the successful path of its parent project. 

After opening the week on Sunday, April 2 with a trading price of $0.6548, BLUR maintained the same price as the week’s high, tested a weekly low price of $0.5401 on Saturday, April 8, and closed the day with a much-improved trading price of $0.5478.

Overall, investor demand which was reflected in trading volume dropped from $80 million to $29 million, and around $9 million was also wiped off the project’s market value from $246 million to $237 million. 

Many analysts believe that BLUR’s lack of drive may be caused by its ownership which has not been spread out like other projects with 94% of the tokens being owned by just ten (10) wallets. 

BLUR plunged by 16% within the period. 

Hedera Hashgraph (HBAR) saw a single-digital percentage loss 

As one of the most used, sustainable, enterprise-grade public networks for the decentralized economy, Hedera allows businesses as well as individuals to create awesome decentralized applications (dApps). 

The digital currency that backs the project is HBAR. HBAR is ranked in the top 40 digital assets by market capitalization. Unfortunately, Easter Week did not bode well for holders of this cryptocurrency. 

Over the period, HBAR closed the week on Saturday, April 8 with a trading price of $0.0648 after opening on April 2 at $0.07054.

Before the coin’s plunge in value, it reached a weekly peak of $0.07758 on April 2 and tested a weekly low price of $0.06461 on April 8. 

The significant price reduction was shown in HBAR trading volume statistics which descended to $23 million from $143 million. 

Within the seven (7) – day period, around $300 million of the project’s market capitalization was also wiped off as its value declined from $2.2 billion to $1.9 billion. HBAR shed 8% of its value in the process. 

Zilliqa (ZIL) declined by 7% 

ZIL is the native asset of Zilliqa, a permission blockchain that has found an answer to the trilemma of the latest technology in the form of scalability, security, and decentralization. 

Zilliqa is home to several dApps and offers additional services for passive income such as yield farming and staking. 

Despite the positives it presents, ZIL like BLUR and HBAR were among the casualty tokens during Easter Week. 

ZIL opened strongly at $0.03072 on Sunday, April 2 and reached a weekly peak price of $0.3237 on the same day.

While the project plunged to a weekly low price of $0.02865 on Friday, April 7, it resurrected by closing the period at a much-improved value of $0.0295 on April 8. 

ZIL daily trading volume plummeted to $28 million from $235 million. HBAR market capitalization also took a hit and closed the week at $464 million from $492 million. 

Curve DAO (CRV) was among the tokens that rose within the period 

CRV is the novel token of Curve, a decentralized exchange (DEX) for stablecoins that uses an automated market maker (AMM) to manage liquidity.

DEX volume continues to fall substantially due to an industry-wide decrease in trading due to the collapse of major exchange FTX which has made people more cautious in their engagement with crypto assets. 

CRV increased by 11% after opening the week at $0.924 and reached a weekly high price of $1.0417 on Saturday, April 8.

Eventually, the token saw reduced trading volume which led to a weekly low price of $0.8849 on Monday, April 3, and closed the week at $1.0240 on Saturday, April 8. 

Daily trading volume spiked from $33 million to $54 million. Market capitalization also soared to $794 million from $680 million.    

Chiliz (CHZ) ascended by 8% 

CHZ, the novel token of Chiliz, the leading digital currency for entertainment and sports enables users to participate in their favourite sporting brands. 

Fan tokens found on Socios.com, a blockchain-based sports entertainment platform is an example of that. 

CHZ rose by 8% within the period after opening and closing the week with prices of $0.1219 and $0.1326 respectively.

The token also reached weekly low and high prices of $0.1159 and $0.141 respectively. 

Over the period, increased investor demand which was reflected in daily trading volume led to a rise to $325 million from $46 million. 

Around $100 million was added to the market capitalization from $900 million on April 2 to approximately $900 million on April 8. 

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