Highlights May 16: Cryptos mixed, Bitcoin comeback expected?

The crypto market as a whole was mixed at the time of writing. Bitcoin is showing signs of a comeback.  

Top cryptos

It is not much as comebacks go, but it’s still something for Bitcoin. Like all major cryptos, it was hammered last week by the toxic mix of rising interest rates, geopolitical unrest, the LUNA disaster, and recessionary fears.

Bitcoin was trading around $30,000, relatively flat over the past 24 hours and roughly 16% from Friday’s $26,600 depth.  

Ether, the second biggest crypto, is changing hands at about $2,050 after dropping below $1,800 last week for the first time in two months. 

Most major altcoins were in the green on Sunday, reversing some losses as the crypto market cap tumbled by $300 billion. 

Cardano is rising in the ranks, up just under 7% and ranking seventh by market cap at the time of writing. Solana rose more than 10% at one point over the weekend and is right behind ADA with gains of almost 8% in the last 24 hours.  

Cryptos outside the top 10 were unremarkable. Crypto.com’s Cronos is showing signs of recovery. It added 3% to its value today. 

Top movers

Outside the top 20, the most notable gainers are Cosmos, NEM, and Decred, each up 11%. Cosmos is surging on news of the the launch of the Gateway to Cosmos Conference and Hackathon. 

NEM hinted at a new SuperNode program on the horizon. 

There is no specific reason for the surge of Decred, other than an affinity for highly decentralized and secure tokens. There is no way for big Decred holders to manipulate the operation of the protocol. 

Arweave is the biggest winner of the day with an increase of 16%. It is rallying because of newfound appreciation for immutable permanent storage, in part related to the situation with Terra.  

The biggest losers of the day are Kadena and Decentraland with 8% each, Kusama and Gala with 9% each, and Helium, The Graph, and Maker with 10% each. 

STEPN is second only to TerraUSD in losses today. Its token GMT, which is among the more volatile in the top 100, is down 12%.    

TerraUSD has lost another 14% in the last 24 hours. It is now trading for 16 cents. Terra founder Do Kwon announced plans to bring it back up to $1, when its peg to the USD was intact. 

Trending

The biggest winner today is the token of Ethos Project, which bills itself as the primary method of payment for audit and development services. 

The ETHOS token is incorporated into Ethos projects and holders may receive token and NFT airdrops from partner projects. 

You can stake ETHOS tokens from PancakeSwap on Ethos Farming Portal and potentially earn a reward. ETHOS token is up 1,011% in the last 24 hours.  

LUNA is the top trending coin on Coinmarketcap today, but that’s the extent of positive news. It has lost another 23% in the last 24 hours and ranks below #200 by market cap.