HYPE, BGB and MOVE outperformed the market last week | Credit: Hameem Sarwar/CCN
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Key Takeaways
Although Bitcoin reached an all-time high last week, the overall market dropped.
Hyperliquid (HYPE) and Bitget (BGB) outperformed the slump, rising by more than 30%.
Meanwhile, Movement (MOVE) recovered by more than 25%.
Last week was a bit of a strange one for cryptocurrency. Although Bitcoin hit yet another in a series of all-time highs when BTC reached $108,268 on Dec. 17, the overall market has dropped by around 6.66%.
If we can mix biblical metaphors, this number of the beast caused a sea of numbers, so red Moses could have parted it.
That said, some cryptos always thrive in a tough market. Let’s take a look at three coins and tokens that managed to do well at a time when most cryptos didn’t.
The remarkable early growth of Hyperliquid’s HYPE coin saw little sign of stopping this week. Trading at $17.52 on Dec. 13, it grew nearly 40% to $24.46 on Dec. 20.
Part of the reason for this move was that the platform, which aims to make working with decentralized finance (DeFi) protocols easier, was able to show some positive stats.
Although it looked like last week was the sort of week where most people would rather have sold cryptos than bought them, they’d still have needed exchanges to do so.
The Bitget exchange and its BGB token could go up when things went down. Part of its outperformance came thanks to a series of newlistings, which pushed BGB to a new all-time high of $4.89 on Dec. 19.
Although it dropped after that, its Dec. 20 price of $4.15 was still more than 30% up from seven days earlier. With Bitget relaunching its UK operations last month, investors will be watching BGB.
Movement (MOVE) – Up 27.8%
The Movement Layer-2 scaling solution’s MOVE token emerged in early December and became one of many new tokens to debut in the top 100 this year. Promising its users “instant finality, native day-zero access to mass liquidity, and modular customizations” through Facebook’s Move programming language, it peaked at nearly $1.50 on Dec. 12 before dropping to $0.6242 on Dec. 13.
However, this fall prompted traders and investors to take even more interest in the new token. Capitalizing on what they would have considered undervalued pushed its price up to $0.7982 on Dec. 20.
With MOVE having previously faced resistance at $0.75, it could well be that the token could break past the dollar soon. Time will tell. It always does.
Peter Henn has been a journalist since 2005. In that time, he has written for a variety of publishers including the Mail on Sunday and the Daily Express. He has previously covered the world of cryptocurrency for Currency.com and Capital.com, and has also written for ECigIntelligence.com and CBD-Intel.com. A graduate of the University of Liverpool, he is based in the United Kingdom. His hobbies include music, horse racing and performance art.
