Recently, Nervos Network (CKB) and PENDLE have become the focus of attention in the cryptocurrency market. Recently, Wormhole (W) suffered a price drop after its debut. Although some cryptocurrencies have shown an upward trend, the overall market has risen slightly this week. The global cryptocurrency market value has shrunk by more than $111 billion, and the total market value has reached $2.55 trillion.
Here is an overview of the performance of some of the top cryptocurrencies:
CKB is expected to see a new 28-month high. Nervos Network has benefited from the overall market rally from October 2023 to March 2024, but its gains have not yet exceeded the highs of the last bull run in 2021. Despite market concerns, CKB is still looking to reclaim its previous highs.
Initially affected by bearish pressure, the coin experienced a sharp drop of 19.13% on April 1 and 2, although its value still hit a low of $0.0164. However, in the following days, Nervos Network hoped to recover the lost ground, although it encountered resistance at the 50-day moving average ($0.01689). On April 6, CKB saw an intraday gain of 32%, the largest intraday gain in at least more than a month. As of now, the cryptocurrency still maintains its upward trend, up 4.43%. In early trading, CKB surged to a 28-month high of $0.0268, and a pullback is expected in the future.
This suggests that the asset is working towards surpassing the November 2021 high of $0.03567. So far this year, Nervos Network has grown by 314%, with a notable 28% increase this month alone. The token is currently valued at $0.0261 and is up 39% this week, making it one of the best performing tokens in this time frame.
W has fallen 21% since its launch. Cross-chain protocol Wormhole launched its governance token W on April 3, but early investors’ selling caused the price to fall. W surged from $1.35 to $1.50 shortly after its initial offering, but the price fell at the same time, falling to a low of $1.17 on April 4, and trading volume surged to $1.35 billion.
This was mainly due to profit-taking by market participants. W fell below the $1 mark on April 5, buying an all-time low of $0.9247, nonetheless, the asset recovered from this price floor and is currently trading at $1.06, down 21.4% from its initial trading price.
PENDLE was one of the best performing cryptocurrencies of the week, taking advantage of a brief rebound in the broader market to nearly reach a new all-time high. The asset fell for three consecutive days between April 1 and 3, dropping 12% to $4.64. However, as Bitcoin and other markets recovered, PENDLE rose along with it. The team announced the launch of new LRTs on Arbitrum on April 4, contributing to the price increase. PENDLE closed up a massive 28.56% on April 4, its largest single-day gain so far this year. The asset entered a price discovery phase and reached a new all-time high of $7.21 on April 6. Despite a price drop of 8.9% from that high, the asset has retained most of its gains for the week. At current prices, PENDLE is up 19% this week and currently has a market cap of $636 million, up 455% year-to-date.