Top 5 Performing Coins of the Week: CHZ, DCR, FLOW, HOT and OP

A pick-up in service sector activity prompted markets to reconsider another 75 basis point rate hike in September. The ISM non-manufacturing PMI increased from 55.3 to 56.7. Economists forecast a PMI of 53.5. Significantly, the figures eased fears of an economic downturn.

However, on Thursday, weekly jobless claims figures sent an early warning to NFPs.

In the week ending July 29, initial jobless claims fell by 260k, down from 254k the previous week. The figures suggested a weakening in labor market conditions ahead of July’s nonfarm payrolls.

The 4-week average jobless claims rose from 248.75k to 254.75k. The 4-week average last stood below 200k in the week ending May 13.

However, nonfarm payrolls ended an upbeat week, rising 528,000 in July, beating a forecast of 250,000. In June, payrolls increased by 398k. Average salary growth remained stable at 5.2%.

US corporate earnings also provided support to the market and a breakout session of the NASDAQ 100. PayPal (PYPL) jumped 9.25% on an upbeat earnings forecast, supporting the NASDAQ 100. On weekdays, the NASDAQ 100 gained 2.15%, with a 0.50% loss on Friday capping the upside.

Upbeat figures raised bets of a 75 basis point rate hike in September or possibly a full percentage point, leading to a reversal of earlier gains.

There was no sign of the crypto wires to influence the broader crypto market, allowing investors to consider the Federal Reserve’s monetary policy and the US economic outlook.

In CoinMarketCap’s top 100 cryptocurrencies, the bull week saw several cryptocurrencies outperform the broader market.

Decred (DCR) leads the way, with Chiliz (CHZ), Flow (FLOW), Holo (HOT) and Optimism (OP) among the top contenders with two hours remaining in Friday’s session.

Decred (DCR)

For the week, DCR is up 100.5% to $54.82, Monday through Friday. A bearish start to the week saw the DCR drop for three consecutive sessions to a Thursday low of $26.15 before making a move. Finding support on Thursday, DCR rallied to a Friday high of $70.91 before falling back below $55.

There were no apparent reasons for Friday’s breakout, which saw DCR move up the market cap rankings to #64.

Decred employs a hybrid PoS and PoW algorithm. While holders can validate transactions and vote on proposals through participation, there is also the option to mine DCR.

One possible reason for the latest boom is the plan to incorporate the Lightning Network.

Looking at the trends, DCR would need to avoid a drop below $30 and the current week’s low of $26.15 to support the uptrend. A move through this week’s high of $70.91 would support a run to April’s high of $86.56. From there, DCR would have a free run on the January high of $91.13 to bring $100 into sight.

A drop below $30 would put the July and current year low of $20.76 in sight, the lowest level since November 2020.

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