As of this writing, the crypto market is cruising at a value of $1.42 trillion, with bitcoin (BTC) holding 49.9% of the overall market cap. This past week saw both bitcoin and ethereum experiencing notably stagnant weeks in terms of their percentage changes, while a number of other digital currencies outshone the top two. Standing out this week were the cryptocurrencies BONK and TAO, which soared by 136% and 97.3% respectively.
A Week of Highs and Lows for Cryptocurrencies
This week, the crypto market spotlight shone on BONK, TAO, and KAS, which recorded gains ranging from 70% to 136% over a seven-day period. Trailing slightly behind were skale (SKL) and axelar (AXL), climbing 59% and 58%, respectively.
In total, eight crypto assets surged over 40% against the U.S. dollar this week, with 18 achieving increases of 20% or more. Other significant gainers in the seven-day period included FET, SNX, NEAR, IMX, and AVAX.
Interestingly, roughly 50 crypto assets experienced upward movements exceeding 4% this past week. However, only 27% of cryptocurrencies exhibited positive trends during trading sessions on Monday.
The week also highlighted some notable declines. ZRX, for instance, plummeted by 29%, while RBL dropped 18.9% over the week. LUNA and FIL weren’t spared either, with weekly losses of 17.15% and 12.64% respectively.
In total, seven cryptocurrencies faced double-digit declines this past week. Other coins experiencing notable downturns included SUI, DFI, TWT, IOTX, SNT, and ATOM. On Monday, 50 digital currencies reported losses of 4% or more from the previous week’s trading sessions.
Apart from USDT, BTC, and ETH, high trading volumes were seen in coins like SOL, XRP, AVAX, and LINK, with BNB, DOGE, NEAR, and MATIC also recording significant volumes. This week, while certain tokens flourished in the market, other markets exhibited a less receptive stance.
What do you think about this week’s market gainers and losers? Share your thoughts and opinions about this subject in the comments section below.