Mixed Week for Crypto: Stacks Witnesses 29% Surge, Heavy Losses for Many
This week, there has been a 5% increase in the value of bitcoin, while ethereum has experienced a 1.6% decrease. Leading the way among the top 100 cryptocurrencies, stacks (STX) has surged by 29.2%, closely followed by osmosis (OSMOS) with a 17% increase against the U.S. dollar.
Double-Digit Growth for Eight Cryptocurrencies
Among the top 100 cryptocurrencies by market cap, there have been eight that have posted double-digit growth. These include STX, OSMOS, AKT, INJ, ARB, TIA, CORGIAI, and GMT. Specifically, STX has surged over 29% this week, OSMOS has climbed by 17%, and AKT has ascended by 16.4%.
Currently, STX has a market valuation of $2.78 billion and has seen $646 million in global trade volume in the past day. Other cryptocurrencies showing notable increases this week include SEI, BGB, BEAM, and LDO.
Significant Losses Recorded
However, this week has also seen significant losses, outweighing the gainers. HNT has plummeted by 29%, BSV by 28.6%, and KLAY by 24.5% against the U.S. dollar. Cryptocurrencies such as FIL, FTM, SATS, and IOTA have also endured noteworthy declines.
This week, 49 cryptocurrencies from the top 100 have experienced double-digit losses. At the time of writing, the total value of the crypto economy stands at $1.74 trillion, with a 0.5% increase over the last day.
Bitcoin Dominates, Ethereum Holds Strong
Bitcoin currently holds 50.5% of the total market cap, while ethereum accounts for 15.6% of the aggregate. The global trading volume for all existing crypto assets reaches $120.72 billion, with SOL, XRP, ARB, BNB, AVAX, and SEI leading the volume among coins other than BTC, ETH, and stablecoins.
Alternative crypto assets, excluding bitcoin, have seen $49.15 million liquidated in long positions in the last day, compared to bitcoin’s $38.01 million. According to coinglass.com metrics, the top three assets for liquidations in the last 24 hours are ETH, SOL, and PEOPLE with $31.35 million, $13.24 million, and $8.69 million respectively.
In total, $230.91 million in both long and short positions have been eradicated in the last 24 hours, predominantly comprising $171.37 million in longs from altcoins other than BTC. Traders are looking forward to the possible approval of a spot BTC exchange-traded fund (ETF) and the upcoming week holds promise for the performance of alternative crypto assets.
Hot Take: The Rollercoaster Ride Continues
This week has been a mixed bag for the world of cryptocurrency. While bitcoin has experienced a modest increase in value, ethereum has taken a slight dip. However, it’s the performance of alternative crypto assets that has been the most interesting. Stacks and osmosis have surged by significant margins, while other cryptocurrencies have faced heavy losses. The market remains volatile, with gains and losses happening simultaneously. Traders are keeping a close eye on the approval of a spot BTC ETF, as it has the potential to significantly impact the performance of alternative crypto assets. As the crypto rollercoaster ride continues, it’s important to stay informed and make smart investment decisions.
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