A Week of Surging and Slumping Cryptocurrencies
Over the past week, several cryptocurrencies, including BONK, TAO, and KAS, have experienced significant gains of up to 136%. The crypto assets SKL and AXL also saw notable increases, rising by 59% and 58% respectively.
Notably, a total of eight digital currencies surged by more than 40% against the U.S. dollar, with 18 others achieving increases of 20% or higher. Additionally, approximately 50 crypto assets showed upward movements of over 4% during this period, although only 27% of cryptocurrencies depicted positive trends at the beginning of the week.
On the flip side, ZRX recorded a substantial decline of 29%, while RBL dropped by 18.9% over the week. LUNA and FIL also experienced losses of 17.15% and 12.64% respectively. In total, seven cryptocurrencies faced double-digit declines, with 50 digital currencies reporting losses of 4% or more at the start of the week.
High trading volumes were observed in several coins, including SOL, XRP, AVAX, and LINK, as well as BNB, DOGE, NEAR, and MATIC. While some tokens flourished, other markets displayed a less favorable stance.
Hot Take: The Crypto Market Overview
As of the moment, the cryptocurrency market is valued at $1.42 trillion, with BTC holding nearly 50% of the overall market cap. Both bitcoin and ethereum saw stagnant weeks, with other digital currencies, such as BONK and TAO, shining with significant increases. It’s essential to keep an eye on the market movements and be prepared for the volatility that comes with crypto trading.
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