The Latest Crypto Rally
If you’ve been following the crypto market, you know that there has been a significant rally in recent weeks. The total market is up 10% from last week, and this surge is mainly attributed to institutional interest. Most coins have seen gains in value, but some have declined, and stablecoins have either stagnated or decreased in supply, with one major exception.
Biggest Winners
While Solana has been grabbing headlines, it was only the seventh-biggest gainer last week. The top spot belongs to Cronos (CRO), the layer-1 blockchain associated with Crypto.com, which saw a 76.4% increase in value. Illuvium (ILV) followed closely with a 56.46% price increase after being listed on the Epic Games store ahead of its upcoming launch. Kaspa, a proof-of-work Layer 1 blockchain, gained 53.48% in price over the past week.
Biggest Losers
Only two coins saw notable declines in value last week. Wemix (WEMIX), a blockchain-based gaming token, experienced a 2.89% decline, while Maker (MKR) lost 2.71%. Maker had previously come under criticism from Ethereum co-founder Vitalik Buterin back in September.
What About Stablecoins?
Stablecoins saw an overall growth of over $2 billion in the past week, primarily driven by Tether (USDT), which increased its total supply from 84.85 billion to 86.85 billion from 11/3 to 11/10. However, other top stablecoins saw their total supplies remain stagnant or decrease over the same period.
Hot Take: Crypto Market Recap
The latest crypto rally has brought about significant gains for many coins across the market but also some losses for others. It’s important to keep an eye on these fluctuations and understand the factors driving them to make informed investment decisions.
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