Markets
Winners and losers of the week
The cryptocurrency market is up 3.5%, reaching a total value of $2.48 trillion. This growth is largely driven by Bitcoin’s impressive rally, which saw it approach $70,000 on July 29, along with overall positive market sentiment. While Bitcoin is leading the charge, altcoins have seen more modest gains of 2% to 4%.
But beneath the surface of these overall positive numbers lies a week of dramatic change. Major token unlocks, high-stakes legal battles, game-changing updates, and the launch of new mainnets!
Let’s dive in and explore the winners and losers of this rollercoaster week.
The movers and shakers
Wife’s Hat: Meme coin star!
Dogwifhat has risen 9% in the past week, becoming the best-performing cryptocurrency of 2024 so far, with an astonishing 1300% increase since the beginning of the year. Its market cap is now $2.5 billion, surpassing other well-known meme coins such as Dogecoin and Shiba Inu.
Solana: The institutions observe
Solana saw a 7% increase last week, boosted by comments from SEC Commissioner Hester Peirce hinting at a potential approval for Solana ETFs. This has attracted significant institutional interest, with firms such as VanEck and 21Shares already filing. Solana’s market cap has now reached $78.2 billion.
Coat: Increased network activity
Formerly known as BitDAO, Mantle has seen a 4.8% increase, driven by a surge in new and active addresses. This growth indicates intense network activity and investor interest, pushing its market cap to $2.7 billion.
Read also: Solana Price Analysis: Here’s What Could Happen If SOL Price Hits $200 This Week!
Exchange rate risk: Pending legal developments
XRP is up 4.2% as investors anticipate updates on the SEC lawsuit against Ripple. The market is also supported by the approval of the Spot Ether ETF and positive regulatory signals from key figures. XRP’s market cap is $33.6 billion.
The drops and the losers
Alliance for Artificial Superintelligence
Despite the start of the second phase of FET’s migration to ASI tokens, the token fell 16.6% over the week. The platform is working to consolidate more projects under the ASI coin, with upcoming cross-chain bridges and migration solutions. Its market cap is $3 billion.
UniswapThe unexpected fall of
Uniswap has seen a 10% decline, despite announcing a major upgrade to UniswapX aimed at improving trade execution. Its market cap is $4.3 billion.
Shiba Inu Dog: Hacker attack impacts market
Shiba Inu fell 9.6% following a hacking incident at the Indian exchange WazirX, which led to significant losses, including $100 million in SHIB tokens. The hacker sold some of the stolen tokens, impacting the market. Shiba Inu’s market cap is $9.6 billion.
Polygon: Challenges of migration
Polygon is down 8.4% despite the ongoing MATIC-POL migration, part of its 2.0 roadmap. The new POL token is set to support future features, including a staking hub planned for 2025. The market cap for Polygon is $4.7 billion.
Toncholine: Fall of the partnership
Toncoin is down 8% on the week despite announcing a major partnership with Mocaverse and the MOCA Foundation to increase user adoption and developer incentives. Its market cap is $16.6 billion.
Cardano: Pre-update drop
Cardano is down 6.6% over the past week, even with the upcoming ‘Chang Hard Fork’ upgrade designed to improve transaction speed, security, and scalability. This upgrade, which marks the start of the Voltaire era, is scheduled for late July. Cardano’s market cap is $14 billion.
Looking forward
This week’s outlook shows a mix of positive trends led by Bitcoin and select altcoins, along with some notable declines due to various factors. Investors remain bullish, especially with the ongoing regulatory developments and technological upgrades in the cryptocurrency space.
Is it finally the year for altcoins to shine? Stay tuned to these trends for smart investment decisions.