Bitcoin
Top Winners and Losers of the Week
The cryptocurrency market is up 3.5% to reach 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
Dog hat: Star coin meme!
Dogwifhat is up 9% over the past week, making it the best-performing cryptocurrency of 2024 so far, with an astonishing 1300% increase since the start of the year. Its market cap now stands at $2.5 billion, surpassing other well-known meme coins like Dogecoin and Shiba Inu.
Solana: Institutions are watching
Solana saw a 7% surge last week, driven by comments from SEC Commissioner Hester Peirce suggesting a possible approval for Solana ETFsThis has attracted significant institutional interest, with firms such as VanEck and 21Shares already submitting applications. Solana’s market cap has now reached $78.2 billion.
Cloak: Increased network activity
Formerly known as BitDAO, Mantle saw a 4.8% increase, driven by an increase in new and active addresses. This growth indicates increased network activity and investor interest, pushing its market cap to $2.7 billion.
Read too: Solana Price Analysis: Here’s What Could Happen If SOL Price Hits $200 This Week!
XRP: Waiting for legal developments
XRP is up 4.2% as investors anticipate updates on the SEC vs. Ripple lawsuit. The market is also buoyed by the approval of the Spot Ether ETF and positive regulatory signals from key figures. XRP’s market cap stands at $33.6 billion.
The Dips and the Losers
Artificial Superintelligence Alliance
Despite starting the second phase of FET token migration to ASI, the token has fallen 16.6% over the week. The platform is working to consolidate several projects under the ASI coin, with future cross-chain bridges and migration solutions. Its market cap is $3 billion.
UniswapUnexpected drop of
Uniswap saw a 10% decline despite announcing a major upgrade to UniswapX aimed at improving trade execution. Its market cap is $4.3 billion.
Shiba Inu: Hack Impacts Market
Shiba Inu fell 9.6% following a hacking incident on India-based exchange WazirX that led to significant losses, including $100 million worth of SHIB tokens. The hacker sold some of the stolen tokens, impacting the market. Shiba Inu’s market cap is $9.6 billion.
Polygon: Migration Challenges
Polygon’s value has dropped 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. Polygon’s market cap is $4.7 billion.
Ton Coin: Fall in partnership
Toncoin is down 8% on the week despite announcing a major partnership with Mocaverse and the MOCA Foundation to boost user adoption and developer incentives. Its market cap is $16.6 billion.
Cardano: Pre-Update Dive
Cardano has fallen 6.6% in the past week, even as the upcoming ‘Chang Hard Fork’ upgrade is designed to improve transaction speed, security, and scalability. This upgrade, marking the beginning 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 hopeful, especially with ongoing regulatory developments and technological upgrades in the crypto space.
Is this finally the year for altcoins to shine? Keep an eye on these trends to make wise investment decisions.