Altcoins
The main winners and losers of the week
The cryptocurrency market surged 3.5%, reaching a total value of $2.48 trillion. This growth was largely due to Bitcoin’s impressive rally, which saw it approach $70,000 on July 29, as well as overall positive market sentiment. While Bitcoin led the charge, altcoins saw more modest gains of 2% to 4%.
But beneath the surface of these generally positive numbers lies a week of dramatic change. Major token unlocks, high-stakes legal battles, groundbreaking upgrades, and new mainnet launches!
Let’s dive in and explore the winners and losers from this rollercoaster week.
The decisions-makers
Dog Hat:Meme Coin Star!
Dogwifhat has surged 9% over the past week, making it the best-performing cryptocurrency of 2024 so far, up a staggering 1,300% year-to-date. Its market cap is now $2.5 billion, surpassing other well-known meme coins like Dogecoin and Shiba Inu.
Solana: Institutions monitor
Solana rose 7% last week, boosted by comments from SEC Commissioner Hester Peirce hinting at potential approval for Solana ETFThe move has attracted significant institutional interest, with firms including VanEck and 21Shares already submitting applications. Solana’s market cap now stands at $78.2 billion.
Coat: 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 also : Solana Price Analysis: Here’s What Could Happen If SOL Price Hits $200 This Week!
XRP: Pending legal developments
XRP rose 4.2% as investors anticipated updates in the SEC lawsuit against Ripple. The market is also boosted 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
Alliance for Artificial Superintelligence
Despite the start of the second phase of FET migration to ASI tokens, the token has dropped by 16.6% over the week. The platform is working on consolidating several projects under the ASI currency, with cross-chain bridges and migration solutions coming soon. Its market cap is $3 billion.
UniswapThe unexpected fall of
Uniswap saw a 10% drop, even as the company announced a major upgrade to UniswapX aimed at improving trade execution. Its market cap is $4.3 billion.
Shiba Inu: Computer hacking impacts the market
Shiba Inu’s stock price fell 9.6% following a hacking incident on India-based exchange WazirX, which resulted in significant losses, including $100 million worth of SHIB tokens. The hacker sold some of the stolen tokens, which affected the market. Shiba Inu’s market cap is $9.6 billion.
Polygon: The challenges of migration
Polygon’s value has dropped 8.4% despite the ongoing MATIC-POL migration, which is part of its 2.0 roadmap. The new POL token is expected to support future features, including a staking hub planned for 2025. Polygon’s market cap is $4.7 billion.
Yourcoin:Decline of partnership
Toncoin fell 8% over 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.
Cardan: Drop before upgrade
Cardano fell 6.6% last week, despite the upcoming “Chang Hard Fork” upgrade designed to improve transaction speed, security, and scalability. The upgrade, which marks the beginning of the Voltaire era, is scheduled for the end of July. Cardano’s market cap is $14 billion.
Looking forward
This week’s outlook shows a mix of positive trends led by Bitcoin and some altcoins, as well as some notable declines due to various factors. Investors remain optimistic, especially with ongoing regulatory developments and technological upgrades in the crypto space.
Is this finally the year altcoins shine? Stay tuned to these trends to make smart investment decisions.