The crypto market witnessed an exciting week, with the overall market gaining 10% compared to the previous week, as per the data from The Block. This upsurge, apparently spurred by institutional interest, has resulted in a significant value increase for most cryptocurrencies. However, there have been some exceptions, with a few coins seeing a drop in value and almost every stablecoin either stagnating or experiencing a decrease in supply. Let’s dive into this week’s crypto market recap.
Top Performers of the Week
Solana, although grabbing many headlines with its recent surge, was only the seventh-largest gainer this past week. The crown goes to Cronos (CRO), the layer-1 blockchain linked with Crypto.com, which saw a weekly growth of 76.4%. This blockchain supports both Ethereum Virtual Machines (EVM) and the Cosmos blockchain, positioning it at the crossroads of these two ecosystems.
Illuvium (ILV) followed closely, registering a 56.46% increase in price over the week. Illuvium is a multifaceted entity, being a game studio, a blockchain-based game, and a token all at once. The token’s value surged after the game was listed on the Epic Games store, ahead of its launch later this month.
Kaspa, a proof-of-work Layer 1 blockchain aiming to be the fastest and purest proof-of-work consensus engine, secured the third spot with a 53.48% price increase over the week.
Underperformers of the Week
Despite the overall market rally, two coins saw a notable decrease in value over the past week. Wemix (WEMIX), a blockchain-based gaming token, declined by 2.89% over the past week. It did not enjoy the gains seen by other blockchain gaming projects like Illuvium and ImmutableX.
Maker (MKR) was the second biggest loser, shedding 2.71% of its value. Maker faced criticism from Ethereum co-founder Vitalik Buterin in September, who divested his stake in the project, citing that MakerDAO was veering in strange directions.
Stablecoins Overview
Despite the overall increase in the total supply of stablecoins by over $2 billion in the past week, the gains were primarily driven by Tether (USDT), which increased its total supply from 84.85 billion to 86.85 billion from 11/3 to 11/10, according to data from The Block. Other top stablecoins, on the other hand, saw their total supplies remain static or decrease during the same period.
For those interested in keeping a close eye on these market trends, the cryptoview.io application can be a valuable resource. It offers a comprehensive view of the crypto market, making it easier to track the performance of various cryptocurrencies.
Note: This article is for informational purposes only and should not be considered as financial, legal, tax, or investment advice.
