The cryptocurrency market remained subdued last week, despite stock market gains. In addition to market-wide concerns about the economy and interest rates, the crypto space is stalled by developments in the FTX saga.
Despite credibility issues and major crypto stagnation, some digital currencies have risen sharply this week. Here are the ones that generated about 20% or more returns:
1. Huobi Token: The Featured Crypto Actor of the Week was the Huobi Token VAT/USD. It is the native token of the Huobi Global cryptocurrency exchange and a decentralized digital asset based on the Ethereum ETH/USD blockchain. Its value is partly attributable to the reputation of the Huobi exchange.
The token’s seven-day gain is a whopping 58.79% and on Saturday it was advancing about 20% to $7.21.
2. Curved DAO Token: Another token that had a great run during the week was Curve DAO Token CRV/USD. Curve, a decentralized stablecoin exchange launched in January 2020, unveiled a Decentralized Autonomous Organization, or DAO, in August, with CRV as its internal token.
The token was up over 34% for the week and was advancing around 6% on Saturday.
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3. Litecoin: Litecoin LTC/USDa decentralized peer-to-peer and open-source cryptocurrency project, was launched in October 2011. It is one of the first altcoins.
Litecoin jumped around 25% for the week and was flat on Saturday.
4. Dash: Dash DASH/USD is also an open source crypto and altcoin derived from Bitcoin BTC/USD. It is also a decentralized autonomous organization run by a subset of its users.
Dash was up around 20% for the week and up around 1% on Saturday.
The common thread of the winners is that all of them are decentralized tokens, meaning they are decentralized applications that run on blockchains with smart contracts.
The steep gains of these cryptos contrast with those of the peak currency Bitcoin, which has fallen around 0.16% in the past seven days. Ethereum, the second most traded crypto, gained around 1.3% for the week. Among the top 10 cryptos, BNB BNB/USD and Dogecoin DOGE/USD were notable gainers, both up more than 4% in the past 24 hours.
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