The cryptocurrency market remained subdued last week, despite the stock market notches gains. In addition to market-wide concerns about the economy and interest rates, the crypto space is hampered by developments in the FTX saga.
Despite concerns about the credibility and stagnation of major cryptocurrencies, some digital currencies rose sharply this week. These are the ones that got around 20% returns or more:
1. Huobi tab: Star Crypto Actor of the Week has been the Huobi tab HT/USD. It is the native token of the Huobi Global cryptocurrency exchange and a decentralized digital asset based on the Ethereal EUR/USD block chain. Its value is due in part to the reputation of the Huobi exchange.
The token’s seven-day gain is a whopping 58.79% and on Saturday it was advancing around 20% to $7.21.
2. Curve DAO tab: Another token that had a hot streak during the week was Curve CAD Tab CRV/USD. Curve, a decentralized stablecoin exchange launched in January 2020, introduced a decentralized autonomous organization, or DAO, in August, with CRV as its internal token.
The token was up more than 34% for the week and was advancing around 6% on Saturday.
3. Litecoin: Litecoin LTC/USDa decentralized peer-to-peer cryptocurrency and an open source project, it was launched in October 2011. It is one of the first altcoins.
Litecoin jumped around 25% during the week and was flat on Saturday.
4. Script: Dash DASH/USD is also an open source crypto and altcoin forked from Bitcoin USD/BTC. It is also a decentralized autonomous organization run by a subset of its users.
Dash advanced around 20% during the week and was up around 1% on Saturday.
The common thread of the winners is that they are all decentralized tokens, which means that they are decentralized applications that run on blockchains with smart contracts.
The strong gains of these cryptocurrencies contrast with those of the main currency Bitcoin, which is down 0.16% in the last seven days. Ethereum, the second most traded cryptocurrency, has gained around 1.3% for the week. Among the top 10 cryptocurrencies, bnb USD/BNB Y dogecoin DOGO/USD were standout gainers, both up more than 4% in the last 24 hours.
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