The most recent surge in cryptocurrency has resulted in widespread advancements throughout the cryptocurrency market, with the overall market capitalization increasing by 10% compared to last week, as reported by price data from The Block. This upsurge, fueled by institutional interest, has generated an uptick in the value of most coins in the past week.
Thank you for reading this post, don't forget to subscribe!Nevertheless, certain coins have experienced declines in value, while the supply of nearly every stablecoin has either plateaued or decreased, with one significant outlier.
Here’s our summary of the top gainers and losers in cryptocurrency from the top 100 coins based on market capitalization, as per price data from The Block at the time of publication.
Top Gainers
Despite the widespread attention Solana’s recent upswing has attracted, it only secured the seventh position in terms of gains over the past week. The leading position belongs to Cronos (CRO), a layer-1 blockchain associated with Crypto.com, which has seen a 76.4% increase in value for the week. This chain supports both the Ethereum Virtual Machine (EVM) and the Cosmos blockchain, placing it at the intersection of both ecosystems.
Following closely in second place is Illuvium (ILV) with a 56.46% price surge this week. Illuvium, a game development studio, is the title of its flagship blockchain-based game and its associated token, which experienced a surge in value after the game was listed on the Epic Games Store ahead of its upcoming launch later this month.
The third-highest gainer was delivered by Caspa, a proof-of-work Layer 1 blockchain, which witnessed a 53.48% surge in price over the past week. According to Chen, Caspa aims to “emerge as the fastest and most pure proof-of-work consensus engine”. x account,
Top Decliners
Only two coins experienced a notable decline in value last week. The most significant decliner was WeMIX, a blockchain-based gaming token, which witnessed a 2.89% decrease over the past week. Wemix did not benefit from the gains observed in other blockchain gaming projects such as Illuvium and ImmutableX, which delivered the fourth-largest gain of the week.
The second largest decliner was Maker (MKR), which experienced a 2.71% decline. Maker faced criticism in September from Ethereum co-founder Vitalik Buterin, who divested his stake in the project and voiced concerns that MakerDAO was “veering in strange directions.”
Stablecoins Scenario
Although the total supply of stablecoins has grown by more than $2 billion in the past week, these gains were primarily driven by Tether (USDT), which boosted its total supply from 84.85 billion to 86.85 billion between 11/3 and 11/10. For data from block.
However, these gains came at the expense of other leading stablecoins, as their total supply remained stagnant or declined during the same period.
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Source: www.theblock.co
