The cryptocurrency market had a rough year in 2022. Bitcoin prices fell from around $69,000 to the current level of $16,500. After Bitcoin prices, the entire crypto market lost around 70 percent on average. The said loss deepened further with the sighting of around $15,500 this week. However, some altcoins have performed well in the past seven days. Here are the details…
Not Bitcoin: APE rose this week
The cryptocurrency market has been under pressure last week. In addition to market-wide concerns about the economy and interest rates, the crypto space has been hampered by developments in the FTX saga. Meanwhile, some coins were bullish on a weekly basis. Among them was Apecoin (APE). ApeCoin is the cryptocurrency of Yuga Labs, as we have also reported as Kriptokoin.com. Its configuration enables it to evolve into a decentralized protocol layer for community and environmental mobility.
At the same time, it tries to consolidate the decentralized structure that is at the top of the web3 list. It is an ERC-20 token used by developers to power and promote its functionality. Token holders are sustained by the decentralized governance framework of the ApeCoin DAO. The price of APE has risen about 15 percent over the past seven days.
Another rising coin: Dash
Dash is a proof-of-work (PoW) Blockchain with some extra features. Dash was the first project to bring masternodes. Users must lock 1000 DASH to continue running a master node. As a result, the master node is forced to operate precisely and provide extra weight on the network, which affects the price. The price of DASH has increased by about 20 percent over the past seven days. Dash is also an open source crypto and altcoin forked from Bitcoin. It is also a DAO managed by a subset of its users.
Litecoin, the “brother” of Bitcoin (BTC), also rose this week
Litecoin is among the best known and oldest cryptocurrencies on the market. It was invented just two years after Bitcoin in 2011 and is often considered Bitcoin’s “little brother”. In terms of technology, Litecoin is built on an open-source protocol and is implemented almost the same as Bitcoin. Litecoin’s goal was to make the Bitcoin system more efficient, reliable and consistent. Litecoin creates new blocks four times faster than the Bitcoin Blockchain. Litecoin is up about 25 percent over the week and has been flat over the weekend.
Curve’s value increase has reached 30 percent
Another token that performed well throughout the week was the Curve DAO Token. Launched in January 2020, Curve introduced its in-house token CRV in August. CRV Token, also known as Curve DAO Token, is a governance token built on the Ethereum Blockchain that powers Curve Finance, a DEX, and an AMM protocol.
It uses DEX to quickly trade between ERC-20 tokens while avoiding sudden losses. Curve DEX is one of the most popular places to exchange and lock crypto assets due to the capacity of most liquidity providers to overcome the permanent loss faced when storing their tokens in certain liquidity pools. The CRV price has increased by about 30.55 percent over the past seven days.
The coin that rose the most was Huobi’s HT
Huobi Token is the utility token of the Chinese cryptocurrency exchange Huobi. It offers advantages to its holders when they use the exchange. Huobi Token (HT) is an Ethereum-based decentralized token. Huobi Group created the token around a limited supply. According to the statements, the limited supply of 500,000,000 HT will never increase. The price of HT has increased by about 55.40 percent over the past seven days. Its value can be partially attributed to the reputation of the Huobi exchange.
The rapid gains of these cryptos contrast with that of the largest cryptocurrency, Bitcoin, which has dropped about 0.16 percent over the past seven days. Ethereum, the second most traded crypto, gained nearly 1.3 percent over the week. Among the top 10 cryptos, BNB and DOGE; with its earnings.
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