Crypto Economy Rises With Bitcoin Leading The Way
The cryptocurrency market has experienced an increase in value, climbing from $1.21 trillion two days prior to its current value of $1.22 trillion. Bitcoin has surged 15% in the past week, while Ethereum has risen over 10% against the U.S. dollar.
By Anna B Kiwanuka
Over the past few hours, the cryptocurrency market’s worth has grown by an additional $30 billion according to CoinGecko. This week witnessed Bitcoin (BTC) soar by 15.7%, while Ethereum (ETH) jumped by 10.4%. Apart from BTC, Cardano (ADA) experienced the largest weekly gains among the top ten cryptocurrencies by market cap, amassing 11.3%.
In the past day alone, global crypto trade volume reached $38.62 billion; of this sum, $24 billion were paired with stablecoins. The most significant weekly gain was achieved by bitcoin cash (BCH), which rose 88.2% against the U.S. dollar.
Pepe (PEPE) also emerged as one of this week’s market frontrunners, increasing by 64.7% within seven days. In terms of trade volume within a day’s time frame, PEPE occupies today’s eleventh position among top traded cryptocurrencies per coin. Furthermore, decentralized finance (defi) platform Aave’s crypto asset, aave (AAVE), witnessed a 47.1% increase this week. Aave currently ranks ninth in global trade volume, reporting a substantial $559 million over the past day.
Bitcoinsv (BSV) experienced a notable 44.8% weekly uptick against the dollar, making it the fourth-largest gainer in growth. Additionally, the kava (KAVA) token rose by 36.7%, and synthetix (SNX) leaped by 28.3% within a week’s time.
Despite these gains, six cryptocurrencies incurred losses ranging from 1.2% to 6.8%. Among these are two gold-backed assets: XAUT and PAXG. Kucoin (KCS) lost 6.8% against the U.S. dollar this week, rocketpool (RPL) dropped by 5%, and BNB shed around 2.8% this week. Another loser was BitTorrent (BTT) as it lost 1.7% against the U.S. dollar over the past seven days.