Despite a rough patch for all cryptocurrencies recently, things have started to look up again. There is still plenty of uneasy market momentum, which is almost mandatory over the weekend. However, thanks to currencies like Shiba Inu, Solana, and Avalanche, the crypto market cap passed $1 trillion again.
Crypto Market Cap Goes Up
Most people will agree it has been a bleak period for cryptocurrencies. Some may refer to the recent crypto price crash, although this bearish trend has been in place since mid-2021. Top currencies like Bitcoin and Ethereum hit new all-time highs and quickly retraced all gains from 2022. Unfortunately, it did not end there, as the markets hit very low levels in recent weeks.
Thankfully, there are few assets as resilient as cryptocurrencies. Although there is still no significant price stability to speak of, the overall market cap has surpassed $1 trillion again. It is a psychological first and foremost, but it is good to see either way. Not long ago, that market cap was under $820 million, so the recovery is much more tangible today.
There are some intriguing trends to take note of, though. Ethereum is recovering better than Bitcoin, although it also sustained far heavier losses. Seeing ETH as $1,220 feels like a bigger bargain than Bitcoin at $21.300 to many people. However, ETH has a much larger supply, making a price rally less straightforward. Even so, it gained over 12% this week, compared to Bitcoin’s 4.5%.
Similar growth can be noted for Binance Coin (10.4%), XRP (14.6%), and Polkadot (12.5%). The market cap top 10 is home to three stablecoins, which have noted much, as is to be expected. Cardano is the weak performer here, with a 2.4% weekly gain. It also has far less trading volume than all other top 10 crypto assets, with the exception of DOT.
SOL, SHIB, And AVAX Fly
The strongest gains this week come from some surprising actors. Solana is making a strong push, culminating in a weekly 36.1% gain. It is interesting to see such momentum, although Solana has always been one of the “pumpier” coins in the market cap top 10 for some reason. It also has a strong trading volume, though, which is good to see.
Avalanche’s AVAX also makes a strong impression, yielding a 31.2% recovery in the past seven days. Although its trading volume is much lower, there seems to be a keen interest in keeping this project in the market cap top 15. Some recent actions by the Avalanche supporters – primarily regarding Bored Ape Yacht Club – still make many people frown, though.
That being said, Shiba Inu is the star of the show this week. The self-proclaimed Dogecoin Killer saw its value bounce back by 42% this week. It has tremendous trading volume and boasts very bullish momentum across the board. However, it still trades 86.5% below its all-time high recorded eight months ago. Reaching that level again remains highly unlikely, although anything is possible in this industry.
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