Polkadot, Solana Top Crypto For Weekly Price Gains
Only one top 20 crypto was in the red over the past week, with solana continuing its recovery after the FTX debacle
Source: Lucas Agr/Shutterstock modified by Blockworks
Bitcoin recently reached its highest point since June last year; ether has returned to levels not seen since September. Solana is still about 30% away from reclaiming its price point recorded just before FTX collapsed.
Litecoin (LTC) was the only top 20 crypto in the red across the past seven days, having shed 2.45%. The total value of all cryptocurrencies now sits at around $1.18 trillion, per CoinGecko, up 12% across the same period. One year ago, crypto markets were worth $2 trillion.
Polygon’s native asset, MATIC, was the clear winner over the past month out of the top 20, surging more than 40%, far ahead of second-place DOT’s 17.8%.
Caroline Bowler, CEO of Australian crypto exchange BTC Markets, in a recent interview noted signs of growth in trading activity, alongside positive week-to-week deposits in Aussie dollars.
Bitcoin dominance — which measures how much of the crypto market is BTC — remains above 44%, up from 42% at the start of the year. It has stayed consistently in the low 40s since May 2021, just after BTC hit $60,000 for the first time.
In the early days of the last bull market, in Dec. 2021, bitcoin dominance was as high as 70%. Ether dominance is currently just shy of 20%, about where it was 18 months ago.
Regulatory crackdowns on centrally issued tokens and the relative clarity on bitcoin’s status as a commodity may be helping BTC.
“Bitcoin is often the first mover up from the trough in a drawdown and this cycle appears to be no different,” investment firm NYDIG said in a recent research note.
“The fact that bitcoin has product-market fit as a non-sovereign issued store of value, puts it ahead of most of the rest of the cryptocurrency competition.”
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