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

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Source: Lucas Agr/Shutterstock modified by Blockworks

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Polkadot (DOT) and solana (SOL) have outstripped top crypto assets over the past week as the digital asset market continues its attempted recovery.

DOT is up 17.6% while SOL has jumped 15.5%, as of 8:30 am, ET. Top two cryptocurrencies bitcoin (BTC) and ether (ETH) were up 10.9% and 7.5% on the week, respectively. 

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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