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
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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