In the midst of the bitcoin bear market, these are the top 5 performing cryptocurrencies during the last week.
- While bitcoin and ethereum dominate the headlines, there are more than 16,000 other crypto coins.
- Alternative cryptocurrencies, which have less liquidity and higher volatility, might cause investors to suffer significant losses or gains in a short amount of time.
- These are the top five performing cryptocurrencies during the last week, according to CoinMarketCap data.
Many popular cryptocurrencies have been suffocated by Bitcoin's bear market, with the whole crypto market capitalization plummeting from $3 trillion to slightly under $2 trillion as of Friday. Other cryptocurrencies, on the other hand, are doing well despite the risk-off atmosphere.
There are more than three times as many cryptocurrencies as there are US exchange-listed stocks, with 16,515 in existence and counting. Outside of well-known coins like bitcoin, ether, and dogecoin, the vast volume of supply makes keeping track of all the significant movers in the crypto market extremely impossible.
The surge in new crypto coins has coincided with a massive bull market for the industry in 2021, but a 40% drop in bitcoin from its November high is posing a challenge to the space, particularly for smaller coins like solana, cardano, and polkadot, which enjoyed exceptional increases last year.
Alternative cryptocurrencies, which have less liquidity and higher volatility, might cause investors to suffer significant losses or gains in a short amount of time. Although the Shiba inu is down 65 percent from its previous high, it is still up significantly over the last year. Meanwhile, after making rapid increases of 75,000 percent, the squid game token dropped 99 percent in a single day.
Investors can discover which coins are gaining traction in the crypto community by keeping a watch on the weekly winners.
These are the five top performing cryptocurrencies with a market value of more than $1 billion during the last week, according to data from CoinMarketCap.
5. Internet Computer
Market Value: $5.7 billion
7-Day Performance: 16.0%
Market Value: $6.9 billion
7-Day Performance: 17.6%
Market Value: $11.6 billion
7-Day Performance: 23.3%
Market Value: $3.6 billion
7-Day Performance: 30.2%
Market Value: $9.7 billion
7-Day Performance: 34.9%