Alternative cryptomonies, or altcoins, have begun to record large gains in all areas. Some small-cap currencies have seen triple-digit percentage gains in recent weeks. But several larger-cap currencies have also made significant gains, such as VeChain (VET), Stellar (XLM), Cardano (ADA), and Chainlink (LINK).
Cryptocurrency market performance in the past 7 days
Top ten in the crypt coin market in the last week
Last week, VET, XLM, ADA, ALGO, LINK, BSV, ATOM, XRP, CRO and ETC outperformed the rest of the market, including Bitcoin, which gained only 1.13% during the period.
The table below illustrates the biggest winners in the last seven days for cryptosystems with a market capitalization of USD 700 million or more.
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Top 10 crypto assets in the past week
The top 10 cryptoactives in the last week. Source: Cointelegraph, Coin360
Since March, both Bitcoin Lifestyle and Ether (ETH) recorded gains of over 150%, reportedly driven by increased retail and institutional demand. After the strong recovery of the two major cryptoactives, the momentum of many alternative currencies began to build, particularly after Bitcoin’s halving in mid-May.
VET was ranked the third best performing crypto asset of the week. Some speculate that the VeChain team’s participation in a major conference could signal a product announcement. Others believe the rebound stems from anticipation of a possible Coinbase listing.
On June 11, Coinbase said it is reviewing VeChain along with 19 other cryptosystems. Mentioning VeChain, the exchange said
„Today we announce that we are exploring the addition of a range of new assets. As part of the exploration process, customers can see public APIs and other signs that we are doing engineering work to potentially support these assets.
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Stellar and Cardano are ready to experience important protocol updates, with the Cardano hard fork scheduled to activate on July 30. The hype around the protocol updates and new product releases has boosted sentiment about the major cryptosystems in recent weeks.
Other cryptoactives, such as Chainlink, for example, have recently surpassed their historical peaks after a strong June. Interest in LINK increased after it entered a price discovery phase. Price discovery is a technical term for when an asset passes its historical peak in unknown territory.
Meanwhile, Dogecoin, driven by an increase in interest among TikTok users, was the best performing crypt currency among currencies with a market capitalization of less than USD 700 million. It reached a two-year peak, which led the Twitter account @Dogecoin to warn users and „be smart“ when it comes to fear of missing the trend (FOMO).