3 Crypto Gainers of the Week Analysed
After a turbulent week that saw Bitcoin price dip below $60,000, the global crypto market has recovered, recording an increase of 5.11% to reach $2.34 trillion in 24 hours. This week, we witnessed several cryptocurrencies experience significant gains by over 20%, highlighting the volatile characteristics of the market. Let’s delve into the top three crypto gainers of the week and explore their performances.
1. Wormhole (W)
Wormhole (W) emerged as the top among crypto gainer of the week, with its price rising by 31.43%. The token saw an increase in trading volume, reaching $298.3 million within 24 hours , trading at $0.7456 today.
Wormhole boasts of a market cap $1.35 billion, securing its position among top 100 cryptocurrencies, at 64, according to CoinMarketCap.
Wormhole reached its all-time high of $1.61 a month ago, but has since dropped in value by 52.93%. However, the token has 1.8 billion W in circulation.
Wormhole’s price surge can be attributed to its solid structure and upcoming launch of $ZRO, making it a beta play with growth potential. Major investors like Coinbase Ventures and Multicoin Capital have shown support, contributing to investor confidence. The expected altseason is likely to boost Wormhole’s momentum, with genuine interest from investors rising as a result. Analysts foresee a price range of $5 to $7 for Wormhole, given its potential and fully diluted valuation.
2. Helium (HNT)
Helium (HNT) secured the second spot among the week’s top gainers, with a notable price increase of 29.68%. Trading at $5.34, Helium experienced a surge in trading volume, reaching $16,830,658 within 24 hours.
Despite a minor decline of 2.76% in the past day, Helium maintains a market cap of $859,629,600, reflecting strong investor confidence. With a circulating supply of 160,875,442 HNT, Helium’s recent performance indicates renewed interest in its underlying technology and network.
The Helium ecosystem has more than 180,000 active wallets that participate in Helium-related tasks and communicate with other decentralized applications (dApps) on the Solana blockchain. This activity highlights how Helium is being increasingly used for more than just its main purpose.
The strong performance of Helium indicates a growing enthusiasm for blockchain solutions focused on IoT. Its expansion in network and liquidity metrics make it stand out as a significant participant in the cryptocurrency industry, demonstrating concrete examples of blockchain technology in practical scenarios.
3. Optimism (OP)
Optimism experienced a price increase of 24.10% and ranked among the top three crypto gainers of the week. The token experienced a substantial surge in trading volume, amounting to $341,449,621 in just 24 hours while trading at $2.88.
Despite a marginal decline of 0.24% in the past day, Optimism maintains a market cap of $3,016,828,138, earning its position as 39th in the market, according to CoinMarketCap. With a circulating supply of 1,045,379,867 OP, Optimism’s recent performance underscores growing optimism surrounding its scalability solutions for Ethereum.
Optimism, a layer-two blockchain built on Ethereum, is gaining investor interest due to its ability to scale the ecosystem using optimistic rollups. With over $500 million in TVL and 97 protocols, including Synthetix, Uniswap, and Velodrome, Optimism is a key solution for Ethereum’s scalability issues. Users can easily access Optimism by adding the chain to their Metamask and bridging tokens like ETH to the L2 for trustless transactions secured on Ethereum.
Conclusion
The top three crypto gainers this week, Wormhole, Helium, and Optimism, have shown strong performances due to factors like market trends, technological progress, and investor outlook. Even though the cryptocurrency market is known for its unpredictability, these digital currencies have proven to be resilient and promising for investors looking to capitalize on opportunities in this space.
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