While the week started on a high note of $43,800 for Bitcoin (CRYPTO: BTC), it didn’t reach that level again for the rest of the week. The crypto’s apex king reported a 4% drop in the past 7-days trade while Ethereum (CRYPTO: ETH) saw a 4.6% fall in the same timeframe. Currently, the global crypto market cap is standing at $1.6 trillion with a Bitcoin dominance of 51.6%.
What Happened: Solana memecoin BONK (CRYPTO: BONK) was leading the gainers’ list amongst all the cryptocurrencies with 150.6% gains in the last 7-day trading session. With a caution notification to investors for high volatility, BONK was listed on Binance. Terra Classic (CRYPTO: LUNC) was one of the leading losers with a 13.8% drop.
Based on the top 20 cryptocurrencies in the past 7-day trade, Avalanche (CRYPTO: AVAX) stood at the first spot with gains of 43% followed by Cardano (CRYPTO: ADA) with 16.9% gains. Cosmos (CRYPTO: ATOM) and Polkadot (CRYPTO: DOT) followed the list with 8.3% gains each. Solana was the fifth highest gainer with 5.7% gains led by Saga smartphone sales nearing tenfold.
Avalanche witnessed a significant growth in transactions with around 1,000 transactions bigger than $100,000. Also, an analyst’s opinion on Avalanche stands strong with expectations of turning to a bigger win in upcoming weeks riding on a great narrative with GameFi.
Cardano is accumulating gains with robust activity in projects built on the network and total value locked peaking to all-time highs.
Amongst the losers, Chainlink (CRYPTO: LINK) was leading the list with an 11.2% drop followed by Bitcoin Cash (CRYPTO: BCH) with an 8.4% decline. Litecoin (CRYPTO: LITE) and XRP (CRYPTO: XRP) followed with a decrease of 7.6% and a 6.4%, respective, drop. Toncoin (CRYPTO: TON) was in the fifth position with a 6.1% fall.
Chainlink unveiled its LINK v0.2 community staking pool to the public for general access after which it has witnessed a significant drop. It now allows users to lock LINK for a 4.3% variable (reward). XRP’s fall came on the heels of Ripple lawyer John Deaton identifying U.S. Sen. Elizabeth Warren as the most pronounced threat to crypto.
Why It Matters: The last week witnessed one of the much-awaited events of the year-end which was the FOMC final meet of 2023. The meeting took a call on interest rates to be…
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