This week has seen a mixed bag of results for the top cryptocurrencies, with Bitcoin (BTC) seeing the biggest gains. After a rocky start to the year, last week’s SEC crackdown on Kraken and staking has caused confidence in the crypto market to waver. However, most leading cryptocurrencies have been able to recover value in the past few days.
Bitcoin (BTC) has seen the biggest gains, rising 13.7% over the past seven days to hit $24,608 as of Saturday morning, according to CoinGecko data. This follows a brief period where Bitcoin reclaimed the $25,000 mark. The world’s number one cryptocurrency is currently being buoyed by the success of Ordinals, a popular NFT project on the blockchain.
Price Index (CPI) report from the U.S. Bureau of Labor Statistics (BLS).
Bitcoin (BTC) is often overshadowed by its closest competitor Ethereum (ETH) when it comes to Non-Fungible Tokens (NFTs). However, the number of Ordinals (a type of NFT) minted on Bitcoin has hit 130,000 since the project’s launch last month.
Ethereum, the world’s second largest cryptocurrency by market cap, rose 12% over the last seven days and currently trades for around $1,700.
Both market leaders briefly traded sideways on Valentine’s Day as investors chewed on the conclusions of the latest Consumer Price Index (CPI) report from the U.S. Bureau of Labor Statistics (BLS).
27, and ICON (ICX), which rallied 12% to $2.87.
Cardano (ADA) enjoyed a strong rally of 12% after the network dropped its Valentine upgrade. Valentine improves cross-chain functionality and security for dapps on Cardano. The blockchain’s native token’s price is currently around $0.40, making it one of the more valuable cryptos in the market.
Strong rallies were enjoyed by holders of Avalanche (AVAX), which rose 10.4% to $19.66; Tron (TRX), which climbed 12% to $0.07; Litecoin (LTC), which went up 10% to $101, Solana (SOL), which surged 14% to $23, Lido DAO (LIDO), which spiked 13% to hit $3.27.
But three other names from the top 30 blew the rest out of the water: Filecoin (FIL) mushroomed 55% to trade at $7.43; OKB popped 30% over seven days to hit $52.98; and Polygon (MATIC) jumped 25% to $1.54.
Losing none of its value, Bitcoin (BTC) still reigns supreme as the top cryptocurrency by market cap. However, many other altcoins are experiencing impressive growth this week.
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