The global cryptocurrency market witnessed an eventful week as volatility took a downward turn at the start of the week, after which volatility and decline turned into impressive gains at the end.
Since most cryptocurrencies are closely related to Bitcoin, the rise and fall in the price of the first digital currency was reflected in other digital currencies as well.
While Bitcoin’s weekly rate of appreciation is as high as 24%, it appears to be much lower than the gains collected by other alternative cryptocurrencies.
Bitcoin hit an all-time high this week and is expected to rise above $ 50K soon.
Other cryptocurrencies have also seen dramatic rallies this week.
The BNB currency rose and reached a new record high ever, reaching a value of $ 148.07, according to “CoinMarketCap” meaning that it achieved a weekly growth of 105.10%.
But there are some digital currencies that rose by much more than the percentage of Binance, we chose three of them among the 100 largest cryptocurrencies in terms of total market value, and they are as follows:
1- “GRT” currency:
“GRT” is a digital currency of the “The Graph” project, which provides an indexing protocol for querying data for networks such as Ethereum and IPFS, as it powers many applications in both the DeFi funding arena and the wider Web3 ecosystem.
The coin hit an impressive showing this week, posting a growth of 150.89% at the time of writing.
The total market value of “GRT” is estimated at $ 2.95 billion, at a price of $ 2.17 per unit, which is about 23% lower than the highest level recorded in the previous two days.
2- “BTT” currency:
“BTT” is a digital currency of the “BitTorrent” project, and it is one of the lowest-priced cryptocurrencies.
BTT managed to post a massive weekly gain of 157.21%.
The digital currency “BTT” is backed by Mr. “Justin Sun”, founder of “Tron”, whose company acquired “BitTorrent” earlier.
The “BitTorrent” platform has the significance of functioning as a peer-to-peer (P2P) file exchange platform which is being worked on to become more decentralized.
The price of the “BTT” currency at the time of writing this article is currently $ 0.0012, and the low price comes as one of the highest prices for “BTT” since its inception in 2019 after it was acquired by the company “Tron”.
3- “AVAX” currency:
The digital currency of the “Avalanche” project is the best performance this week among the list of the top 100 cryptocurrencies by total market cap.
The price of the digital currency “AVAX” increased by 203.54% in the last week, after which the price decreased and this percentage decreased to 136%.
The “Avalanche” project seeks to be like a global asset exchange, allowing anyone to launch or trade any form of assets and control it in a decentralized manner using smart contracts and other advanced technologies.
It seems that the digital currency “AVAX”, associated with this ambitious project, has the support of investors and holders of the coin (Hodder) alike.
Crypto market developments:
As we indicated at the beginning of the article, the cryptocurrency market is characterized by volatility and volatility, and it is still not regulated yet, fluctuations can make the price of these digital currencies unstable, as prices have changed dramatically throughout the week, and there may be new turns that herald new transformations for the emerging crypto market. .