The crypto markets experienced a momentary relief earlier this week before falling again. The brief rally was most likely a response to the possibility of slower interest rate hikes. Bitcoin (BTC) climbed past $17k but has since fallen below that level again. Meanwhile, Ethereum (ETH) has struggled to get past $1.3k after the November crash caused by the FTX collapse.
Nonetheless, some crypto projects did show some strength regardless of the general bearishness.
Top crypto performers of the week
FTM is the top crypto performer, with 35.4% gains in the weekly charts. The coin began to surge after Andre Cronje published a Medium blog on how the firm has remained cash flow positive throughout the years. Investors and users are also awaiting the launch of the Fantom Virtual Machine (FVM), but they do not have an official launch date as of yet.
At press time, FTM was trading at $0.24900, up by 5.8% in the last 24 hours.
Dogecoin was also one of the best-performing cryptos this week. The rally is likely riding on Elon Musk’s announcement of a Twitter 2.0 with payment features. Being the DOGE fan that he is, there is a high probability that Dogecoin will be a part of the payment feature. DOGE is already accepted as payment for Tesla merchandise.
Although DOGE has made significant gains (22%) in the weekly charts, it is also one of the biggest losers in the 24-hour charts. In the last 24 hours, DOGE has dropped by 4%, and its price has fallen below 10 cents once again.
EthereumPOW is the top crypto gainer in the last 24 hours. The token has surged by up to 22% in the daily charts. Ethereum’s transition to a PoS (Proof-of-Stake) model was a historic moment for the project. However, the original PoW chain continues to function with many users still on the network.
RobotXEN, an auto-minter took, was recently launched on the ETHW network. The tool allows users to mint $XEN at cheaper rates.
At press time, ETHW was trading at $4.08, up by 1.3% in the last hour.