The cryptocurrency market rose 3.5% to $2.48 trillion, mainly driven by Bitcoin's surge to nearly $70,000 on July 29 and overall positive sentiment. While Bitcoin led the charge, altcoins saw smaller gains of 2% to 4%. Let’s take a look at the recent performance of some altcoins.
WIF
Notably, this meme coin soared 9% over the past week, making it the best-performing cryptocurrency of the first half of 2024, with a year-to-date gain of 1300%. Its market cap reached $2.5 billion, surpassing other popular meme coins like Dogecoin and Shiba Inu.
Solana
Solana rose 7% last week, driven by the possibility of SEC approval for a Solana ETF, as stated by Commissioner Hester Peirce. This has garnered significant institutional interest, with companies like Van Eck and 21Shares filing applications. Solana’s market cap is now $78.2 billion.
Mantle
Formerly known as BitDAO, Mantle's price increased by 4.8%, driven by a rise in new and active addresses. This indicates growing network activity and investor interest, bringing its market cap to $2.7 billion.
XRP
XRP rose 4.2% amid anticipated progress in the SEC lawsuit against Ripple and the approval of a spot Ethereum ETF, boosting market optimism. XRP’s market cap is $33.6 billion.
ASI
Despite launching the second phase of FET to ASI token migration, ASI dropped 16.6% over the week. The platform aims to integrate multiple projects under the ASI token with upcoming cross-chain bridges and migration solutions. Its market cap is $3 billion.
Uniswap
Despite announcing significant upgrades to UniswapX to enhance trade execution, Uniswap's price fell 10%. Its market cap stands at $4.3 billion.
SHIB
Shiba Inu dropped 9.6% after Indian cryptocurrency exchange WazirX was hacked, losing $100 million worth of SHIB tokens. The market was heavily impacted as the hacker sold part of the stolen tokens, bringing SHIB’s market cap to $9.6 billion.
Polygon
Despite ongoing MATIC-POL migration as part of its 2.0 roadmap, Polygon’s value fell 8.4%. The new POL tokens are expected to support upcoming features, including a staking hub in 2025. Polygon’s market cap is $4.7 billion.
Toncoin
Toncoin announced a significant partnership with Mocaverse and the MOCA Foundation to drive user adoption and developer incentives, but its price still fell 8%. Its market cap is $16.6 billion.
ADA
Despite the upcoming "Chang Hard Fork" upgrade aimed at improving transaction speed, security, and scalability, Cardano fell 6.6% last week. This upgrade marks the beginning of the Voltaire era, set for late July. Cardano’s market cap is $14 billion.
This week’s outlook reflects a bullish trend led by Bitcoin and some altcoins, while various external factors caused notable declines. However, we remain optimistic, especially with ongoing regulatory developments and technological upgrades in the cryptocurrency space, which could lead to potential rebounds.
Where is my beloved ETH?
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