The cryptocurrency market remained subdued in the past week, despite the stock market notching gains. In addition to market-wide concerns about the economy and interest rates, the crypto space is stymied by the developments in the FTX saga.
Notwithstanding credibility concerns and major cryptos flatlining, some digital currencies ran up sharply this week. Here are the ones that fetched about 20% returns or more:
1. Huobi Token: The star crypto performer of the week has been the Huobi Token HT/USD. It is the native token of the cryptocurrency exchange Huobi Global and a decentralized digital asset based on the Ethereum ETH/USD blockchain. Its value is in part attributable to the reputation of the Huobi exchange.
The seven-day gain of the token is a whopping 58.79% and on Saturday it was advancing about 20% to $7.21.
2. Curve DAO Token: Another token that had a nice run during the week was Curve DAO Token CRV/USD. Curve, a decentralized exchange for stablecoins launched in January 2020, unveiled a decentralized autonomous organization, or DAO, in August, with CRV as its in-house token.
The token rose over 34% for the week and was advancing about 6% on Saturday.
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3. Litecoin: Litecoin LTC/USD, a decentralized peer-to-peer cryptocurrency and open-source project, was launched in October 2011. It is one of the earliest altcoins.
Litecoin jumped about 25% for the week and was flat on Saturday.
4. Dash: Dash DASH/USD is also an open-sourced crypto and an altcoin forked from Bitcoin BTC/USD. It is also a decentralized autonomous organization run by a subset of its users.
Dash advanced about 20% for the week and was rising about 1% on Saturday.
The common thread running across the gainers is that all are decentralized tokens, which means they are decentralized applications that run on blockchains with smart contracts.
The steep gains of these cryptos contrast with that of the apex currency Bitcoin, which is down about 0.16% over the past seven days. Ethereum, the second-most traded crypto, has gained about 1.3% for the week. Among the top 10 cryptos, BNB BNB/USD and Dogecoin DOGE/USD were standout gainers, both rising over 4% in the past 24 hours.
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