The crypto market has risen by 3.5%, reaching $2.48 trillion, thanks to Bitcoin’s strong rally to almost $70,000 on July 29 and overall positive sentiment. While Bitcoin is driving the gains, altcoins have seen smaller increases of 2% to 4%.
This week has also seen notable developments, including major token unlocks, ongoing legal battles, upgrades, and mainnet launches.
Weekly Crypto Highlights: Meme Coins, Solana, Mantle, and XRP
One standout meme coin has surged 9% over the past week, becoming the top performer in the first half of 2024 with an impressive 1300% increase since the start of the year. Its market cap has reached $2.5 billion, surpassing other popular meme coins like Dogecoin and Shiba Inu.
Solana experienced a 7% rally this past week, driven by SEC Commissioner Hester Peirce’s comments hinting at potential approval for Solana ETFs. This news has generated significant institutional interest, with firms such as Van Eck and 21Shares already submitting applications. Solana’s market cap now stands at $78.2 billion.
Mantle, previously known as BitDAO, saw a 4.8% increase, buoyed by a rise in new and active addresses, indicating growing network activity and investor interest. Its market cap has grown to $2.7 billion.
XRP rose by 4.2% as the market anticipates developments in the SEC vs. Ripple lawsuit. Positive regulatory signals and the approval of the Spot Ether ETF have fueled optimism, bringing XRP’s market cap to $33.6 billion.
Weekly Crypto Market Declines: FET, Uniswap, Shiba Inu, and More
Despite starting the second phase of migrating FET to ASI tokens, the token declined by 16.6% over the past week. The platform aims to consolidate various projects under the ASI coin and is working on cross-chain bridges and migration solutions. Its market cap is $3 billion.
Uniswap experienced a 10% drop, even though it announced a major upgrade for UniswapX to improve trade execution. The market cap for Uniswap is now $4.3 billion.
Shiba Inu fell by 9.6% following a hacking incident at the India-based crypto exchange WazirX, where $100 million worth of SHIB tokens were stolen and partially sold by the hacker. This incident has negatively impacted the market, bringing Shiba Inu’s market cap to $9.6 billion.
Polygon’s value decreased by 8.4% despite the ongoing MATIC-POL migration, which is part of its 2.0 roadmap. The new POL token is expected to support upcoming features, including a staking hub in 2025. Polygon’s market cap stands at $4.7 billion.
Toncoin saw an 8% decline over the week, despite announcing a significant partnership with Mocaverse and the MOCA Foundation to boost user adoption and developer incentives. Its market cap is $16.6 billion.
Cardano dropped by 6.6% last week in anticipation of the upcoming ‘Chang Hard Fork’ upgrade, which aims to enhance transaction speed, security, and scalability. The upgrade, marking the start of the Voltaire era, is scheduled for the end of July. Cardano’s market cap is $14 billion.
In summary, This week’s crypto market outlook shows a blend of bullish trends, primarily driven by Bitcoin and certain altcoins, alongside some significant declines due to various external factors. Investors are staying positive, encouraged by ongoing regulatory developments and technological upgrades within the crypto space.
Important: Please note that this article is only meant to provide information and should not be taken as legal, tax, investment, financial, or any other type of advice.
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