Weekly Review: Cryptocurrencies Making Headlines and Gaining Ground
The cryptocurrency market experienced significant volatility this week, with major coins like Bitcoin and Ethereum seeing sharp declines. Bitcoin dropped below the $60,000 mark, while Ethereum fell below $3,000. This downturn extended to various altcoins, with Ethena, Notcoin, and ORDI losing over 25% of their value. Ethena, Notcoin, and ORDI were particularly hard-hit, experiencing daily losses exceeding 27.4% and monthly declines of over 61%. Despite these losses, the overall market capitalization stood at $1.06 billion at the time of reporting.
Some altcoins, however, showed resilience and gains. Notable performers included MANTRA (OM) and MultiversX (EGLD), which saw weekly increases of 25.05% and 20.66%, respectively. Notcoin also experienced a price surge of 28.61%, pushing it back into the winners' chart. On the other hand, ORDI, Pendle, and Fantom were among the biggest losers for the week. This marked the second consecutive week that ORDI and Pendle were listed as major decliners.
Investor interest remains high in certain trending cryptocurrencies on the Polygon chain, such as Medieval Empires (MEE), Impermax (IBEX), and ChainPort (PORTX). Medieval Empires is gaining attention for its innovative blockchain integration in a multiplayer online strategy game, while Impermax saw a 31.24% rise in value over the past 24 hours. ChainPort's token, PORTX, experienced a significant 308.10% increase, indicating strong investor confidence.
Despite the broader market downturn, some sectors, like Real-World Assets (RWA), showed promise. Ondo (ONDO), a governance token for New York-based Ondos Finance, remains a significant player in the RWA sector, despite a drop in market capitalization from nearly $9 billion to approximately $6 billion. Other notable cryptocurrencies in this niche include OPI (OM) and Mantra, which aim to provide scalable and decentralized infrastructure for developing decentralized applications and tokenizing real-world assets.
