Categories: Crypto NewsNews

Markets recover as SOL and DOT outperform top tokens

Published by
Nonhlanhla P Dube

Over the last week, cryptocurrency markets staged a slight recovery, led by Solana and Polkadot, which both increased by about 20%. Over the last week, cryptocurrency markets have recovered 5%, led by Solana (SOL) and Polkadot (DOT).

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The native tokens of both blockchains outperformed the top ten by market capitalization (excluding stablecoins). SOL has gained approximately 22% in the last seven days, while DOT has gained 19%.

In fact, half of the top ten non-stablecoin cryptocurrencies increased by more than 10% — Binance coin (BNB) by 15%, Cardano by 13%, and XRP by 11%.

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Bitcoin (BTC) and Ethereum (ETH) were also up around 7% and 6%, respectively. The total cryptocurrency market is now worth more than $1.27 trillion(R19TN), up from $1.20 trillion(R20TN) last Thursday.

Despite the gains made by top altcoins, bitcoin dominance (the percentage of the cryptocurrency market that is BTC) has once again surpassed 45% — its highest level since October, when BTC was worth $61,000(R966K). At the time of publication, BTC was trading for around $30,200(R478K). Ether has been trading for around $2,000(R36.7K).

Along with BNB, other crypto exchange native tokens continue to stage impressive rallies. These tokens are issued by platforms to reward holders. KuCoin (KCS), based in Seychelles, has performed particularly well, rising 42 % in the last week thanks to a strong bounce on Wednesday.

KCS’s price had nearly halved in the previous month, falling from nearly $21(R333) to $11.28(R179). It is now worth $15(R238). Meanwhile, the CRO token from Singapore-based Crypto.com has returned 15% in the last seven days.

Gains for FTX’s FTT and OKCoin’s OKB were both less than 6%. Huobi’s HT traded flat, while Bitfinex’s Unus Sed Leo (LEO) flouted the trend and fell 3%.

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LEO is still up 30% year to date, thanks to an advantageous seizure of $3.6 billion(R57B) BTC stolen from the platform in 2016. During that time, cryptocurrency markets collectively lost 42 %.

Markets recover as SOL and DOT outperform top tokens
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Nonhlanhla P Dube

Nonhlanhla P Dube is a senior news reporter at Rateweb. Nonhlanhla is a student of International Relations at the University of South Africa. She reports primarily on personal finance and economics. You can contact her directly by email at nonhlanhla@rateweb.co.za

Published by
Nonhlanhla P Dube
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