The past week was relatively quieter as several cryptocurrencies, including Bitcoin and Ethereum, experienced a drop in price for most of the time. During this time, a few cryptocurrencies resisted the downward trend and demonstrated strong performance thanks to their resilience. Recognizing which stocks have seen the biggest increases in value during the week can offer important information for both investors and fans. Let’s review the top crypto gainers that experienced a value increase of more than 10% in one week according to CoinMarketCap data, exploring the causes for their growth and the impact on the market as a whole.
Top Crypto Gainers
Here is a list of top crypto gainers in the past week.
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1. Ondo (ONDO)
Market cap: $99.2 million
Ondo token is the top gainer of the week having soared by 44.63%, to trade at $0.7244 today. With a 24-hour trading volume of $228.96, it record a circulating supply of 1.39 billion ONDO. Boasting a market cap of $99.2 million, the token position itself as 99th according to CoinMarketCap. ONDO hits a new all-time high of $0.8162 on March 21, 2022, fueled by BlackRock’s digital asset fund spotlight and expansion in the Asia Pacific region.
The spike in the token prices has also been due to growing attention from major investors, known as “whales,” who are trading substantial amounts of the token. Information from crypto analysis tool Santiment indicates an increase in whale transactions, with those amounting to at least $100,000 worth of ONDO going up from 68 to 91 unique transactions in a span of 24 hours. This rise in engagement from major investors can foreshadow increased price fluctuations and have a substantial impact on market trends.
2. Toncoin (TON)
Market cap: $17.36 billion
Toncoin follows closely behind having increased in its value by 38.5%. It currently trades at $4.99 with a 24-hour trading volume of $355,595,787, contenting strongly in the crypto market. TON has a circulating supply of 3.47 coins, and a market cap of $17.36 billion, claiming the 11th position.
The Ton Foundation announced a distribution plan to distribute $115 million worth of Toncoin through its Open League initiative on April 1. This move led to a 10% surge in Toncoin’s price and sparked optimism for its future trajectory. The initiative includes various systems to incentivize and reward different user segments within the Telegram community, aiming to foster competition, innovation, and community engagement within the Ton ecosystem.
3. Stacks (STX)
Stacks recorded gains of 30.56% in its value to reach $3.53 today. It has a trading volume of $269.5 million demonstrating increased investor interest in the token. With a circulating supply of 1.45 billion STX, it boasts a market cap of $5.1 billion, ranking 46th. Stacks price hit an all-time high of $3.69 recently, on Mar 22, 2024.
Stacks is a Bitcoin layer for smart contracts, that allows smart contracts and decentralized applications to utilize Bitcoin as an asset and finalize transactions on the Bitcoin blockchain.
The approval of a significant upgrade for the Stacks network is the reason behind the recent rise in STX’s market price. On March 20th, the Stacks community overwhelmingly voted in favor of this upgrade, with a significant turnout of more than 150 million STX tokens supporting the update. This shows a significant dedication from the community towards the project’s development
4. Fantom (FTM)
Fantom (FTM) witnessed a 23.5% growth in its value, and now trading at $1.08. The token continues to gain the attention of investors as demonstrated in its trading volume of $426.99 million. Boasting a market cap of $3 billion, FTM is ranked 43rd, having a circulating supply of 2.8 billion coins.
Fantom is a directed acyclic graph (DAG) smart contract for DeFi services with its unique consensus algorithm. Its token FTM addresses issues like transaction speed, reduced to under two seconds, on smart-contract platforms.
Fantom price surged due to the co-founder Andre Cronje’s return on social media, promoting the project’s achievements. He highlighted Fantom’s 10,000 TPS, exceeding Sei and Sui blockchains. Cronje compared Fantom’s FVM to EVM, stating a 30,000 TPS limit. He downplayed parallelized EVM hype, emphasizing Fantom’s technological advancements. Cronje’s presence increased Fantom’s visibility in the blockchain space.
5. JasmyCoin (JASMY)
JasmyCoin price saw a growth of 18.49% over the past week. It currently trades at $0.02104 and a trading volume of $128.26 million. The token boasts a market cap of $1.04 billion holding the 95th position. It has a circulating supply of 49.3 billion JASMY.
JasmyCoin’s recent value surge is due to regulatory changes in Japan allowing direct investments in digital assets. These changes make investing in cryptocurrency projects easier, promoting domestic funding to Web3 companies. The move is expected to fuel innovation and growth in Japan’s cryptocurrency sector, benefiting startups and technology development while ensuring user protection. This has boosted confidence in JasmyCoin.
Conclusion
These crypto gainers demonstrate resilience and potential of cryptocurrenices. Nevertheless, it’s crucial to proceed with care when making investment choices and to thoroughly investigate before delving into any potential opportunities. Being well-informed and watchful is crucial for navigating the constantly changing crypto landscape due to its inherent volatility.
