Most top alt, including DOGE, MATIC, LUNA, and DOT, gained more than 15% over the week. Meanwhile, Near Protocol saw its native coin NEAR surging over 35% as the Layer1 network witnessed intensified competition.
Bitcoin noted a tide shift this week, rising past the psychological level of $42,000. That comes after the leading crypto lost 20% within the past fourteen days, catalyzed by US Fed’s interest hike and Omicron cases. For now, BTC trades around $43,100, following a 3% surge within the past week.
The shift in market sentiment saw top tokens, excluding stablecoins and LINK, marching forward. Meanwhile, Near Protocol (NEAR) recorded a 38% surge within the past seven days, entering the top 20 cryptocurrency-list by market capitalization.
Bitcoin had a sluggish start to the year, its price plunging towards $40,000, the level never explored since 2021 September. Nevertheless, the crypto secured support within no time, reclaiming the $42,000 mark. Such an uptick had altcoins noting upward actions.
Most top alternative coins gained more than 15% as far as this week is concerned. They include Dogecoin (DOGE), Polkadot (DOT), Terra (LUNA), and Polygon (MATIC). The platform that used Three Arrow Capital to raise $150 million Near Protocol gained over 35%. NEAR’s upward actions come as Layer1 networks witness the intensified competition.
Meanwhile, global cryptocurrency news appears to support optimism in the sector.
Nations and Firms Support Bitcoin
Rio de Janeiro’s mayor Eduardo Paes has declared plans to allocate 1% of the Brazilian city’s return to Bitcoin. Such a move will transform the town into a crypto hub. Brazil appears to soften its crypto stance, planning to legalize Bitcoin for payments.
The pacific island Tonga reportedly looks to copy the crypto Bill by El Salvador, making BTC a legal tender before 2022 end. Remittances account for almost 40% of the country’s GDP.
Iran central bank and the trade ministry agreed to allow local retailers to facilitate international business with cryptocurrency.
Elon Musk Had Dogecoin Trending Again
On Friday, Elon Musk declared his company would accept DOGE payments for its merchandise. Dogecoin gained 15% after the news. For now, the meme coin trades on a 20% weekly gain at $0.18.
Week’s Top Gainers
- Oasis Network (ROSE) – +69%
- Secret (SCRT) – +48%
- Near Protocol (NEAR) – +42%
- Fantom (FTM) – +28%
- FTX Token (FTT) – +27%
Week’s Top Losers
- AMP (AMP) – 4% Drop
- Quant (QNT) – 5% Down
- Chainlink (LINK) – 6% Drop
- Internet Computer (ICP) – 8% Down
- Loopring (LRC) – 13% Drop