Crypto market wrap: Altcoin prices jump on weekly basis
Updated
What a difference a week made for Ethereum’s coins and other leading altcoin prices.
Ethereum Classic (ETC) was up 73% on a weekly basis around the time that conventional markets closed Friday in North America. (All figures based on CoinMarketCap data.) Up 3% on the day, ETC was among several altcoins that performed modestly on Friday but soared above their week-earlier prices.
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ETC to USD
Hype pays off
ETC is backed by Ethereum’s original network. The Ethereum blockchain effectively split in two in 2016 after a hard fork.
ETC appeared to capitalize on hype surrounding Ethereum’s next hard fork, known as the Merge, which is viewed by many observers as a potential game-changer for the crypto sector. However, the Merge has an uncertain launch date.
Ether (ETH), the coin created from the 2016 hard fork, also spiked on a weekly basis, soaring 36% – but was flat on the day.
ETH to USD
Decent daily gains
ThorChain (RUNE) and curve (CRV) and were exceptions Friday as they both posted decent daily gains and mushroomed on a weekly basis.
RUNE climbed 9% on the day and ballooned 34% from seven days earlier.
Gnosis (GNO) and IOTX were also way up – 33% and 32%, respectively, for the week – despite being down for the day. Nem (XEM) posted a 26% weekly gain in spite of a daily loss.
Bitcoin falls below $23,000
Bitcoin (BTC) fell below $23,000 after hinting early in the morning that it might crack $24,000. But the world’s largest cryptocurrency, which drives the market, was up 13% for the week.
Diana Biggs, chief strategy officer at exchange-traded products firm Valour, told Capital.com that the market is “starting to feel more optimistic” about bitcoin and altcoins after dealing with severe disruption.
“There are still certainly buyers out there who may feel that they're comfortable with this [bitcoin] price, and it fits their planning,” she said.
XEM to USD
More clarity
Investors have gained more clarity as from the financial strife experienced by lenders Celsius Network and Voyager Digital, and hedge fund operator Three Arrows Capital, which have filed for bankruptcy.
But the macroeconomy is “running the show,” she added.
“So [the crypto market] will still be seeing some ups and downs,” she said.
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