After a turbulent week in which Bitcoin prices fell below $60,000, the global cryptocurrency market has rebounded, rising 5.11% in 24 hours to $2.34 trillion. This week, we witnessed several cryptocurrencies experience significant gains of over 20%, highlighting the volatile nature of the market. Let's dig into this week's top three crypto profiteers and explore their performance.
1. Wormhole (W)
Wormhole (W) rose 31.43% in price to emerge as the top crypto gainer this week. The trading volume of this token increased and reached $298.3 million within 24 hours, and today's trading price was $0.7456.
According to CoinMarketCap, Wormhole has a market capitalization of $1.35 billion and holds the 64th place among the top 100 cryptocurrencies.
Wormhole reached its all-time high of $1.61 a month ago, but has since fallen 52.93%. However, the amount of tokens in circulation is 1.8 billion W.
Wormhole's price hike is due to its strong structure and upcoming $ZRO launch, which we believe is a beta with growth potential. Major investors such as Coinbase Ventures and Multicoin Capital have announced their support, contributing to investor confidence. The anticipated alternative season is likely to increase wormhole momentum, resulting in genuine interest from investors. Analysts expect Wormhole's price range to be between $5 and $7, considering its potential value and fully diluted valuation.
2. Helium (HNT)
Helium (HNT) secured the second place among this week's gainers with a notable price increase of 29.68%. Helium, which was trading at $5.34, saw a surge in trading volume, reaching $16,830,658 within 24 hours.
Despite a slight decline of 2.76% over the past day, Helium maintained a market capitalization of $859,629,600, reflecting strong investor confidence. Helium's recent achievements in circulating 160,875,442 HNT demonstrate renewed interest in its underlying technology and network.
The Helium ecosystem has over 180,000 active wallets that participate in Helium-related tasks and communicate with other decentralized applications (dApps) on the Solana blockchain. This activity highlights how helium is used for more than its primary purpose.
Helium's strong performance shows the growing enthusiasm for IoT-focused blockchain solutions. With its expanding network and liquidity indicators, it stands out as an important participant in the cryptocurrency industry and provides a concrete example of blockchain technology in practical scenarios.
3. Optimism (OP)
Optimism experienced a 24.10% price increase, ranking among the top three crypto gainers this week. The token saw a significant increase in trading volume, reaching $341,449,621 in just 24 hours when it was trading at $2.88.
Despite a slight decline of 0.24% over the past day, Optimism maintains a market capitalization of $3,016,828,138, earning it the 39th position in the market, according to CoinMarketCap. With a circulating supply of 1,045,379,867 OP, Optimism's recent performance highlights growing optimism for scalability solutions for Ethereum.
Optimism, a layer 2 blockchain built on Ethereum, is gaining interest from investors because of its ability to scale its ecosystem using optimistic rollups. With a TVL of over $500 million and 97 protocols including Synthetix, Uniswap, and Velodrome, Optimism is a significant solution to Ethereum's scalability problem. Users can easily access Optimism by adding their chain to MetaMask and bridging tokens like ETH to L2 for secured, trustless transactions on Ethereum.
conclusion
This week's top three crypto stocks, Wormhole, Helium, and Optimism, have performed well due to factors such as market trends, technological advancements, and investor outlook. While the crypto market is notoriously unpredictable, these digital currencies are proving resilient and promising for investors looking to take advantage of opportunities in this space.
