Markets Recover as Ether Alternatives SOL and DOT Outperform Top Tokens

Solana and polkadot, which both surged nearly 20%, drove a minor comeback in cryptocurrency markets during the previous week.

Over the last week, cryptocurrency markets have rebounded 5%, headed by ether alternatives solana (SOL) and polkadot (DOT).

By market capitalization, both blockchains’ native tokens outperformed the top ten (excluding stablecoins). In the last seven days, SOL has gained around 22%, while DOT has gained 19%.

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

Bitcoin (BTC) and Ethereum (ETH) were also in the green, up roughly 7% and 6%, respectively. The total value of the cryptocurrency market has risen to nearly $1.27 trillion, up from $1.20 trillion last Thursday.

Despite the advances made by top altcoins, bitcoin dominance (the percentage of the cryptocurrency market that is BTC) has topped 45% for the first time since October, when BTC was valued $61,000. BTC was trading for roughly $30,200 at the time of publication. Ether has been hovering around $2,000 recently.

Along with BNB, other crypto exchange native tokens have seen strong increases. These tokens are distributed by platforms to reward users. KuCoin (KCS), based in the Seychelles, has performed exceptionally well, rising 42% in the last week thanks to a strong rebound on Wednesday.

Over the last month, the price of KCS has practically half, falling from over $21 to $11.28. It is now worth $15. Meanwhile, the CRO token from Singapore-based Crypto.com has gained 15% in the last seven days.

DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.

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Patrick

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