- While Bitcoin and Ethereum dominate the headlines, there are over 16,000 other cryptocurrencies.
- With less liquidity and more volatility, these alternative cryptocurrencies can offer investors massive losses or gains in a short period of time.
- These are the top five performing cryptocurrencies over the past week, according to data from CoinMarketCap.
The Bitcoin bear market has sucked the life out of many popular cryptocurrencies, with the total cryptocurrency market cap dropping from $3 trillion to less than $2 trillion on Friday. But other cryptocurrencies are doing well despite switching to a mostly risk-free environment.
With 16,515 cryptocurrencies out there and counting, there are more than three times as many cryptocurrencies as there are listed US stocks. This sheer amount of supply makes it almost impossible to track all the big drivers in the crypto sector outside of well-known coins such as Bitcoin, Ether and Dogecoin.
The surge in new cryptocurrencies came amid a massive bull market for the sector in 2021, but bitcoin’s 40% drop from its November highs presents a challenge to the space, especially in smaller coins that saw extraordinary gains last year such as solana, cardano, and cryptocurrency. and polkadot.
With less liquidity and more volatility, these alternative cryptocurrencies can offer investors massive losses or gains in a short period of time. Shiba inu price is down 65% from its recent high, but it’s still significant over the past year. Meanwhile, the squid game token is down 99% in one day after making a quick 75,000% gain.
Monitoring weekly winners can help investors identify which currencies are beginning to see an increase in attraction in the crypto community.
These are the top five performing cryptocurrencies with a market capitalization of more than $1 billion over the past week, according to data from CoinMarketCap.
5. Computer Internet
Market value: $5.7 billion
7-day performance: 16.0%
Market value: $6.9 billion
7-day performance: 17.6%
Market value: $11.6 billion
7-day performance: 23.3%
Market value: $3.6 billion
7-day performance: 30.2%
Market value: $9.7 billion
7-day performance: 34.9%