L2 Crypto Token Stacks Leads With 29% Gain in Varied Week for Cryptocurrencies

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This week witnessed a 5% uptick in bitcoin’s value, while ethereum experienced a 1.6% dip over the same period. Leading the charge among the top 100 cryptocurrencies, stacks (STX) soared 29.2%, with osmosis (OSMOS) closely trailing with a 17% increase against the U.S. dollar.

Mixed Week for Crypto: Stacks Witnesses 29% Surge, Heavy Losses for Many

Among the top 100 cryptocurrencies by market cap, eight have posted double-digit growth. These include STX, OSMOS, AKT, INJ, ARB, TIA, CORGIAI, and GMT. Specifically, STX surged over 29% this week, OSMOS climbed by 17%, and AKT ascended 16.4%.

Currently, STX boasts a market valuation of $2.78 billion and has seen $646 million in global trade volume in the past day. Other cryptos showing notable increases this week were SEI, BGB, BEAM, and LDO.

However, the week also recorded significant losses, outnumbering the gainers. HNT plummeted by 29%, BSV by 28.6%, and KLAY by 24.5% against the U.S. dollar. Cryptos such as FIL, FTM, SATS, and IOTA also endured noteworthy declines.

This week, 49 cryptocurrencies from the top 100 experienced double-digit losses. At the time of writing, from over 12,000 crypto assets listed across 964 exchanges globally, the total value of the crypto economy stands at $1.74 trillion, marking a 0.5% increase over the last day.

Bitcoin dominates with 50.5% of the total market cap, while ethereum (ETH) accounts for 15.6% of the aggregate. The global trading volume for all existing crypto assets reaches $120.72 billion, with SOL, XRP, ARB, BNB, AVAX, and SEI leading the volume among coins other than BTC, ETH, and stablecoins.

In the last day, alternative crypto assets, excluding bitcoin, have seen $49.15 million liquidated in long positions, compared to bitcoin’s $38.01 million. According to coinglass.com metrics, the top three assets for liquidations in the last 24 hours are ETH, SOL, and PEOPLE, with $31.35 million, $13.24 million, and $8.69 million respectively.

In total, $230.91 million in both long and short positions were eradicated in the last 24 hours, predominantly comprising $171.37 million in longs from altcoins other than bitcoin (BTC). As traders anticipate the possible approval of a spot BTC exchange-traded fund (ETF), the forthcoming week holds promise for the performance of alternative crypto assets.

What do you think about the performance of some of the top 100 crypto assets this week? Share your thoughts and opinions about this subject in the comments section below.