The cryptocurrency market is witnessing a dynamic phase as Bitcoin attempts to reclaim the $111,000 mark. Simultaneously, altcoin prices are transitioning from red back to green. Although some cryptocurrencies have struggled with fluctuations throughout the year and are yet to recover, examining the top 100 cryptocurrencies reveals a remarkably intriguing pattern. This evaluation may prove beneficial for short-term investors.
Top and Bottom Performing Cryptocurrencies
The classification of cryptocurrencies as performing either well or poorly is based solely on price performance and not on technology, team, or other criteria. The fluctuations in Bitcoin (BTC) prices have resulted in certain altcoins experiencing significantly deeper lows continuously. The table showcases the best-performing cryptocurrencies of the week.
VIRTUAL and ZEC have achieved over 50% gains on a weekly basis. Despite having relatively low market values, their trading volumes remain substantially high. Trump Coin takes the third spot, advancing towards surpassing the $10 target with a 38% gain this week. Being the official meme coin of former U.S. President Donald Trump, coupled with recent announcements, has stirred interest and heightened excitement among investors. AERO is another altcoin making a mark this year, often leading gains among the top 100 cryptocurrencies.
On the flipside, 2Z leads the worst performers with a near 20% weekly loss, impacted by the swift erasure of gains tied to news flow. Other altcoins in the list face consequences due to insufficient trading volume. Notably, despite its ambitious prospects, Plasma (XPL) has been negatively influenced by FUD emerging at its early stage.
PUMP Coin Insights
The PUMP protocol, once a flagship on the Solana network, enjoyed prosperous times. However, delays in token issuance, followed by general market fluctuations, have affected it. Nonetheless, in the short term, the rise of BTC prices towards $112,000 might boost SOL Coin above $200, leading to a potential turnaround for PUMP Coin.
Sherpa shared the above graph, suggesting the need for more buybacks. There’s an objective to reclaim the $0.0046 level, followed by returning to the $0.005 threshold.