Weekly Market Recap: Crypto Economy Surges to $1.4T as FTT and ORDI Outshine the Rest

This week, the crypto economy climbed to the $1.4 trillion range as dozens of virtual assets witnessed gains. From November 4 to Saturday, November 11, 2023, several crypto assets recorded triple-digit weekly gains, and a great deal captured double-digit gains. This week, the top two gainers include FTT and ORDI, as they jumped 291% and 158% against the U.S. dollar, respectively.

Surge and Decline: The Dual Faces of This Week’s $1.4 Trillion Crypto Market

As of this report, the crypto economy boasts a valuation of $1.4 trillion, with $85.36 billion traded in the past 24 hours on Saturday. In the span of the preceding week, bitcoin (BTC) appreciated by 6.5%, while ethereum (ETH) posted an 11.8% increase.

This week, a significant number of digital currencies outpaced the two leading coins’ growth figures, although 15 of the top 200 cryptos by market cap experienced declines during the same period.

FTT/USDT on Binance on November 11, 2023.

The week’s most impressive performer was ftx token (FTT), soaring 291% against the U.S. dollar, in spite of its association with a defunct exchange and its minimal, concentrated ownership — further marred by the FTX founder’s fraud conviction.

ORDI/USDT on Binance on November 11, 2023.

Following FTT, ordinals (ORDI) secured the spot as the second-largest climber, surging 158%. ORDI, a BRC20 token that operates on the Bitcoin network, shares the same supply limitation. The Kujira Network’s token, kujira (KUJI), captured third place in gains, escalating by 141% over the week.

Terra’s luna (LUNA 2.0) token claimed the title of the fourth-largest gainer this week, witnessing a 68% ascent against the dollar. In close pursuit, storj (STORJ) secured the fifth position with a 67% rise.

The week also spotlighted other significant climbers, including kaspa (KAS), cronos (CRO), and illuvium (ILV). However, not all cryptocurrencies enjoyed upward momentum; status (SNT) emerged as the week’s biggest decliner, dropping 27.97%. Following SNT’s downward trail were tellor (TRB) and polymath (POLY), which fell 22.39% and 13.21%, respectively.

SNT/USDT on Binance on November 11, 2023.

In a week of dramatic swings, the crypto market displayed its characteristic volatility, with select tokens surging significantly and others faltering. This dynamic reflects the ever-evolving and precarious landscape of the crypto economy, underscoring the high-stakes environment in which crypto traders operate.

What do you think about the week’s biggest gainers and losers in the world of crypto trading? Share your thoughts and opinions about this subject in the comments section below.

Source