Spectacular Swings — The Week’s Victorious Crypto Climbers and Fallen Token Challengers

Bitcoin has seen a 2.9% rise against the U.S. dollar in the past week, while ethereum has experienced a 5.8% decline during the same period. Several cryptocurrencies have made notable gains over the past seven days. Leading the pack is manta network (MANTA), which surged by an impressive 47.2% against the greenback. On the flip side, mantle (MNT) emerged as the biggest loser this week, with an 11% drop in value.

Crypto Economy Sees 12 Double-Digit Gainers and 82 Losers

On Monday, Jan. 29, 2024, the crypto economy is valued at $1.697 trillion, marking a 0.8% decline in the past day. Bitcoin (BTC) maintains its dominance with a 48.6% market share, while ethereum (ETH) accounts for 15.9% of the total market capitalization.

Both BTC and ETH witnessed subdued market activity throughout the previous week, with ether experiencing slightly more selling pressure. Conversely, a select group of crypto assets displayed remarkable double-digit gains over the seven-day period.

MANTA/USDT chart on Jan. 29, 2024.

Manta network (MANTA) led the charge with an impressive 47.2% surge this week, closely followed by bittensor (TAO), which gained 45.1%. Conflux (CFX) registered a substantial 35.1% increase, while sui (SUI) saw a notable uptick of 33.1% against the U.S. dollar.

TAO/USDT chart on Jan. 29, 2024.

Helium (HNT) recorded a 21.4% rise, and iota (IOTA) showed a commendable 17% increase over the seven-day span. A total of 12 digital currencies notched double-digit gains this week.

The leading alternative assets besides bitcoin, ether, and stablecoins include solana (SOL), xrp (XRP), avalanche (AVAX), and bnb coin (BNB). Conversely, the week’s most significant losers in terms of seven-day losses include mantle (MNT), which dropped by 11%, and the BRC20 token ordi (ORDI), which shed 10% of its value.

MNT/USDT chart on Jan. 29, 2024.

Dydx (DYDX) experienced a 6% decline this week, while the crypto asset woo (WOO) slid by 5.8%. Chainlink (LINK) and synthetix (SNX) both incurred losses, with LINK losing 5.7% and SNX dropping by 5.4% over the week.

A total of 82 cryptocurrency assets recorded losses over the seven-day period, with MNT and ORDI leading the pack in losses. According to the Blockchaincenter Altcoin Season Index, we are still in the midst of an ‘altcoin season,’ but it teeters on the edge of transitioning back into Bitcoin Season.

The rule dictates that if 75% of the Top 50 coins outperform bitcoin (BTC) over the last season (90 days), it signifies Altcoin Season. Currently standing at 76, this metric has descended from its peak of 84 out of 100 on Jan. 22, 2024. Falling below the 75 threshold would signal the end of the so-called Altcoin Season.

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