TOP-5 cryptocurrencies that have risen in price in a week

The cryptocurrency market remains highly voluntary, and the growth of individual assets over the past week is explained by several factors at once. Writes RBC Crypto.

The attention of investors attracted changes in the ecosystems of blockchains, statements of public figures in the crypto industry, as well as discussions of new financial instruments, such as spotes ETF. At the same time, a speculative interest in memorials is maintained, which warms up activity on decentralized exchanges.

We represent leaders in growth from the list of the top 100 site Coinmarketcap.

Pancakeswap (Cake)

Growth for a week (February 7-14): 70%

Capitalization: $ 716 million (according to data for February 2024)

Pancakeswap is the largest decentralized exchange (DEX) on the BNB Chain network, providing users with access to spare and futures trade, pharmacy, stake and various DEFI tools. CAKE token is used as a remuneration for the provision of liquidity, and also gives the right to participate in the management of the protocol.

In the week, Cake showed significant growth, which is associated with the activation of interest in BNB Chain. The network developers presented a roadmap for 2025, having focused on supporting memcoids and increasing the convenience of working with decentralized applications. Additionally, the stir was heated by the founder of Binance, Chanpen Zhao (CZ), who in recent days actively discussed trends in the ecosystem, hinting at promising directions of development.

Against this background, Cake was more than doubled in price in three days, and its trading volume exceeded $ 21 billion in a week, which allowed Pancakeswap to go around Uniswap on user activity. The excitement around Memcoirs on the BNB Chain network has also become an important growth factor, since they are traditionally traded through Pancakeswap.

Jito (JTO)

Growth for a week (February 7-14): 33%

Capitalization: $ 1 billion (according to data for February 2024)

JITO (JTO) is the Jito Labs project token, which plays a key role in the Solana ecosystem, providing solutions for MEV optimization and liquid stake. MEV (Maximum Extractable Value) is a profit that validators or arbitration bots can extract by changing the transaction procedure in the blockchain. Jito Labs develops tools that allow minimizing the negative consequences of MEV and making this process more transparent and beneficial for users.

The main product of the ecosystem is Jitosol, a liquid steying-token steying, which allows users to earn a SOL stake, maintaining the possibility of free trade in an asset. This makes Jito one of the key players in decentralized financial (Defi) SOLANA services.

During the week, JTO grew by 21%, which is due to the discussion of the possibility of including stakeing in exchange investment products (ETP) by the Crypto Task Force with SEC. The group was created after the departure of Gary Gensler, and Hester Pierce, known as Crypto Mom (Crypto Mom), became its chairman.

Among the ten key priorities of the SEC working group are clarifying the status of stakeing and cryptocrediting. As part of the latest discussion, representatives of Jito Labs and Multicoin Capital presented their arguments in favor of institutional participation in liquid stakeing, which probably aroused interest in JTO token.

SPX6900 (SPX)

Growth for a week (February 7-14): 30%

Capitalization: $ 787 million (according to data for February 2024)

SPX6900 (SPX) – Memcoin, who gained popularity thanks to Murad Makhmudov (Murad), Cryptoanalyst and the former partner of the Adaptive Capital Foundation. Makhmudov is actively promoting the concept of “super -cycle of memcoids”, claiming that speculative tokens become a separate investment class, which will grow along with traditional cryptoactures.

In his opinion, memcoirs are digital brands that gain value due to popularity, community and mass distribution, and not technological features. He compares them with famous Internet memes that “live” for years, gradually increasing their audience and influence.

SPX6900 remains a favorite in the public portfolio of Makhmudov. Unlike other memcoids on which he made bets, SPX received the greatest attention on his part, and he repeatedly allocated him among other assets.

Sonic (s)

Growth for a week (February 7-14): 25%

Capitalization: $ 1.57 billion (according to data for February 2024)

Sonic (S) is a new blockchain brand, previously known as Fantom (FTM). The platform remains compatible with Ethereum Virtual Machine (EVM) and is focused on the high speed of transaction processing with minimal commissions. Unlike most other solutions of the second level, Sonic uses the modified Laches consensus mechanism, which allows the network to achieve transaction finals in less than one second.

Token S performs several key functions: it is used to pay for commissions, participates in stakeing, and also gives holders the right to vote on changes on the network. The developers position Sonic as a blockchain for decentralized finance (Defi) and gaming projects that require a high speed of transaction and low costs.

Over the past week, Sonic grew by 24%, but growth is not related to specific news or announcements. In January, token survived a significant subsidence, and most likely, the current dynamics is associated with a capacity at low levels.

Litecoin (LTC)

Growth for a week (February 7-14): 21%

Capitalization: $ 9.6 billion (according to data for February 2024)

Litecoin (LTC) is one of the oldest crypto assets, created in 2011 as a fastest and lighter alternative to bitcoin. The network is based on the same Proof-OF-Work (POW) mechanism, but with a shorter time generation (2.5 minutes against 10 BTC), which makes it convenient for quick payments and micro-transaction.

Over the past week, LTC has increased by 20%, which is due to the discussion of the prospects for launching exchange funds (ETF) tied to Litecoin. According to Bloomberg, analysts James Seyffart and Eric Balchunas estimated the likelihood of approval of such products in 90%, which is the highest forecast among all cryptocurrencies, except bitcoin and ether.

Among the potential issuers are Canary Capital and Grayscale, which previously submitted applications for the launch of a sp – the expense ETF based on LTC. If the fund is approved, this can increase the investment attractiveness of token.

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