It’s Monday and thus a great time to look back at the past week movement of the crypto markets. After a long red period, namely since November, we have been seeing some upward price action in in recent weeks. This week with no exception. In the previous seven days, of the top 100 crypto coins 58 coins increased and 42 decreased in value. Let’s take a look at which coins rose the most.
Ethereum Classic – 46,6%
The top 100 coin that rose the most in the past week is Ethereum Classic (ETC). Ethereum Classic rose by 46.6% to a price of $38.55. This is still well below the all time high. On May 7, 2021, Ethereum Classic was still worth over $136.
Ethereum Classic is a fork of Ethereum, meaning it is a split off from Ethereum chain. Founded in 2016 Ethereum Classic provides an open source, decentralized blockchain, on which smart contracts can run. The difference between Ethereum Classic and Ethereum is that Ethereum Classic is the old version of Ethereum, hence the name ‘classic’. After the hack, a newer version of Ethereum was launched, which we currently know as Ethereum.
THORChain – 35,5%
THORChain – RUNE takes the second place. Where as THORChain rose a whopping 35.5% last week, to a price of $8.79. This is also quite far from the all time high of May 19, 2021, where RUNE was still worth around $20.
THORChain is a cross-chain liquidity network. Simply explained, THORChain provides a decentralized solution for liquidity between networks. THORChain’s token is called RUNE and of the total supply of RUNE, a whopping 64% is tied up in THORChain liquidity pools, which ensures that the supply in circulation is very low. This is likely one of the catalysts for THORChain’s rise.
Aave – 29,9%
Of course, Aave should not be forgotten in the list either. The coin of the lending platform rose 29.9% in the past week, resulting in a the price of $157.32. At one time Aave was worth a $632 (May 19, 2021). There is still a long way to go, for top buyes to break-even.
Aave is a DAO lending platform on which crypto lending is possible. This means that you can lend your crypto and receive interest for it, but you can also borrow crypto through Aave. The AAVE token is used for rewarding lenders and borrowers, and is used for governance over the platform. Aave is a DAO and is therefore governed by the users, in this case the holders of the token.
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