In this report, the team at MIG identifies the top cryptocurrencies that have performed best in terms of relative gains or losses over the past week, month, and quarter. They also discuss factors such as new trends, technology, partnerships, regulations, regulatory clarity, and more that have shaped the current market conditions.
The top gainers over the last week include Ripple (XRP), TRON (TRX), Dogecoin (DOGE), OmiseGo (OMG), and NEO (NEO). Ripple (XRP) has had the biggest increase in market capitalization over the last week, increasing by a staggering 38%. This was due to news about the startup's plans to expand into additional markets and its decision to partner with American Express. TRON (TRX) has also seen impressive gains of 27%, largely attributed to the announcement of their Mainnet launch scheduled for July 31st. Dogecoin (DOGE) has seen gains of 18% since the beginning of the year, likely due to increased awareness of the coin and its regularly updated news. OmiseGo (OMG) has seen a jump of 15%, possibly due to news about its upcoming Plasma Scalability solution. Finally, NEO (NEO) has seen incredible gains of 11%. This is likely related to the announcement of the new smart contract platform NeoX, which will allow users to execute and interact with multiple blockchains.
The top losers over the last week include Bitcoin Cash (BCH), EOS (EOS), Litecoin (LTC), IOTA (MIOTA), and Cardano (ADA). Bitcoin Cash (BCH) suffered the steepest drop of 11%, likely due to the ongoing controversy surrounding its hard fork. EOS (EOS) has seen losses of 8%, likely due to the fact that they haven’t yet released a working mainnet. Litecoin (LTC) experienced a drop of 5%, attributed to the fact that it still hasn’t gained any significant traction since its peak late last year. IOTA (MIOTA) has seen losses of 3%, potentially caused by the recent news that its distributed ledger technology would be used to improve Germany’s supply chain processes. Finally, Cardano (ADA) has seen losses of 1%, perhaps due to its lack of significant updates over the past month.
The MIG Market Watch report also takes a look at the broader market. Currently, there are over 1500 altcoins currently traded on over 800 exchanges with a total 24-hour volume of around $13 billion. Ethereum (ETH) remains the most actively traded cryptocurrency, responsible for 30% of the trading volume. The five most popular currencies (ETH, BTC, XRP, BCH, and LTC) account for 68% of the total trading volume.
Overall, the crypto market has had a relatively positive week, despite Bitcoin’s attempts to drive prices down with its downward trend. With the Mainnet launches of projects like TRON and news about key partnerships and technological advancements, it looks like the industry is in for an exciting second half of 2018.
The MIG Market Watch Report of June 11th 2018 offers insight into the current state and future of the cryptocurrency market. The top gainers of the week included Ripple (XRP), TRON (TRX), Dogecoin (DOGE), OmiseGo (OMG), and NEO (NEO), all of which experienced significant increases in market capitalization, ranging from 11%-38%. These increases likely came as a result of several new developments in these projects, such as news regarding partnerships and updates to their technology. The top losers for the week included Bitcoin Cash (BCH), EOS (EOS), Litecoin (LTC), IOTA (MIOTA), and Cardano (ADA), all of which saw decreases in value ranging from 1%-11%. Factors such as ongoing controversies, the absence of updates, and the lack of a functioning mainnet are thought to be the cause of these losses.
Overall, the market looks somewhat positive this week, with many projects making advances in their technology and efforts to expand their reach. Investors should keep an eye out for further developments throughout the rest of the year as cryptocurrencies continue to increase in popularity and become more mainstream.
This article was contributed on Nov 23, 2023
