As bitcoin enters a bear market, these are the 5 best performing cryptocurrencies over the past week

·2 min read
Crypto
CryptoBarcroft Media
  • While bitcoin and ether dominate the headlines, there are more than 14,000 other crypto coins.

  • With less liquidity and more volatility, these alternative cryptocurrencies can deliver investors massive losses or gains in a short period of time.

  • These are the five best performing cryptocurrencies over the past week, according to data from CoinMarketCap.

Bitcoin entered a bear market on Friday, falling more than 20% from its record $69,000 high as concerns of a new COVID-19 variant spread across markets. But other cryptocurrencies are performing just fine despite the risk-off environment.

With 14,865 cryptocurrencies in existence and counting, there are more than triple the number of crypto coins than there are US exchange-listed stocks. That large amount makes it nearly impossible to keep track of all the big movers in the crypto sector outside of well known coins like bitcoin, ether, and dogecoin.

The surge in new crypto coins has come amid a massive bull market for the space, with a recent rally in bitcoin helping catapult the sector to a near-$3 trillion market valuation. But the rise is also being driven by smaller coins that have seen extraordinary surges this year, including solana, cardano, and shiba inu.

With less liquidity and more volatility, these alternative cryptocurrencies can deliver investors massive losses or gains in a short period of time. Shiba inu is down about 40% from its recent high, despite being up millions of percentage points year-to-date. Meanwhile, squid game token fell 99% in a single day after delivering swift gains of 75,000%.

Keeping an eye on the weekly winners can help investors identify which coins are beginning to see increased traction in the crypto community.

These are the five best performing cryptocurrencies with a market value of more than $1 billion over the past week despite a decline in bitcoin and ether, according to data from CoinMarketCap.

5. Crypto.com Coin

Symbol: CRO
Market Value: $17.4 billion
7-Day Performance: 33.3%

Crypto.com chart price
CoinMarketCap

4. Basic Attention Token

Symbol: BAT
Market Value: $2.2 billion
7-Day Performance: 36.5%

BAT Price Chart
CoinMarketCap

3. Zcash

Symbol: ZEC
Market Value: $3.3 billion
7-Day Performance: 59.5%

Zcash chart
CoinMarketCap

2. The Sandbox

Symbol: SAND
Market Value: $6.3 billion
7-Day Performance: 67.2%

Sand price chart
CoinMarketCap

1. Gala

Symbol: GALA
Market Value: $5.0 billion
7-Day Performance: 216.8%

Gala price chart
CoinMarketCap

Read the original article on Business Insider