- 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 $US69,000 ($AU96,584) 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-$US3 ($AU4) 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 $US1 ($AU1) billion over the past week despite a decline in bitcoin and ether, according to data from CoinMarketCap.
5. Crypto.com Coin
Market Value: $US17.4 ($AU24) billion
7-Day Performance: 33.3%
4. Basic Attention Token
Market Value: $US2.2 ($AU3) billion
7-Day Performance: 36.5%
Market Value: $US3 ($AU4).3 billion
7-Day Performance: 59.5%
2. The Sandbox
Market Value: $US6.3 ($AU9) billion
7-Day Performance: 67.2%
Market Value: $US5.0 ($AU7) billion
7-Day Performance: 216.8%