Filecoin Up 70%
According to recent market analysis, Filecoin has emerged as the top-performing larger-cap altcoin with a surge of more than 70% over the past week. While Bitcoin attempted to exceed the $25,000 threshold over the past 24 hours, it fell short and is now back to the $24,500 level.
Despite increased volatility in alternative coins, Filecoin has maintained its upward momentum with three consecutive days of double-digit price increases, followed by an 18% surge over the past 24 hours. Other notable gainers among larger-cap alts include Chainlink, HBAR, VET, and GRT, all of which have seen gains of around 7% in a day.
The top 10 altcoins have experienced varying levels of stability, with Ethereum, Binance Coin, Ripple, Polygon, OKB, and Shiba Inu experiencing minor price declines, while Cardano, Dogecoin, Polkadot, and Solana have seen insignificant gains. The cumulative market capitalization of all cryptocurrency assets has remained stable at just over $1.1 trillion on CMC.
Overall, Bitcoin has been through a highly volatile trading week, surging past $25,000 for the first time since August 2021 before dropping by around $2,000 just a few hours later. Although the bulls pushed the asset above $25,000 once again, Bitcoin retraced back down below that line. Currently, its market capitalization stands at $475 billion, and its dominance over altcoins remains at 42.5%.
In contrast, Filecoin has been one of the most successful performers among larger-cap altcoins, with its price skyrocketing over the past week. The asset’s surge is likely due to its strong fundamentals and increased adoption by investors and institutions. The overall market capitalization of all cryptocurrencies has been relatively stable at just over $1.1 trillion, with minor price declines among some of the top altcoins.
Despite this, many investors remain optimistic about the long-term prospects of the cryptocurrency market, as more institutions and retail investors enter the space and the adoption of blockchain technology continues to grow.