Greetings, 18 digits. Welcome to your favorite weekly review. It’s time to update you on your voting results for this past week and the most significant developments in the cryptocurrency market.
After the recent collapse of fiat currencies worldwide against the surging US dollar, Bitcoin (BTC) and other significant cryptocurrencies this week spiked higher in the middle of the week but have since retraced their steps and stabilized. One of the fiat currencies that suffered the most was the British pound, which on Monday plunged to a record low against the surging dollar. This review will show how the top cryptocurrencies fared against the US dollar. So relax as we do what we do best.
Before you continue reading, please be aware that this article is not intended to be financial advice. Before investing or hiring a professional, you should conduct your research.
What happened in the crypto market this week?
The soaring dollar devalued other currencies, shattering stock portfolios and crashing commodity prices. In relation to the dollar, the British pound has been one of the most volatile, falling 5.6% over the last seven days and briefly touching a record low of $1.0327 on Monday.
However, Bitcoin and several cryptocurrencies have remained relatively stable over the past week. In recent days, Bitcoin has outperformed almost every conventional asset. Bitcoin has risen 2.51% in the last seven days, despite the rising dollar and the decline of other fiat currencies.
Other top cryptocurrencies, too, have remained stable over the past week. At press time, Ethereum (ETH) is up 2.44% in the last seven days, and Binance Coin (BNB) is up by 4.47%. In addition, Dogecoin (DOGE), Polkadot (DOT), and Polygon (POL) have seen their prices rise by an average of 3%. Solana (SOL) seems to be the biggest gainer this week, as its price has surged by 8.14%.
18Digits Top 18 Voting Results: Top 4 Unchanged, Celo (CELO) back on the chart as Sweat Economy (SWEAT) crashes out
The top four coins, respectively, are Ethereum (ETH), Binance Coin (BNB), Bitcoin (BTC), and Solana (SOL). Asides from these four, some other coins maintained their rank. This includes TRON, Dogecoin (DOGE), and Polkadot (DOT), ranking 9th, 10th, and 11th, respectively.
Shiba Inu (SHIB) and PancakeSwap (SWAP) had the most significant move to the upside. The tokens moved two places up the chart to rank 5th and 14th, respectively. Another token that moved up two places was Celo (CELO). It climbed from 20th to 18th, a significant change which powers it into the top 18 list. Litecoin (LTC), Tether (USDT), and Avalanche (AVAX) moved one spot to rank 7th, 12th, and 17th.
Polygon (MATIC) had the highest decline to the downside as it dropped two positions to rank 8th. Other coins that moved one position down are Cardano (ADA), XRP, Stellar (XLM), and Terra (LUNA). Finally, a notable mention is Sweat Economy (SWEAT), as the token crashed from its last week’s position of 17th to ranking 107th.
Biggest Winners & Losers: LUSKO, Injective, No One, and others power high. ‘New World Order’ joint biggest loser
Every week has its remarkable and lackluster performers, and this week is no different. LUSKO, Injective, and No One are the top gainers, placing first, second, and third in this week’s voting results. LUSKO leads the race with a 17,484 place change, causing it to rank 1,218 on the table of top gainers. Injective is this week’s second biggest mover. The cryptocurrency rose 16,124 places to 7922nd position. No One ranked third on the biggest winners list as it jumped 6,283 spots to rank 452nd. Others on the biggest winners list included Battle Infinity and Prosper, which ranked 4th and 5th, respectively.
The biggest losers are New World Order, VICDAO NELUM, Wrapped Hydra, DecaSwap CORN, and Fenix Inu. They all dropped by 19539 places.
Vote for Your Favorite Cryptocurrency on 18Digits
As we draw the curtain for the week, don’t forget to vote for your favorite cryptocurrency next week. If you want to vote next week but don’t know how to do it, you must register here first to become a community member. You can also check out the rules here.
And it’s a wrap this week. See you next Friday!