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All Eyes On Cryptoland

cryptocurrency aug17 lt

Cryptoland was in sheer ecstasy in the past week as crypto prices zoomed and more and more cryptocurrencies started making their presence felt in the market.

Market leading currency Bitcoin (BTC) which was at $45,593.64 on August 11, rallied to $47,793.32 on August 13 and is currently trading at $46,664.36. Closest rival Ethereum (ETH) which was at $3164.25 on August 11, moved up to $3322.21 by August 13 and is currently trading at $3,227.48.

Developing on last week's theme of how Altcoins have jumped the bandwagon, this week we have analyzed the top-100 cryptocurrencies by market capitalization to assess the latest seven-day performance so as to quantify the exuberance from a statistical as well as relative perspective.

After-all, there is more to cryptoland than Bitcoin and contender Ethereum. If little-known coins can give the dominant players a run for money in no time, the trick of the trade would most likely be to know the trends and trajectory well in time.

In the seven-day period, among the top 100 cryptocurrencies, four have gained more than 50 percent. 58th ranked IoTeX (IOTX) has returned 166 percent; 75th ranked Kin (KIN) has gained 122 percent; 8th ranked Solana (SOL) has advanced 78 percent; and 11th ranked Terra (LUNA) has strengthened 74 percent.

A total of 16 currencies delivered weekly returns between 25-50 percent, prominent among them are 5th ranked XRP (XRP) which gained 42.69 percent; 4th ranked Cardano (ADA) which rallied 40.16 percent; 7th ranked Polkadot (DOT) which added 27.97 percent; and 6th ranked Dogecoin (DOGE) which advanced 26.46 percent.

40 cryptos delivered returns between 10 and 25 percent. This includes 3rd ranked Binance Coin (BNB) which gained 18.65 percent, and 9th ranked Bitcoin Cash (BCH) which moved up by 14.68 percent.

Popular among the 15 currencies that have delivered returns between 5 and 10 percent is 10th ranked Litecoin (LTC) which rallied by 8.32 percent.

11 cryptocurrencies gained between 1 and 5 percent in the seven day period. Only four have gained less than 1 percent which includes 2nd ranked Ethereum (ETH) which edged up by 0.82 percent and market leader Bitcoin (BTC) which managed to gain 0.69 percent.
Only ten crypto currencies delivered negative returns in the week, the most prominent among which is 15th ranked Internet Computer (ICP) which declined 15.89 percent.

Cryptoland's visibility stemmed not just from the bullishness but also from a $600 million cryptocurrency heist that came to light last week. Blockchain site Poly Network, a decentralized finance - or Defi - provider, that allows users to transfer tokens tied to one blockchain to a different network said hackers had exploited a vulnerability in its system.

As more eyes keep gazing on Cryptoland, undoubtedly new contenders will emerge to challenge the dominance of the current market leaders. Cardano's ADA is just one example and we may soon have more cryptocurrencies vying for investor's mindshare as well as wallet share in the days to come.

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