The week was really terrible for the crypto market. Almost all the cryptocurrencies are in the red zone. Big coins like Bitcoin and Ethereum are in the red zone. Still, some altcoins are showing promising growth. Here are the top 5 performing cryptocurrencies of the week (week-6). Let’s take a look at it in more detail.
Kusama is a network based on the Polkadot software. Kusama has witnessed strong gains over the past few weeks. In the last 7 days, the Kusama price has increased by almost +7%, just enough for a spot on our top 5 cryptocurrencies list. The reason behind its good performance is probably due to the hype about Polkadot.
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Tron is a blockchain that is based on the dPoS consensus algorithm . Justin Sun’s project is well known in the crypto world for its excessive marketing. In the last 7 days, the TRON price has increased by almost +26.1%, just enough for a spot on our top 5 cryptocurrencies list. The sharp rise in the token price is likely to be related to the launch of DeFi on the blockchain and the associated marketing.
3.UMA (+ 27.2%)
UMA is in the top 5 for the second time in a row. Last week the project was at number 4 in our Top 5 performing cryptocurrencies list. UMA is a project that develops smart contracts for Ethereum DeFi. In the last 7 days, the UMA price has increased by almost +27.2%, just enough for a spot on our top 5 cryptocurrencies list. The ongoing DeFi hype is probably responsible for the strong development of the token price.
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2.Bounce Token + 74.3%
Bounce Token is a project on Ethereum that wants to expand pool trading as we know it from Uniswap to include additional functions and incentives. In the last 7 days, the Bounce Token price has increased by almost +74.3%, just enough for a spot on our top 5 cryptocurrencies list. The general hype about DeFi and especially pool trading is likely to be responsible for the incredible increase in the token price, despite the uncertain markets.
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Bitshares could be seen as the mother of all DeFi projects. It is also the first blockchain to implement dPoS and allow relatively high data throughput. The project was planned in 2013 by Daniel Larimer, who is the brain behind Steem and EOS, and started in 2014. Bitshares makes it possible to easily create stablecoins on all possible assets using the native currency BTS as a deposit. In addition, a decentralized exchange is integrated into the platform in order to trade these assets. Among the early developers were the creators of the MakerDAO, which takes up essential ideas of Bitshares. In the last 7 days, its price has increased by almost +76.3%, just enough for a spot on our top 5 cryptocurrencies list. The DeFi hype and the recent launch of the new version 4.0 of Bitshares could be responsible for the sharp increase in the price this week.
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