Top performing crypto of the last week
Top performing crypto tokens between 21 November and 28 November included Huobi Token (HT), Celo (CELO), Curve DAO (CRV), Dogecoin (DOGE), and ApeCoin (APE).
Numerous events happened during the week. Moni Talks covered topics such as United Kingdom-based Starling Bank cutting its customers' accounts off from centralised cryptocurrency exchanges due to the volatility of the market and crypto wallet MetaMask making plans to collect user internet protocol (IP) addresses.
In addition, Magic Eden, one of the most patronised non-fungible token (NFT) marketplaces, announced that it had expanded support for Polygon-based NFTs. Polygon is one of the largest NFT blockchains by all-time sales volume, with approximately $409 million, as of 28 November.
So, let’s take a look at last week’s top performing crypto.
Analysis of top performing crypto last week
• Huobi Token (HT) increased by more than 60%. HT is the novel token of the Huobi crypto exchange. Much of the token's value spike occurred due to the rebranding of the pioneer cryptocurrency exchange Huobi Global into just Huobi during the week. As part of the rebranding process, Huobi, as a major crypto trading platform, is projected to become one of the top three exchanges across the sector.
The rebranding led to an increment in trading volume from the smallest value of $14.77 million to the highest value of $27.46 million within the week. The token opened the week strongly at $4.32 on 21 November and reached a weekly low of $4.24 on the same day. HT spiked in price to a weekly high of $7.32 and was trading for $7.12 in the late hours of 27 November. There was a 64% increase in HT price during the last full week of November.
• Celo (CELO) was up by more than 50%. CELO is the Celo ecosystem native asset, which aims to increase cryptocurrency adoption among smartphone users. During the week, it was reported by major news outlets that Celo has partnered with ConsenSys, an Ethereum software company that played an integral role in the Merge (the transitioning of Ethereum from a Proof-of-Work to a Proof-of-Stake network).
Overall, this partnership will help Celo developers to tap into the technological solution of ConsenSys, which will improve its scalability. Within the week, CELO's trading volume moved from the lowest daily value of $7 million to the highest value of $210 million. On 21 November, CELO opened with a trading price of $0.4329, climbed to a weekly high of $0.714 on 26 November, and saw a decline to a weekly low of $0.4178. It was trading for $0.6737 during the late hours of 27 November CELO gained 55% within the period.
• Curve DAO (CRV) spiked by more than 30%. CRV, like other digital assets housed in the ecosystems of the decentralized application (Dapp), is the novel token for Curve, a stablecoin-based decentralised exchange that relies on an automated market maker (AMM) to oversee liquidity. Curve generated $3.75 billion as trading volume throughout October. Due to the ongoing FTX bankruptcy case, which has led to the halting of digital asset withdrawals on some platforms, there has been a marked increase in stablecoin use. Since Curve is mainly tailored to stablecoin trading, many investors turned to CRV during the week. CRV's daily trading volume ascended from $58 million to $970 million.
CRV opened on 21 November with a relatively lower trading price of $0.5119. The DeFi token reached a weekly low of $0.4096 on 22 November and increased to a weekly high of $0.7538 on 26 November. In the late hours of 27 November, CRV was exchanging hands for $0.7044 on many crypto trading platforms. CRV spiked by 37% within the period.
• Dogecoin (DOGE) brought more than 30% gains to holders. DOGE is the native asset of the meme-inspired project by Jackson Palmer and Billy Markus, creators who decided to poke fun at the idea of Bitcoin (BTC) dethroning the centralised finance system. DOGE has been soaring based on a rumour from David Gokhstein, who commented via his Twitter account that there could be developments to the Dogecoin project by Ethereum founder Vitalik Buterin and new Twitter boss and DOGE promoter Elon Musk.
The demand for DOGE skyrocketed from a minimum daily volume of $360 million to $1.84 billion within seven days. DOGE opened at $0.07718 on 21 November and reached a low of $0.0724 on the same day. The largest meme-inspired digital asset by market capitalization soared to a weekly high of $0.1064 on 27 November and traded for $0.1052 on the back of Asia, as an early mover of the cryptocurrency industry. As of 11:50 UTC on 27 November, DOGE had soared by 36%.
• ApeCoin (APE) Rose More than 20%. APE is the novel token of the ApeCoin ecosystem. On 23 November, it was reported that ApeCoin decentralized autonomous organization (DAO) had launched a community-driven non-fungible token (NFT) marketplace. In the crypto finance industry, exchange listing, the launch of new products by a project, the provision of staking services, and the adoption of a coin or token by a mainstream company are the primary drivers of a cryptocurrency's price.
Leaning on the successes of Bored Ape Yacht Club and Otherdeeds among Yuga Labs' (creators of the projects) products, APE opened at $3.03 on 21 November, reached a low of $2.86 during the week on 22 November, and reached a high of $3.94 on 27 November. As of 11:50 UTC on 27 November, APE had a trading price of $3.83. Like all the aforementioned top-performing crypto tokens, APE also saw a significant rise in daily trading volume from $79 million to $215 million.
Other top performing crypto included coins that saw multiple percentage gains during the week, such as Litecoin (LTC), Chainlink (LIN), Dash (DASH), Aptos (APT), Convex Finance (CVX), Binance Coin (BNB), Solana (SOL), Casper (CSPR), Aave (AAVE), Ethereum Classic (ETC), and Theta Network (THETA).
Author: Raphael Minter
Raphael Minter/ Albert Zuhnden (preferred pen name) is a crypto finance writer, data miner, and fundamental analyst. Raphael has written hundreds of articles about centralized and decentralized financial instruments such as precious metals, commodities, stocks, and cryptocurrencies. He broke into digital finance in 2016 and believes digital assets and blockchain technology is the future of finance.