The cryptocurrency industry opened the second quarter of 2022 with a correction. Market leader Bitcoin swiftly dropped more than 6.4% of its value to rest at $44.4K, while Ethereum accordingly lost nearly 6% of its value to touch 24-hour lows of $3.225 early on Friday 1st. The overall crypto market has so far declined by approximately 6% as its market capitalization slumped to $2.07 trillion.
Despite that, the week was marked by impressive bull rallies. Here is the list of coins that made the biggest gains over the past 7 days.
Zilliqa (ZIL) +379%
Zilliqa (ZIL) was the week’s undisputed winner, notching exponential frowth of 379% in a single week as ZIL’s price soared from $0.0474 on March 25th to $0.2255 today. The coin now ranks 51st among cryptos with a $2.5 billion market cap, leaving it 16% shy of its $0.2553 all-time high.
The majestic bull run truly took off after Zilliqa announced the upcoming launch of its Metapolis platform for this Saturday, April 2nd. The interoperable “metaverse-as-a-service” (MaaS) platform offers set-up services for users to build their own metaverse, and has been hailed as a game-changing technology for the whole industry.
Waves (WAVES) +103%
Wave (WAVES) brought glad tides this week as it waxed by more than 103%, rising from $30.49 recorded last Friday to a $62.03 all-time high on the first day of April. The token ranks as the 30th biggest crypto with a $5.9 billion market capitalization.
The increase in WAVES prices was fueled by the 338% growth in the total value locked on the Waves-based ‘Neutrino’ protocol, which enables algorithmic stablecoins Neutrino USD (USDN) to be collateralized by the WAVES token. Neutrino has been increasing the supply of its stablecoins since February, leading to an equal value in the amount of WAVES tokens being locked to mint new USDNs, potentially playing a significant part in the growing demand for WAVES tokens.
VeChain (VET) +59%
VeChain’s (VET) price has rallied by 59% in the past 7 days, reaching highs of $0.08858 on Thursday, a price level not seen since the early days of January, bringing VET back into 33rd in the rankings of crypto’s biggest coins.
The asset rallied in light of the wave of positive news emanating from the VeChain Foundation, which has been strengthening its presence and forming significant collaborations in Europe, even becoming a member of the Consumer Goods Forum (CGF), which brings together CEOs and senior management from over 400 retailers, manufacturers and relevant stakeholders from nearly 70 countries, boasting combined sales of $2.79 trillion.
Aave (AAVE) +49%
Aave has documented massive growth of close to 50% since March 2nd, quickly improving from $161.39 to $239.98 on Wednesday 30th. This marks the token’s highest price point that AAVE, which currently boasts a $2.9 billion market cap, has reached in almost three months.
The momentous rally, which initially gained steam earlier in March, intensified after the innovative and powerful Aave V3 protocol went live on the project’s mainnet across 6 different networks, making transactions cheaper and more efficient, thereby encouraging whales to accumulate the asset.
Filecoin (FIL) +49%
Decentralized storage and cloud service network Filecoin made gains of nearly 50% this week, shooting up from its $18.64 price point noted last Friday, to a much improved $27.78 on Tuesday 29th, making it the 37th biggest crypto in the market with a $4.3 billion market cap. FIL has since corrected by 14%, but remains at its highest level in 30 days.
Although Filecoin’s price broke out of its downtrend with the impressive pump, there have rather perplexingly been no other driving factors behind the push, other than the project’s increasing storage capacity and regularly growing demand from both Web 2.0 and Web 3.0.