After a week of mixed performance within the crypto market, some categories of tokens have clearly performed higher than others. So, for this week’s market wrap-up, let’s see which categories these are, and which major token initiatives they’re made up of.
All prices and token categories are per CoinGecko’s data (taken at 13:10 UTC).
1. Perpetuals tokens
Coming in as the best-performing token category of the past seven days is the Perpetuals class, which noticed its market capitalization develop by nearly 88% as a complete.
The class is made up of protocols that offer decentralized perpetual futures contracts, similar to how decentralized exchanges (DEXes) provide decentralized buying and selling within the spot crypto markets, with the two greatest ones being Perpetual Protocol (PERP) and dYdX (DYDX).
2. Rebase tokens
Coming in as the second-best performing token category this week was the Rebase token category. This can be a giant token class that accommodates lots of small-capitalization projects that makes an attempt to stabilize a token’s worth by adjusting the provision of the said token.
Best-known among the rebase tokens are the decentralized reserve currency protocol Olympus (OHM) and the stablecoin-like protocol Ampleforth (AMPL), which got here in with a 7-day price change of 29% and -1.5%, respectively.
On the whole, rebase tokens grew their market capitalization by 38% for the week.
3. Avalanche Ecosystem tokens
The ecosystem surrounding the Avalanche protocol is growing quickly, with the protocol additionally recently receiving investments from huge names within the crypto space akin to Polychain Capital and Three Arrows Capital.
Ranked as the 11th most respected crypto asset, the Avalanche protocol’s native token AVAX naturally stays the most important token within the class, but is followed by the stablecoin TUSD, which has embraced Avalanche as one among a number of blockchains, in addition to the algorithmic stablecoin FRAX, ranked 84th and 201st by market capitalization, respectively.
The Avalanche ecosystem tokens rose by nearly 33% as a whole for the week.
4. Music tokens
On fourth place for the week was the Music token category, with an increase of 31%. The class consists of just one considerably better-known token, particularly AUDIO, the governance token of the Audius decentralized music streaming protocol, currently ranked 92nd by market capitalization.
The expansion of the class this week has largely been fueled by AUDIO and the information that the Audius protocol has acquired investments from a number of well-known names within the music industry, including the Chainsmokers and Katy Perry.
5. ETH 2.0 Staking tokens
Coming in on fifth place, the ETH 2.0 staking category consists of tokens that permit customers to pool funds collectively to change into stakers and share the rewards on the brand new ETH 2.0 network.
The best-known among the ETH 2.0 staking protocols is Lido with its STETH token, ranked 44th when it comes to market capitalization. However, the centralized exchange Binance additionally has a staking choice that’s included within the class below the title Binance ETH Staking (BETH).
On the whole, the ETH 2.0 Staking tokens grew their market capitalization by 20% over the past 7 days.