The cryptocurrency market closed the week on a positive note
The cryptocurrency market closed the week on a positive note, with its total market capitalization briefly exceeding $4 trillion. Ether and LINK were standout performers, rising over 21% and 33% respectively.
Top Performers: ETH and LINK
The cryptocurrency market closed the week higher, with its total market capitalization briefly surpassing the $4 trillion mark for the second time in two weeks. The market was driven by altcoins, many of which posted double-digit gains. These gains saw bitcoin (BTC)’s dominance drop from nearly 62% on Aug. 3 to 57% by Aug. 9.
Ethereum (ETH) was one of the top performers of the week, having surged by more than 21% to close at approximately $4,215, a level last seen in December 2021. As reported by Bitcoin.com News, some analysts believe it is poised to surpass its all-time high of $4,878.26, while the most optimistic see it reaching $10,000 before the end of the year.
Meanwhile, chainlink (LINK) recorded the biggest surge (33.6%) among the top 20 digital assets by market capitalization. After starting the week trading just above $15, LINK rallied to reach a peak of $21.22 before retreating to $21.14 (12:27 p.m. EST on Aug. 7). This was the first time LINK’s price had been above $20 since Feb. 5 of this year.
Other notable gainers in the period included dogecoin (DOGE), which went up by more than 24%, while XLM rose by 20.4%, followed by HYPE at 17.3%. The biggest gainer of the week among digital assets tracked by Coingecko was MYX, which rose by an astronomical 1,439%, followed by TROLL with 273.2% and SOON with 159%.
Although many digital assets ended the week higher, a few, including TON, closed 3.2% lower. XMR was one of the biggest losers of the week, dropping by 7% over seven days. The significant plunge in XMR’s value coincided with reports that the Monero network is bracing for a potential 51% attack, reportedly being orchestrated by the Qubic network. This looming threat of a coordinated attack, which could compromise the network’s integrity and security,