After a week of mixed performance in the crypto market, some categories of tokens have clearly done better than others. So, for this week’s market wrap-up, let’s see which categories these are, and which major token projects they are 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 category, which saw its market capitalization grow by almost 88% as a whole.
The category is made up of protocols that offer decentralized perpetual futures contracts, similar to how decentralized exchanges (DEXes) offer decentralized trading in the spot crypto markets, with the two biggest 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 is a large token category that contains lots of small-capitalization projects that attempts to stabilize a token’s price by adjusting the supply 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 came 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 fast, with the protocol also recently receiving investments from big names in the crypto space such as Polychain Capital and Three Arrows Capital.
Ranked as the 11th most valuable cryptoasset, the Avalanche protocol’s native token AVAX naturally remains the biggest token in the category, but is followed by the stablecoin TUSD, which has embraced Avalanche as one of several blockchains, as well as 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 a rise of 31%. The category includes only one somewhat better-known token, namely AUDIO, the governance token of the Audius decentralized music streaming protocol, currently ranked 92nd by market capitalization.
The growth of the category this week has largely been fueled by AUDIO and the news that the Audius protocol has received investments from several well-known names in 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 allow users to pool funds together to become stakers and share the rewards on the new ETH 2.0 network.
The best-known among the ETH 2.0 staking protocols is Lido with its STETH token, ranked 44th in terms of market capitalization. However, the centralized exchange Binance also has a staking option that is included in the category under the name Binance ETH Staking (BETH).
On the whole, the ETH 2.0 Staking tokens grew their market capitalization by 20% over the past 7 days.
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Learn more:
– Solana Week’s Worst Performer in Top 100 After Network Restart
– SUSHI Extends Bull Run, ZEN Jumps on Coinbase Pro News
– Larger S Korean Crypto Exchanges Announce ‘Temporary’ End of Fiat Trading
– SEC Chief May be Gunning for Crypto Exchanges and Altcoins
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