The past week has been a period of notable increases in the cryptocurrency market compared to the week before. Cryptocurrencies such as Optimism (OP), Injective (INJ), Stacks (STX), Sei (SEI), Solana (SOL), and NEAR Protocol (NEAR) have made significant gains, delighting investors and topping the list of the week’s most profitable digital assets. This rally highlights the ever-changing dynamics of the market and the growth potential of cryptocurrencies, while also underscoring the inherent volatility of the sector.
Optimism (OP), a layer-2 blockchain on the Ethereum network, has seen a 62.78% increase over the last seven days, trading at $3.46 at the time of writing. The network benefits significantly from Ethereum’s security features and is enhancing its scalability through optimistic rollups. Over the past year, OP token has also experienced a 100% price increase.
Injective (INJ) has been one of the most talked-about altcoins over the past week. At the time of writing, it was trading at $42.64, with a 1% increase in the last 24 hours. Injective’s blockchain supports various DeFi applications, attracting the finance sector’s attention and strengthening its position in decentralized exchanges and lending protocols. INJ saw a 31.68% price surge in the last seven days due to bullish market control.
Stacks (STX) has been another attention-grabber, continuing its price increase to $1.58, a 9.76% rise over the last 24 hours. Over the past week, STX has hosted a price increase of over 37%. Stacks offers smart contracts to Bitcoin, addressing a significant gap in the blockchain world.
Sei’s native token, SEI, has seen an incredible rise of over 64% in the last week. According to CoinMarketCap, Sei’s price increased by 10% in the last 24 hours to $0.3854. Known for providing unique advantages to exchanges, the Layer 1 blockchain has been drawing attention in the trading sector since its inception. SEI’s 24-hour trading volume increased by over 50%, reaching $382 million.
Solana (SOL) has experienced a phoenix-like resurgence, trading above $119 with a 3.86% increase in the last 24 hours. After plummeting to $8 following the FTX incidents last year, SOL has made an incredible recovery over the year, climbing to the 4th position in market cap rankings. Despite the price increase, SOL’s 24-hour trading volume has fallen by 30%, dropping to $4.8 billion.
NEAR Protocol (NEAR) stands out with a price of $3.94 and an 83% increase over the past week. Competing with Ethereum, Near aims to offer high transaction speed and interoperability solutions. A 26% decrease in the last 24-hour trading volume has been observed for Near, with the value dropping to $451 million, while the overall volume rose by 3% to $4 billion.