Crypto Market Weekly Review: BTC, FTM, and SHIB as the Biggest Gainers

The digital currency industry had a very impressive week with the global crypto market capitalization crossing the $2 trillion benchmark and sitting up north of that milestone for the better part of the week up to this point. At present, the global crypto market cap is pegged at $2.31 trillion, dragged down by a 0.26% decline in the past 24 hours. While more than 12,500 digital currencies contributed to the overall market cap, some of the most intriguing price performances were seen in Bitcoin (BTC), Fantom (FTM), and Shiba Inu (SHIB).

Crypto Market Mover: Bitcoin (BTC)

Bitcoin moved the global crypto industry in no small measure in the past week. From its lowest weekly price of $47,045.00, the digital currency soared to a high of $56,401.30, and despite a number of slight corrections experienced, the premier digital currency has increased its valuation by 14.31% in the trailing 7-days.

Bitcoin to USD Chart. Source: CoinMarketCap

While many fundamentals including El Salvador’s legalization of the digital currency as its legal tender, and the push to engage in Bitcoin mining activities using renewable energy sources remains some of the major factors behind the coin’s growth, both retail and institutional investors are notably also stacking up on the coin, and further bolstering its growth. With the current trend, many experts are projecting a top of $100,000 for the coin by year-end.

Crypto Market Mover: Fantom (FTM)

Fantom is a decentralized network that is built based on the Directed Acyclic Graph (DAG) protocol. The protocol is actively building out its ecosystem, and the current growth trend is perceived by many as a starting point for the network. 

Fantom opened the past week on a bearish note as seen on the chart below, however, the digital currency picked up pace, as crypto market bulls went on an accumulation spree that pushed its price to an all-time high of $2.45 on October 8. At present, Fantom is trading at a price of $2.07 and has gained 39.99% in the past week.

Fantom to USD Chart. Source: CoinMarketCap

Fantom is arguably in a price discovery region, and new highs from this point onward cannot be ruled out.

Crypto Market Mover: Shiba Inu (SHIB)

The meme-coin era that was birthed by Dogecoin (DOGE) and backed by top personalities like Elon Musk appears to be re-awakening, and Shiba Inu is convincingly leading the charge this time. Per the rate of growth, the Dogecoin killer is the best performing coin amongst the top 100 assets listed on CoinMarketCap and is trading with a gain of 211.04% in the past week.

SHIBA INU to USD Chart. Source: CoinMarketCap

Within this period, SHIB printed its highest price point in 3 months at $0.00003502, a growth that seems sustainable, seeing the growth push of the memecoin and the broad ecosystem functionalities including Shibaswap that is underway. As part of the ways SHIB is rebranding its frontiers in the crypto market today is in its adoption as a palliative token to help India fight its COVID-19 pandemic challenges.