The Trust Wallet token and Bitcoin Gold lead the top 100 pack with double-digit gains
Even as volatility in the cryptocurrency market continues, some of its digital assets are posting solid weekly gains, including the recently hyped Ethereum Classic (ETC) and Monero (XMR), and especially Trust Wallet’s utility token TWT.
Notably, Trust Wallet Token leads the 100 pack with the biggest gains in the past week – as much as 12%, followed by Bitcoin Gold (BTG) surpassing 11%, Qtum (QTUM) with over 9% in weekly gains, ETC and more than 8%, and Monero gains over 3%, according to CoinMarketCap statistics retrieved on July 27.
What has driven these gains?
TWT, which gained 12.07% in the past week, is the utility token of Trust Wallet – a free mobile wallet for users to store their crypto and non-fungible tokens (NFT). A week ago, the platform announced integration of networks such as Cardano (ADA), KuCoin Community Chain (KCS), as well as Ronin Network (AXS, RON).
As for the 11.15% weekly gain of Bitcoin’s open-source alternative and hardfork, Bitcoin Gold, it doesn’t have a clear catalyst like the other top gainers, so it’s impossible to say for sure what has driven the gains, other than maybe the weakness of the US dollar.
Gaining 9.16% over the past seven days, proof-of-stake (PoS) blockchain Qtum was created to bring the best of Bitcoin and Ethereum into one chain. According to a chirping as of early July, the platform had hit 2 million blocks, which points to a growing number of solutions building on top of it. Also, the platform is set to one hard fork on 31 July.
Ethereum Classic Advances As Merger Approaches
Over the past week, Ethereum Classic has risen 8.48% and is trading at $26.95 at press time. Ethereum Classic’s growth can be attributed to several factors, the first of which was the support of Ethereum founder Vitalik Buterin, when he referred to ETC as “an absolutely fine chain.”
The second is the fact that miners have realized that they would be able to mine ETC under the Proof-of-Work (PoW) protocol despite the upcoming merger that will switch Ethereum to the PoS algorithm.
Finally, the growth may also be due to the announcement by Bitmain’s mining pool partner AntPool CEO Leon Lv that his organization invested $10 million to support the Ethereum Classic ecosystem and will continue to invest in it.
Monero Grows Despite Employee Issues
As for Monero, it experienced growth of 3.29% over the previous week, pushed by some fresh daily gains of 6.09% after a sell-off from the previous day. These increases became apparent after a South African regional court released former Monero executive Riccardo Spagni from custody.
According to a report by Finbold in early June, Spagni, also known as Fluffypony, was arrested in the United States and extradited to the Republic of South Africa, for over 378 counts of fraud and forgery against his former employer between October 2009 and June 2011, after have failed. to do a routine court hearing.
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