"RBC-Crypto" does not provide investment advice, the material is published for informational purposes only. Cryptocurrency is a volatile asset that can lead to financial losses.
Over the past seven days, the price of every one of the top 100 cryptocurrencies has increased. Bitcoin (BTC) and Ethereum (ETH) rose by 25% and 30% above the $78k and $2.4k marks respectively, while some major altcoins gained up to 65% during this period.
The rise of almost every coin was accompanied by news developments to some extent, but it followed the general upward trend of the crypto market that began on August 17. The main surge started on the day of the meeting between US President Donald Trump and representatives of regulatory bodies and heads of major crypto companies. On August 17, the US Treasury announced an increase in government bond buybacks due to the yield on 30-year bonds reaching its highest level since 2007.
Top 5 Coins by Growth
Here is a selection of cryptocurrencies whose prices changed significantly over the past seven days from August 14 to August 21, according to CoinMarketCap data. It is based on the percentage increase in quotes (data from open sources), and the crypto assets are taken from the platform's list of the top 100 largest by market capitalization.
Ethena (ENA): Growth of 65%
The stablecoin creation platform Ethena became the main beneficiary of the week with a 65% increase in its native token. The dynamic was accompanied by the announcement on August 19 that Ethena and crypto broker FalconX launched a $1 billion credit line. Funds from the reserves of Ethena's flagship stablecoin, USDe, will be directed to institutional lending, potentially diversifying the protocol's revenue.
SPX6900 ($SPX): Growth of 40%
The rise of the memecoin SPX6900 is not linked to any partnerships. However, on August 12, cryptocurrency exchange Coinbase announced the suspension of trading $SPX perpetual futures on August 26, which could have been a factor creating volatility.
$XRP ($XRP): Growth of 40%
$XRP from Ripple had its best week since the post-2024 election rally, aided by a series of events. On August 18, South Korea's Jeonbuk Bank integrated the Ripple Payments service for 24/7 cross-border settlements. And on August 19, Ripple raised $275 million through its Ripple Prime platform in a private placement of senior unsecured notes.
Furthermore, the heads of Ripple, Coinbase, Kraken, and Chainlink were invited to the White House for a meeting with the US President. This meeting coincided with the start of the overall crypto market rally.
Venice Token ($VVV): Growth of 35%
The driver for the growth of the token $VVV of the AI protocol focused on private interaction with AI models, Venice Token, could have been the statement by co-founder Erik Voorhees that their product's revenue exceeded $100 million on an annualized basis.
The token's economic model could also have played a positive role: a portion of funds from each user payment on the platform is directed towards buying and burning $VVV. Starting in June, the burn rate increased significantly, reaching several hundred thousand dollars per week compared to tens of thousands of dollars before.
Pump.fun ($PUMP): Growth of 35%
The growth of Pump.fun, the token of the memecoin launch platform, is driven by the protocol's record revenue: reaching $23.5 million over the week. As in the case of $VVV, the team uses revenues for buybacks and subsequent burning of the $PUMP token. Since the program began, the project has bought back tokens worth over $377 million, an increase of approximately $5 million over the past two weeks.
