Since the beginning of February, Bitcoin (BTC) has continued its bullish rebound and has even surpassed the $25,000 mark, propelling the rest of the market into the green. Let’s take a look at the top 5 performing cryptocurrencies this week
The top 5 performing cryptos
As we enter 2023, Bitcoin (BTC) has defied expectations by beginning an exceptional bullish rebound, sounding like a foretaste of bullrun. Starting from $16,500, the king of cryptocurrencies is currently trading for $24,000 and is back to levels not seen for about 7 months.
At the same time, many altcoins have performed remarkably well and we’re going to discover them in trend. Let’s discover together the ranking of the 5 best performing cryptocurrencies this week. Note that we only focus on the top 100 most capitalised assets.
Top 5 best performing cryptocurrencies of the week
5 – Filecoin (FIL)
With a 41.5% performance in the space of a week, Filecoin (FIL) has risen to 28th place in the ranking of the most capitalized cryptocurrencies. Launched in 2017, Filecoin is an open source decentralised storage network, allowing its users to store files in the cloud using blockchain technology.
In two words, Filecoin aims to be a competitor to the giants Google Cloud, Dropbox, or even OneDrive. It adds an interesting dimension: anyone with storage space can rent it on the Filecoin network.
Note that Filecoin is based on the InterPlanetary File System (IPFS) protocol. This protocol allows data to be stored and shared on a decentralised network. Widely used in Web3, IPFS was created by Protocol Labs, also the originator of Filecoin.
4 – Mina Protocol
With a performance of 44.2%, Mina Protocol’s MINA ranks 4th in this week’s top performing cryptocurrencies. Developed by the O(1) Labs team, Mina is the world’s lightest blockchain: only 22KB compared to Bitcoin’s 350+GB.
Mina is developing a Zk-SNARKs solution, or “Zero-Knowledge Succinct Non-Interactive Argument of Knowledge”. It is an improved version of the Zero-Knowledge Proof technology, and is favoured by Vitalik Buterin himself.
3 – Bitget Token (BGB)
In 3rd place in this ranking and with a performance of 52.5%, we find Bitget Token (BGB) from the eponymous centralized exchange platform. Launched in 2018, Bitget was initially positioned on the derivatives market before offering a comprehensive range of tools.
Buying and selling crypto-currencies, staking services, flexible savings program, derivatives or even a copy trading system: Bitget offers various and varied functionalities that have convinced more than 2 million users around the world.
2 – Wemix (WEMIX)
With a 78% performance in the space of one week, Wemix’s WEMIX has managed to enter the top 100 most capitalized cryptocurrencies. Launched in 2021 by Wemade, Wemix is an open source protocol compatible with the Ethereum Virtual Machine (EVM) and based on a Stake-based Proof of Authority (SPoA) algorithm.
Several products are developed there, including Wemix Play, a platform providing the necessary infrastructure for the development of games on the blockchain. Wemix’s ambition is to remove the technological barriers to entry for game developers by providing the necessary tools.
1 – Floki Inu (FLOKI)
Finally, with a performance of 155.3%, we find Floki (FLOKI) in 1st position of this ranking. This cryptocurrency is yet another memecoin – based on a joke – and was created following the success of Dogecoin (DOGE) and Shiba Inu (SHIB) and as a tribute to Elon Musk’s dog, named Floki.
In fact, on this recent rise, FLOKI has been well helped by the Tesla boss. He published a tweet in which he featured his dog as the CEO of Twitter with a mention of “Floki”, which did not go over well with the community.
Although the Floki team is developing a whole semblance of an ecosystem on their blockchain, with a Play-To-Earn, an NFT marketplace and DeFi apps, it remains a cryptocurrency with non-existent fundamentals.
