In an endogenous and exogenous context that is nonetheless negative, Bitcoin (BTC) has shown remarkable resilience. The cryptocurrency market as a whole is in the green, so let’s take a look at the 5 best-performing cryptocurrencies in the penultimate week of June
The 5 best performing cryptos
In line with May, the month of June started in the red. Little helped by an unfavourable macroeconomic context and a US financial regulator in offensive mode, the cryptocurrency market finally managed to reverse the trend in this penultimate week of the month.
The price of BTC rose by 20% and returned to flirt with the symbolic $30,000 mark. As is often the case, the rest of the market also benefited from this bullish surge, and we are going to take a look together at the top 5 best-performing cryptocurrencies for the week of 19 June. Note that we are only focusing on the top 300 most capitalised assets
The 5 best-performing cryptocurrencies in this week of 19 June 2023
5 – Bitcoin Cash (BCH)
In 5th place is Bitcoin Cash (BCH). With an increase of 38.1%, it has outperformed Bitcoin and is now the 24th most capitalised cryptocurrency on the market.
A historical aside for the younger among us, Bitcoin Cash came into being on 1 August 2017 as the result of a fork in the Bitcoin network. This took place following a debate in the community about the scalability of the network. In short, a minority wanted to follow Satoshi Nakamoto’s initial desire to gradually increase the size of blocks (Bitcoin Cash), while the majority preferred to abandon this idea in favour of protocol optimisation solutions or second-layer solutions (Bitcoin).
Let’s get back to the main topic. This rise in Bitcoin Cash’s BCH is undoubtedly correlated with a recent piece of news that caused quite a stir. A number of Wall Street heavyweights, including Charles Schwab, Citadel Securities and Fidelity Digital Assets, launched their own platform dedicated to crypto-currencies: EDX Markets. Bitcoin Cash was one of the 4 cryptos listed.
4 – Conflux (CFX)
With an exceptional performance of 39.4% over the week, fourth place in this ranking is held by Conflux CFX. This was due to an increase in partnerships with active players in the Web3 ecosystem in China, as well as the integration of the Web3 Institute in Hong Kong.
The latter is a not-for-profit association, which could be compared to a start-up incubator with support from local banks and investment funds. It is run by Norman Chan, the former head of the Hong Kong Monetary Authority (HKMA), and Li Feng, the CEO of China Mobile International, the Chinese telecoms giant.
This is part of a wider narrative of China’s return to the forefront of the cryptocurrency industry, particularly through the Hong Kong Administrative Region.
3 – Blox (CDT)
In third place among the cryptocurrencies that exploded the most in this penultimate week of June, we find Blox’s CDT, now rebranded as SSV Network. The project’s native token has soared by 40.4% over the past 7 days.
The reason for this rise can certainly be explained by the improvement in the project’s tokenomics. But that’s not all: the project is also benefiting from the long-term trend resulting from the Shanghai update of Ethereum (ETH), which made it possible to withdraw stashed Ether.
While more and more people are taking an interest in staking on Ethereum – the milestone of 20 million locked ETHs was passed recently – the accessibility of this activity remains a barrier to entry for the most novice. Blox (SSV Network) aims to solve this problem by offering a simplified, non-custodial and open source gateway to ETH staking.
2 – Stacks (STX)
With a 40.9% increase, Stacks (STX) takes second place in today’s ranking. The protocol’s native token is now the 41st most capitalised cryptocurrency, with a capitalisation of more than $1 billion.
This rise is part of a fundamental craze surrounding the development of decentralised finance based on Bitcoin. Although decried, the Ordinals protocol and the BRC-20 token trend have breathed new life into this ecosystem, and Stacks has benefited from this.
Put simply, Stacks can be compared to a second-layer solution for Bitcoin. Using the Bitcoin blockchain and the Stacks 2.0 protocol, Stacks provides a decentralised means of creating smart contracts and developing decentralised applications, while taking advantage of the security provided by the Bitcoin network.
1 – Pepe (PEPE)
In first place among the cryptocurrencies that have exploded the most this week – for once that’s not customary – we find a memecoin. Pepe The Frog’s PEPE, or simply Pepe, printed a 66% rise and now sits in 69 th position in the ranking of the most capitalised cryptocurrencies.
As is often the case, it’s difficult to justify the rise of a cryptocurrency based on so little evidence. And for good reason, memecoins rely on one key element: the community. In this game, Pepe has managed to unite a huge number of investors in the space of just a few weeks, and they have remained present despite previous weeks in the red.
