Many cryptocurrencies have made marginal to massive gains as the crypto market is slowly moving to stabilize. These contain metaverse, utility, DeFi, and NFT crypto assets that have experienced profit because of their well-established use cases. This article takes a look at those top 7 crypto gainers this week.
Lucky Block (LBLOCK): Leading the Crypto Charts with a 67.47% rise
The biggest gainer of this is LBLOCK – the native crypto of an NFT competition’s platform. The NFT crypto has amassed a large following due to fair and unique competitions – allowing players to take home prizes ranging from $1 million in bitcoins and BAYC NFTs to a Lamborghini.
— Lucky Block (@luckyblockcoin) July 31, 2022
Lucky Block is an NFT competitions platform that allows users to enter lucky draw events. Users can buy Platinum High Rollers Club NFTs to get lifetime access to these events. However, Lucky Block follows the principles of inclusivity – allowing users to buy a certain number of LBLOCK tokens to participate.
Because of these factors, Lucky Block has been riding high since it launched in 2022. Along with amassing more than 50,000 followers within a short time, LBLOCK has also become the fastest crypto to reach a $1 billion marketcap. Many experts have called it “one of the best crypto assets of this year”, partly since it lives up to its advertised quote, “Everyone’s a winner.”
The cryptocurrency has several sharp upticks this week – overshooting the $0.015 mark before correcting and bouncing back afterward. At the time of writing, Lucky Block is trading at $0.019.
Filecoin (FIL): The Utility Crypto has Shot Up by almost 100%
Experts say that 2022 is the year of utility crypto assets. Filecoin lives true to it. After trending sideways at a respectable $5-$6 range, the utility cryptocurrency rose sharply to $11 before experiencing a minor retrace.
Filecoin is a decentralized storage protocol for NFTs. Developers advertised it as a system that store “humanity’s most important information”. The project was launched in 2017, followed by an ICO that raised over 205 million dollars.
Launched by Juan Benet, creator of the Interplanetary File System, Filecoin takes cues from cloud-storage systems. But instead of relying on a centralized body, it takes a decentralized approach to ensure that the data remains under the data owner’s control. Complementing this feature are two consensuses that provide security to this network: proof-of-application and proof-of-space time.
At the time of writing, Filecoin is trading at $10.61, with a 24-hour trading volume of $2.1 billion.
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Fetch.ai (FET) has steadily climbed over 20% in a week
Fetch.ai (FET) is a decentralized machine learning platform offering users access to blockchain-based AI in the form of secure datasets. Essentially, it is a framework that supports billions of IoT (Internet of things) devices by establishing seamless, transparent, automated, and secure communication between them using autonomous agents.
The utility crypto climbed the price charts by 20% this week. At the time of writing, it is trading at $0.9847.
FET established this sudden uptrend partly because of the bullish developments last week, including the Governance Notification tool V2. The core team has also entered merchandising with the release of the FetchBot t-shirt.
You can now receive notifications when new governance proposals launch on the Fetch-ai Network when signing up for this service. Additionally, you can even vote on proposals from within their dashboard!
This is a really cool tool! Thank you for including us @kalpa_tech 👊 https://t.co/NWgo0j71I4
— Fetch.ai Network (@Fetch_ai) July 30, 2022
Unlike the other crypto assets on this list, the FET price didn’t jump suddenly – it followed a steady uptrend – signaling that it may follow the same trajectory later.
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DYDX: The Dex token rose by 35%
DYDX is a dex cryptocurrency. That is, it is the native crypto of the layer-2 blockchain of the non-custodial decentralized exchange of the same name. That is, it operates layer 2 and is used by liquidity providers, traders, and partners to vote on its future developments.
DYDX is another utility crypto on our list to gain a rise in double digits. It started at $2.05 at the week’s beginning and dropped to $1.90 the next day. It bounced soon after – establishing an uptrend and reaching $2.70 at the time of writing.
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SKALE Network (SKL) witnessed a 20% growth
SKALE is an elastic network designed to add scalability to Ethereum and increase transaction speeds. At the heart of this network lies its native crypto SKL, the native cryptocurrency used for governance and security.
SKL opened at $0.051 before trading sideways. It then witnessed a steep drop to $0.045 before bouncing and establishing an uptrend. At the time of writing, the token is trading at near $0.060.
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MyNeighborAlice (ALICE) has risen by 35% in a week
Gaming cryptocurrencies have faired well during the bear market during unique play2earn mechanics. Following this trend is MyNeighborAlice (ALICE), the native cryptocurrency of My Neighbor Alice, a play-to-earn blockchain game similar to Animal Crossing. In this game, players can own land, farm, do quests and earn rewards. The game doesn’t follow the standard “idle” approach of blockchain games but instead chooses to provide players with great gameplay and an underlying DeFi mechanic.
ALICE opened at $2.28 at the beginning of the week before experiencing a sharp retrace. It established a sideways trend before steadily rising to $2.93 at the time of writing – showing a 35% increase.
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Ankr experienced a 10% increase
Ankr is a decentralized blockchain infrastructure provider supporting more than 50 proof-of-stake networks. It also offers developers a full suite of tools to create web3 applications.
Ankr Opened at 0.028 last week and, like the other assets listed, plunged sharply before establishing sideways trading. By the end of the 27th of July 2022, the Ankr price started to climb in short bursts. At the time of writing. Ankr is trading at $.0.031 – a nearly 10% increase from last week.
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Conclusion
Many crypto assets have seen massive gains this week. Is it a sign that we are on the path to recovery? Or does it mean people are more interested in crypto with proper utilities behind them?
Whatever the answer is, these trends establish an interesting fact: 2022 has opened the eyes of the consumer to cryptocurrencies with better use cases and rewards. Developers should pay heed and plan accordingly.
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