Most leading coins stagnated this week, with minimal new institutional adoption of crypto a big contributor to that.
Still, compared to the two previous weeks, losses slowed. Bitcoin dropped 2% to trade at $39,629, while Ethereum dropped 2.7% to $2,960—each still slightly below a critical threshold.
Coins that forked from the market leaders fared much worse over the last seven days: Bitcoin Cash and Ethereum Classic both posted losses of just over 8%, with Bitcoin Cash trading for $318 and Ethereum Classic worth $35 at the time of this writing.
Few other top 40 cryptocurrencies posted major dips. The most notable loss was felt by holders of XRP, which sank 8.45% over the last seven days to around $0.71.
Three top cryptocurrencies surged over the week, including Terra’s LUNA, which rose 14.35% to $93.09.
Privacy coin Monero (XMR) shot up 18.58% to $272.55 after news of a hard fork due in July. A Reddit-organized bank run also could be driving up that price. On Monday, a group of Monero fans inspired likeminded heads to take as much Monero off centralized exchanges as they could afford, in a shopping spree dubbed the “Monerun.”
Lastly, ApeCoin rallied to a one-month high today. The Bored Ape Yacht Club ecosystem fungible is up an eye-watering 40% from last Saturday, currently trading at $17.