The cryptocurrency market has been in a state of panic in recent weeks, which has led to a drop in the price of Bitcoin (BTC), which has fallen to around $53,500. The market now appears to be recovering, with BTC currently valuing at $60,000.
Several altcoins have also seen significant increases in recent weeks. In this article, we highlight three of the best performing cryptocurrencies this week.
1. Avi
Aave (AAVE) has seen the biggest increase over the past week, up nearly 26%, bringing its current valuation to $102.
Aave is a decentralized finance (DeFi) protocol that allows users to borrow and lend cryptocurrencies without going through traditional financial institutions. Users can deposit their cryptocurrencies into lending pools and earn money passively through interest, or borrow cryptocurrencies against collateral.
2. Maker
In second place is Maker (MKR), a governance token that is part of the MakerDAO ecosystem, a DeFi project on the Ethereum (ETH) blockchain. MKR is used to govern MakerDAO and Maker Protocol, which issue and manage the stablecoin DAI. MKR holders can vote on decisions that affect the protocol.
Over the past seven days, MKR has seen a massive 22% increase. Remarkably, the token is relatively high-valued and is trading just 55% below its all-time high (ATH). Additionally, it is trading 30% below its local peak in April, suggesting that there is still significant upside potential.
3.XRP
Ripple’s XRP token also saw a massive surge of 21.5% last week. The digital currency, designed to enable fast and cheap international payments, is facing challenges from an ongoing lawsuit between Ripple and the U.S. Securities and Exchange Commission (SEC).
Despite the recent surge, XRP is still trading more than 84% below its all-time high (ATH) reached in 2018.
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