decrypt.co
Several leading cryptocurrencies rallied more than 10% in the last week, with tokens behind leading Layer-1 networks like Ethereum, Solana, Cardano, and Avalanche posting some of the highest gains.
Of the two top cryptocurrencies, Ethereum posted double the growth of Bitcoin this week, with seven-day gains of about 12.6%. Bitcoin is up roughly 6% over the same period.
The world’s second-favorite cryptocurrency is currently trading just above the $2,900 mark.
Ethereum rivals on the rise
Undoubtedly, the largest growth spurt in the top 20 cryptocurrencies by market capitalization is Avalanche.
The Ethereum rival shot up almost 30% to hit $90.97, at the time of writing. That’s still 37.5% off its former all-time high of $146.22, set four months ago, but it’s easily the biggest growth for a leading crypto in the last seven days.
Other smart contract-enabled rivals in the top 10, Solana and Cardano, are both up by just over 11% and 12%, respectively. Solana’s price today is $90.10 while Cardano is $0.89.
Strangely, Ethereum Classic, the twenty-ninth biggest cryptocurrency by market capitalization, rose an eye-watering 50% over the last week and currently trades at $38.8.
Ethereum Classic spun-off from Ethereum in 2015, after a large group of users decided to keep the record of Ethereum’s infamous $55 million DAO hack on their public ledger despite majority assent to its removal.
Now, as the forked network gradually transitions to an energy-efficient proof-of-stake (PoS) consensus mechanism, the original Ethereum will remain a proof-of-work (PoW) blockchain.