OMG Network’s cryptocurrency OMG ranks as the top-earning crypto of the week, followed by yearn.finance’s (YFI) token. Both have overturned the leading digital asset Bitcoin (BTC) in the crypto space.
In the last seven days, OMG, which is currently ranked 28th in terms of market cap, ruled the crypto space when it comes to market value growth. As per CoinGecko’s data, the cryptocurrency has shown an impressive increase in market value from $2.79 on August 17, all the way to $6.40, as of time of writing.
OMG’s performance thrilled the investors, mainly due to the fact that the crypto made a significant increase of 124.7% (7d).
On the other hand, the yearn.finance (YFI) crypto made it to second place with an increase of 99.4% in its market value. This crypto currently ranks 44 when it comes to market capitalization. Its price significantly increased from $6,650.41 on August 17 to its current price of $12,452.20. It has reportedly surpassed Bitcoin’s price, inviting more attention to crypto investors.
On the other hand, leading cryptocurrency players — BTC and ETH — experienced a challenging week. BTC, which has been traded at $11,725.86, has lost 1.5% this week. It is also noticeable that due to the price swings of the BTC, many altcoins experienced bearish movement. BTC price fluctuation is known to greatly influence the altcoin market.
While Ethereum’s native token also experienced an 8.9% drop in its market value. This bearish performance was seen in the crypto market for the last 7 days. The ETH is currently traded at 394.99.
Despite this, ETH seemed to be fairly bullish in the last couple of weeks as the token has been largely used as collateral for the majority of DeFi protocols. Also possible to give a favorable impact to the token’s price in the future is the release of its mainnet upgrade, following the success of its recently launched Ethereum 2.0’s Medalla testnet.
In spite of the market chaos that the world is experiencing due to the COVID-19 pandemic, the crypto space continues to perform well and show positive energy. This is a great sign that even in dark times, the crypto market continues to bring light and positivity this 2020.