Smart Contract Platform Tokens Command 26% of Crypto Economy Amidst Market Gains

It’s been a strong week for smart contract platform tokens, with the top ten performers all notching growth against the U.S. dollar. The rise ranged from ethereum’s (ETH) 4.2% jump to solana’s (SOL) 32.5% surge. The smart contract coin sector witnessed 32 crypto assets achieving double-digit percentage increases, starting with OMG’s 10.2% and scaling up to JUNO’s 110.8% escalation.

From Ethereum to Solana: Smart Contract Platforms Defy Odds

Smart contract coins have had a banner week, charting a collective market uptick of 1.6% in just the last day. As of today, November 5, these platform tokens hold a market cap of $357 billion, which accounts for 26% of the total value of the crypto economy.

Dominating this niche, ethereum (ETH) constitutes 62.18% of the market, with its own value appreciating by 4.2% this week. Close on its heels, BNB experienced a 4.9% increase. SOL, meanwhile, marked a 32.5% leap within the same timeframe.

In addition, cardano (ADA) enjoyed a 12.4% uptick versus the dollar, tron (TRX) edged up by 3.4%, and chainlink (LINK) expanded by 4.4%. Five smart contract tokens even boasted gains surpassing 35%, with juno (JUNO) skyrocketing by 110.8%. bitrock (BROCK) wasn’t far behind with a 69% gain, followed by phantasma (SOUL) with a 49.3% boost.

Multiversx (EGLD) rose by 47.4% and immutable X (IMX) also made notable strides, advancing 35.4% against the dollar. However, not all smart contract coins had a favorable week from October 29 to November 5, 2023.

Viction (VIC) stumbled with a 25.4% decrease, cypherium (CPH) receded by 14.5%, and meter governance (MTRG) slipped by 7.9%. Additional losses were seen by Concordium (CCD), canto (CANTO), chromia (CHR), and bytom (BTM), which recorded downturns between 7% and 3.1%.

Meanwhile, the top 100 smart contract crypto assets amassed $14.12 billion in day-long trades. While ETH reigns over 62% of the smart contract token economy, the leading ten smart contract coins combine to a commanding $324 billion or 90.75% of this market segment.

What do you think of the top smart contract token economy swelling in value over the past week? Share your thoughts and opinions about this subject in the comments section below.

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