These five coins stuck big gains even as Bitcoin (CRYPTO: BTC) failed to impress last week — now an analyst says that some of these could spell trouble for the apex cryptocurrency going into the next year.
The Movers This Week: Bora (BORA), Helium (HNT), yearn.finance (YFI), OKB (OKB), and XDC Network (XDC) were the top gainers this week.
BORA spiked 28.7% over the last week. The coin touched an all-time high of $1.66 in late November. Post its migration from Ethereum (CRYPTO: ETH) to the Klaytn (KLAY) blockchain, BORA can be deposited in the Klip wallet provided by KakaoTalk. A popular chat application in East Asia.
We are pleased to inform you that BORA can be deposited in the Klip wallet provided by KakaoTalk, after the Mainnet migration from Ethereum to Klaytn. https://t.co/UQnMWY4EM4— BORA (@bora_ecosystem) December 2, 2021
HNT rose 18.4% over the preceding seven-day period. It touched an all-time high of $55.22 on Nov. 12. On Sunday, the Helium project showcased drone-delivery capable smart mailboxes on Twitter (NYSE:TWTR). These smart mailboxes are powered by the Helium network.
Beating out @amazon, @USPS, and @UPS to a patent, @DRONEDEK_Corp brings its smart mailbox suited for drone delivery to the @Helium Network .Read the announcement blog: https://t.co/nmxY7dGaVH. pic.twitter.com/I2tmuBcasm
— Helium (@helium) December 19, 2021
YFI gained 18.2% over the last week. The token touched an all-time high of $93,435.53 in May.
Yearn finance price has soared lately on news of massive buybacks and change in its tokenomics.
YFI — Reborn As A Black Holehttps://t.co/mUZbpzmQbw— yearn.finance (@iearnfinance) December 20, 2021
OKB is up 17.8% over the last seven days. The token associated with the OkEx soared earlier this month after the coin’s circulating supply diminished, while trading volumes rose.
XDC appreciated 15.28% for the week. The coin touched an all-time high of $0.2 in August.
The XDC network is undergoing recovery after suffering a panic interface conversion error, according to a tweet from the project on Sunday.
Update on the XDC Network:The XDC Network is still undergoing recovery from the panic interface conversion error. The network is still not fully stable. Devs are working on priority and will release next update soon. https://t.co/wh4ZjGLdhO
— XinFin (@XinFin_Official) December 19, 2021
Shiny Altcoins Attracting Traders: Bitcoin’s dominance stood at 40.4% at press time, according to CoinMarketCap data. The apex cryptocurrency’s fading dominance means traders are looking at other coins, noted Edward Moya, senior market analyst at OANDA, in an emailed note.
“Many traders are gravitating to other coins such as Avalanche, Solana, Polkadot, and Hedera. If the focus primarily falls on altcoins at the beginning of next year, it may take Bitcoin a long time to return back to record high territory,” the analyst wrote.
Indeed, last week Hedera (HBAR) was up 25.51%, while Avalanche (AVAX) and Solana (SOL) saw gains of 22.05% and 5.54%. The only coin mentioned by Moya that traded in the red was Polkadot (DOT), which was down 15.58% for the week.
© 2021 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.