Ambar Warrick
The crypto market saw one of its worst crashes ever over the past week, amid concerns over rising inflation and interest rates.
But three tokens appeared to have largely outperformed the 50 largest cryptocurrencies, with each seeing their own share of bullish news through the week. Tron (TRX), Monero (XMR) and Algorand (ALGO) rose in value over the past 24 hours, ducking a crypto crash.
While losses in the crypto market appear to have stabilized from a two-week tumble, TRX, XMR and ALGO are leading a recovery among major tokens. Conversely, Bitcoin (BTC) and Ethereum (ETH) are down 0.6% and 1.3%, respectively.
ALGO recovers over 11%
ALGO, the native token on the namesake blockchain, was the best performing token in the past 24 hours. The token is up over 11% at $0.7084, close to its weekly highs.
Bullish momentum behind ALGO stems from the blockchain becoming an official partner for the 2022 FIFA World Cup in Qatar. The news had sparked a three-day rally in the token, which saw it top off at 0.7342.
The blockchain is set to receive a large boost in popularity through the FIFA deal, which will give it media exposure and sponsorships. ALGO in turn will help the football organization develop digital assets.
TRX the best performing crypto this week, up 30%
TRX, the native token on the Tron blockchain, was largely boosted by the launch of a new Tron-based stablecoin, USDD- which is set to be backed by a $10 billion reserve.
To bolster its reserve, Tron purchased about $39 million of TRX from the open market, giving the token a 6.3% boost in the past 24 hours. TRX is now trading at $0.08454.
USDD is currently offering a whopping 30% annual yield- far greater than any other stablecoin on the market. Growing appeal for the coin benefits TRX, given that the latter is needed to gain USDD exposure. TRX has gained over 30% this week, as a result, broadly outperforming the crypto market.
XMR supported by mining upgrade plans
XMR, the largest privacy coin, is up nearly 4% at $215.44. While the token is down substantially from highs hit in April, it was boosted this week on the prospect of more mining security.
The blockchain will introduce a tail emission upgrade in the next 30 days to cap mining fees. It will also ensure a minimum mining reward of 0.6 XMR for each block mined.
XMR prices had responded positively to the news.
The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
