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In the cryptocurrency market, there have been noticeable increases over the past week compared to a week ago. Optimism (OP), Injective (INJ), Stacks (STX), Sei (SEI), Solana (SOL), NEAR Protocol (NEAR) made their investors happy by ranking at the top of the list of cryptocurrencies with the highest gains of the week. This price rally demonstrates the constantly changing dynamics of the market and the growth potential of the cryptocurrency market. It also underscores the volatility that is always present in cryptocurrencies.
Optimism (OP) Price Brings Joy
Trading at $3.46 at the time of writing, Optimism has pleased its investors with a 62.78% increase over the last 7 days. Emerging as a layer-2 blockchain on the Ethereum network, Optimism significantly benefits from Ethereum’s security features and also increases its scalability through optimistic improvements.
These two advantageous situations place Optimism in a significant position among contributors within the ecosystem formed around Ethereum. Moreover, the OP token has experienced a 100% price increase over the past year.
Injective (INJ) Price Skyrockets
Injective was at the forefront of frequently mentioned altcoins last week. At the time of writing, it was trading at $42.64, with a 1% increase seen in the last 24-hour period.
The Injective blockchain attracts the attention of the finance sector by supporting various DeFi applications. Consequently, it seems to find a much stronger position in decentralized exchanges and lending protocols. Significant price movements occurred around Injective in the last 7 days. INJ came under the control of the bulls in the market and experienced a 31.68% price increase.
Stacks (STX) Makes Investors Happy
Another of the week’s most notable cryptocurrencies was Stacks. Stacks continued its price increase today, rising 9.76% in the last 24 hours to $1.58 at the time of writing.
Looking at this price increase over the last 7 days, the price of Stacks hosted an increase of over 37%. Stacks seems to be addressing an important gap in the blockchain world by offering smart contracts to Bitcoin.
Sei (SEI) Price on the Rise
The native token of Sei, SEI, has seen an incredible increase of over 64% in the last 7 days, pleasing its investors. According to data provided by CoinMarketCap, Sei’s price increased by 10% in the last 24 hours to $0.3854.
The Layer 1 blockchain is known for the different advantages it offers to exchanges. Therefore, since its inception, it continues to attract attention in the trade sector. The volume of SEI transactions in the last 24 hours also increased by over 50%, reaching $382 million.
Solana’s (SOL) Rise
Solana, which has a true phoenix-from-the-ashes story, is trading above $119 and has seen an increase of 3.86% in the last 24 hours. SOL had hit rock bottom after the FTX events last year, falling to $8. Since then, the altcoin has experienced an incredible recovery over a 1-year period and has risen to the 4th place in the market cap rankings.
Solana is at the forefront when it comes to decentralized finance solutions and open-source functionality. While SOL’s price increase continues, there has been a decrease in the 24-hour trading volume. Following a 30% drop in volume, the value fell to $4.8 billion.
NEAR Protocol’s (NEAR) Strategic Move
NEAR Protocol, with a price of $3.94, stands out in the ranking of noteworthy altcoins. It has experienced an 83% price increase in the last 7 days. Seen as a competitor to Ethereum, Near aims to offer high transaction speeds and also provides interoperability solutions.
Upon reviewing Near, a 26% decrease in the last 24-hour trading volume is observed, and the value has fallen to $451 million. However, looking at the overall volume, there has been a 3% increase, reaching the $4 billion level.
