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11/06/2023

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Smart Contract Tokens Surge, Comprising 26% Of Crypto Market Value | UseTheBitcoin

The past week has seen a notable rise across smart contract platform tokens, with the top ten all experiencing growth against the U.S. dollar. This sector enjoyed a substantial uplift, led by Ethereum (ETH)...

Smart Contract Tokens Surge, Comprising 26% Of Crypto Market Value | UseTheBitcoin

The past week has seen a notable rise across smart contract platform tokens, with the top ten all experiencing growth against the U.S. dollar. This sector enjoyed a substantial uplift, led by Ethereum (ETH) with a 4.2% increase and Solana (SOL) with a significant 32.5% jump.

The broader smart contract coin category celebrated double-digit gains in 32 cryptocurrencies, ranging from OMG’s 10.2% upturn to JUNO’s impressive 110.8% surge.

As of November 5, the smart contract token market capitalization has reached $357 billion, representing 26% of the entire crypto economy’s valuation. Ethereum maintains the lion’s share of this segment, accounting for 62.18% of the market, and it has seen a 4.2% appreciation this week. Binance Coin (BNB) followed with a 4.9% growth, while Cardano (ADA), Tron (TRX), and Chainlink (LINK) also enjoyed increases of 12.4%, 3.4%, and 4.4%, respectively.

Five smart contract tokens, notably, have recorded gains above 35%. Juno (JUNO) led the charge with a 110.8% rally, while Bitrock (BROCK), Phantasma (SOUL), Multiversx (EGLD), and Immutable X (IMX) posted impressive gains ranging from 35.4% to 69%.

Despite the overall positive trend, not every smart contract token had a rosy week. Viction (VIC), Cypherium (CPH), and Meter Governance (MTRG) encountered declines, and alongside Concordium (CCD), Canto (CANTO), Chromia (CHR), and Bytom (BTM), these tokens saw their values dip from 3.1% to 25.4%.

On the transaction front, the top 100 smart contract crypto assets accumulated $14.12 billion in 24-hour trades. ETH stands out within the smart contract token economy, with the ten leading smart contract coins collectively commanding $324 billion or 90.75% of this market niche.

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