Top 5 Cryptocurrencies With the Biggest Weekly Gains

While Bitcoin and Ethereum posted a respectable 6% gain this past week, they were significantly outperformed by five other major digital assets. This analysis breaks down the week’s biggest gainers from the top 100 cryptocurrencies by market cap and explores the catalysts behind their impressive price surges.

Weekly Crypto Gainers: A Closer Look

1. Zcash (ZEC) – 33% Increase

Zcash stands out as a leading privacy-focused cryptocurrency,enabling confidential transactions. Similar to Bitcoin, it utilizes a proof-of-work mining mechanism. ZEC has been on a remarkable upward trajectory for several months, surging approximately 700% since its August lows. In October, the token broke through a key resistance level, hitting a high of around $310, a price point not seen since early 2021. It has since consolidated above the $260 mark.

2. PUMP.FUN (PUMP) – 24% Increase

Operating on the Solana blockchain,Pump.fun is a premier platform for launching meme coins. Its native token, PUMP, consistently ranks among the top performers. This sustained positive momentum is largely driven by the platform’s growing revenue and an ongoing token buyback initiative. Even without major announcements last week, PUMP’s price climbed over 20%. It’s important to note, however, that its current value remains nearly 50% below its September peak.

3. Morpho (MORPHO) – 20% Increase

Morpho is a key player in the decentralized lending space,offering protocols that optimize liquidity distribution across various lending platforms. The recent price appreciation for MORPHO coincided with its involvement in the launch of a new stablecoin-centric blockchain, Stable. This initiative allows users to deposit stablecoins like USDT to earn future rewards from the new network. Currently trading around $2, the MORPHO token is about 50% below its all-time high.

4. Ethena (ENA) – 17% Increase

Ethena is the issuer of USDe,one of the largest stablecoins in the market. Its unique backing mechanism, which relies on a complex of exchange-traded positions instead of traditional cash reserves, sets it apart. The native governance token, ENA, saw a 17% uptick following news of the company’s plans to expand its team to accelerate product development. Trading at approximately $0.47, ENA’s price is still significantly lower than its April 2024 peak.

5. Hyperliquid (HYPE) – 16% Increase

Hyperliquid is a dominant decentralized exchange(Perp DEX) for perpetual futures. The HYPE token’s growth was fueled by a combination of factors, including a token buyback program, strategic team expansion, and a corporate announcement to allocate up to $1 billion for purchasing HYPE for its treasury. A significant adoption milestone was also achieved with the token’s listing on the U.S.-based Robinhood platform. HYPE is currently valued near $40.

Key Drivers Behind Cryptocurrency Price Movements

The growth of these assets was largely supported by positive developments such as new feature rollouts,strategic partnerships, buyback plans, and major exchange listings. It’s crucial for investors to recognize that the crypto market is inherently volatile. Prices are influenced by a wide array of factors beyond project-specific news, including broader market sentiment, regulatory updates, and the overall macroeconomic landscape.