[비즈한국] We summarize and report on the market conditions and trends of the top 100 cryptocurrencies by market capitalization over the past week. We provide essential information, including major issues for key coins like Bitcoin and Ethereum, as well as the altcoin market and global policy variables. You can understand the highly volatile cryptocurrency market as easily and enjoyably as watching Netflix.
According to the global cryptocurrency market tracking site CoinMarketCap, from 07:00 on October 10 to 07:00 on October 17, Bittensor (TAO) led the weekly gains in the cryptocurrency market, rising 13.95%. Bittensor is currently trading at 546,335 KRW, with a market capitalization of approximately 5.5197 trillion KRW. Bittensor is a decentralized artificial intelligence blockchain project designed to allow anyone to provide and be rewarded for the computing resources required for AI training.
Second place went to Pax Gold (PAXG), which rose 9.39% over the week. Pax Gold is a cryptocurrency based on the value of physical gold, and its current price is 6,194,895 KRW. Its market capitalization stands at approximately 1.9443 trillion KRW. This appears to be the result of investors shifting their attention toward Pax Gold as the appeal of gold as a safe-haven asset grows.
Tether Gold (XAUt) also secured third place, rising 8.80% for the week. Similar to Pax Gold, Tether Gold is a gold-backed cryptocurrency. Its current price is 6,141,656 KRW, with a market capitalization recorded at 1.514 trillion KRW. Much like Pax Gold, it is seeing a significant rise in investor interest.
MORPHO rose 4.93% for the week, landing in 4th place. Morpho has been attracting market attention due to the recent increase in activity on decentralized exchanges (DEX). Its current price is 2,514 KRW, with a market capitalization of 887.32146 billion KRW. Zcash (ZEC) took 5th place with a 1.18% rise. Its current price is 308,324 KRW, and its market capitalization is approximately 5.0151 trillion KRW.
In this week’s cryptocurrency market, cryptocurrencies based on the safe-haven asset gold showed strong performance. Last week, remarks regarding Chinese tariffs by U.S. President Trump caused approximately 180 trillion KRW to evaporate from the crypto market, marking the largest decline in cryptocurrency history. While it cannot be definitively concluded as a direct result of this aftermath, it is certainly not a coincidence that among the top 100 cryptocurrencies by market cap, the top 10 gainers included two gold-backed cryptocurrencies and five stablecoins with price fluctuations near 0%.
Evgeny Gaevoy, CEO of the cryptocurrency firm Wintermute, stated in a podcast discussing the market following the massive crash that "the altcoin market will structurally shrink due to this shock," adding that "an ecosystem based on speculative coins is no longer sustainable." With the aftermath of the crash still lingering, all eyes are now on whether the opening of Bitcoin futures and U.S. stock futures at the Chicago Mercantile Exchange (CME) on the 19th will bring vitality back to the market, or if disappointment over a failure to recover despite favorable conditions will lead to further declines.