The week was once again eventful in cryptocurrencies, but unlike last week it wasn't dominated by regulatory and political fights . A big announcement came from Coinbase (NASDAQ: COIN) , which built its own Layer 2 blockchain on Ethereum . There's no token for the blockchain, but the company aims to add a billion users to crypto.
There were also some significant moves in smaller altcoins . According to data provided by S&P Global Market Intelligence , NEO (CRYPTO: NEO) is up 23% in the past week, Tezos (CRYPTO: XTZ) rose 8.7%, but Arweave (CRYPTO: AR) has fallen 21.6%. Unlike a lot of moves in crypto, these were very driven by fundamental changes for these blockchains.
NEO's value jumped after Hong Kong announced plans to make buying, selling, and holding crypto legal. This has been seen as a potential inroad into China, where NEO has its roots. This is a speculative move for NEO and it's not clear that this cryptocurrency would gain adoption over another more established blockchain, but that's why the value is up big.
For further details see:
Why Tezos and NEO Popped and Arweave Dropped This Week