The All Ordinaries Index (ASX: XAO) is deep in the red today, down 1% in late afternoon trading. That puts the All Ords down 0.3% since this time last week.
But not every ASX share has been sinking.
Far from it.
Below we take a look at the top performing ASX share of the week listed on the All Ords.
And with cryptocurrency fans in mind, we compare that to the week’s top performing altcoin.
An altcoin, if you’re not familiar, is any crypto other than Bitcoin (CRYPTO:BTC).
ASX uranium shares boosted by rocketing prices
The best performing ASX share this past week is Energy Resources of Australia Limited (ASX: ERA).
While it’s down 1% today, the Energy Resources share price is up an eye-popping 41% since last Friday. And this for a company with a market cap of some $1.7 billion.
The ASX uranium miner is currently trading at 47 cents per share.
Investors have been driving up the share prices of most uranium explorers as the price of the nuclear fuel is soaring. Earlier in the week uranium spot prices hit US$48 per pound. That’s a 9-year high.
Nations around the world are reconsidering uranium as a potential energy source. While there are clear radiation related concerns, including long term safe storage, uranium can provide power without carbon emissions.
News this week that Australia has inked a defence pact with the United States and the United Kingdom (dubbed AUKUS) and will eventually deploy 7 or more nuclear submarines has also sparked investor interest.
So how does the 41% 1-week gain from this leading ASX uranium share compare to the week’s top crypto?
It’s crypto by a nose
It’s a pretty tight race this week, but altcoin Avalanche (CRYPTO: AVAX) beats out the top ASX share by a nose.
Spurred on by a 9% gain today, AVAX has gained 48% over the past week. One AVAX is currently trading for US$64.81, an all-time high.
That weekly leap makes it the 13th biggest crypto in terms of market cap. The total market value is now just over US$14.3 billion.
So, what is AVAX?
CoinMarketCap defines it as, “a hard-capped, scarce asset that is used to pay for fees, secure the platform through staking, and provide a basic unit of account between the multiple subnets created on Avalanche”.
And TechCrunch has some insight into why AVAX managed to beat the top performing ASX share this week.
Yesterday it reported that:
Avalanche completed a $230 million private sale of AVAX tokens to some well-known crypto funds. Polychain and Three Arrows Capital are leading the investment.
The Avalanche Foundation completed the private sale back in June 2021 and is disclosing it today.
Avalanche said it intends to use the funds to support its ecosystem.