What happened

It's been a very turbulent week in the world of cryptocurrencies. Today's recovery among many top tokens has followed a weekend that saw steep declines, as investors sought to price in the collapse of three banks: Silvergate Capital, a prominent traditional bank with close ties to the crypto sector; SVB Financial Group's Silicon Valley Bank, which funded many VC companies operating in the crypto realm; and most recently Signature Bank, another commercial bank with exposure to digital asset banking. 

Among the biggest gainers in today's session in the crypto market is Maker (MKR 1.34%), which has surged 34.5% over the past 24 hours as of 1:45 p.m. ET. This move comes as Maker's decentralized autonomous organization (DAO) approved an emergency proposal to limit its USDC collateral for its important DAI stablecoin.

Lido DAO (LDO 0.39%) and Ethereum Classic (ETC 1.68%), two projects uniquely tied to the Ethereum network, also surged 24.8% and 12.1%, respectively, over the same time frame. This came as investors appear to be viewing Ethereum-related projects as much more insulated to this ongoing market turmoil, on a relative basis at least.

So what

The stability of so-called stable coins is once again being called into question, with Circle's USDC stablecoin hitting all-time lows over the weekend, losing its peg. The fact that Maker's DAI stablecoin, which also dipped following the turmoil, has regained its peg as well, has investors in this stablecoin project breathing a sigh of relief today.

Additionally, the renewed focus on a return to quality for high-grade tokens within the Ethereum ecosystem suggests those looking to pick cryptos may outperform those buying a broader basket of tokens right now. The moves seen in Lido and Ethereum Classic have outpaced the broader market, and could continue to provide significant upside potential for investors looking to play positive momentum in this space.

Now what

The divergence in performance between traditional financial assets such as stocks and digital assets like cryptocurrencies today is notable. Investors appear to be looking for areas of the market that may provide greater upside if market contagion can be reined in by regulators. Additionally, digital assets, which may hold value as a currency hedge, could see greater interest among certain long-term investors, particularly in the highest-quality corners of the market.

While the market is likely going to see much more volatility in the hours, days, and weeks to come, these three tokens are ones I think investors should be paying attention to right now.