The start of this week’s trading saw significant gains in cryptocurrency prices. In particular, altcoins like Toncoin and Dogwifhat gained 18% and 12% respectively. These price increases were driven by positive developments in the altcoin market and an overall favorable investment environment for digital currencies.
Further fueling market volatility was an optimistic forecast from Ripple CEO Brad Garlinghouse in an interview with CNBC. Garlinghouse expects the cryptocurrency market to nearly double to over $50 billion by the end of the year. The popularity of Bitcoin spot trading funds and the halving of the leading cryptocurrency are expected to drive this growth.
Market sentiment remains positive today, with the Fear & Greed Index showing extreme greed at 80. Notably, 89% of cryptocurrencies have gained in the past 24 hours, with only 11% of cryptocurrencies falling, and the market is full of energy. In this context, the total trading volume of the cryptocurrency market has surged to $358.07 billion, showing the enthusiasm in the digital asset space and investors' optimism about the market. Let's dive into the biggest gainers at the time of writing and the key insights driving the growth of the cryptocurrency market today.
1.
Neo (NEO)
NEO is a blockchain platform that supports the "smart economy" and uses smart contracts for decentralized applications and asset digitization. NEO is differentiated from traditional mining-based blockchains by the Delegated Byzantine Fault Tolerance (dBFT) consensus algorithm. The platform's digital asset layer allows users to digitize assets through smart contracts, facilitating peer-to-peer transactions without intermediaries.
Composed of NeoVM, InteropService and DevPack compiler, NEO's smart contracts enable seamless execution and code conversion of instructions in multiple programming languages. It uses a dual token system, where NEO tokens are used for governance purposes and generate GAS tokens. GAS tokens are traded on the NEO blockchain and reward users who hold NEO tokens.
Despite gains of 44.24% in the past 24 hours, NEO’s 14-day RSI remains neutral at 40.51, signaling potential sideways trading. NEO has shown remarkable stability, with a 30-day volatility of just 7%. Its liquidity is equally impressive, with a market cap to volume ratio of 1.0343, showing activity with a market cap of $1.52 billion and a 24-hour trading volume of $1.57 billion. This demonstrates NEO’s resilience in the market, making it an interesting option for investors seeking stability and potential growth despite recent price volatility.
2.
VeChain (VET)
VeChainThor is a pioneering enterprise-level L1 smart contract platform that has been operating since 2015. VeChain is known for its real-world enterprise applications by integrating IoT technology, NFC chips, and blockchain to solve data challenges in various industries. VeChain adopts a two-token model, VET and VTHO, to ensure stability and low costs by balancing value storage and gas fee payments.
VeChain is focused on sustainable development and prioritizes initiatives such as VeBetterDAO. It aims to promote adoption by businesses and individual users to catalyze the growth of Web3. The platform's disruptive impact extends from supply chains to sustainability. Its digitization of trust and cooperation benefits areas such as carbon emissions, logistics, and incentive ecosystems, promoting security, efficiency, and cost reduction.
VET demonstrates stability and high liquidity, with a 30-day volatility of 7% and a market cap to volume ratio of 0.0517, reflecting a market cap of $3.38 billion and a 24-hour trading volume of $174.77 million. Over the past year, VeChain’s price has increased by 91% and is currently trading at $0.032848, up 41.65% from its 200-day simple moving average. VeChain’s 14-day RSI is 52.92, indicating neutral sentiment and potential for sideways trading, with 16 of the past 30 trading days being positive. Additionally, VET has gained 10.16% in the past 24 hours, demonstrating its attractiveness and resilience to investors.
3.
Dogecoin20 (DOGE20)
Dogecoin20 positions itself as a fierce memecoin competitor, offering tangible benefits to holders while still providing an emulated brand. What makes DOGE20 unique is its mission-driven approach. Notably, its commitment to environmental awareness balances tradition and innovation.
At a time when environmental awareness is particularly important, especially in the cryptocurrency space, Dogecoin20 sets itself apart by adopting a proof-of-stake consensus mechanism. This is in line with the growing trend of environmental initiatives. This strategic move helps build a greener blockchain ecosystem and increases the token’s appeal to environmentally conscious investors.
With the successful raising of $10 million in hard cap funds, Dogecoin20 is ready to debut on April 20, a significant date in the cryptocurrency community. With a fixed supply of 140 billion tokens, 10% of which are used for Uniswap liquidity, early supporters expect that the token may see price appreciation after listing on decentralized exchanges. As investors eagerly await the launch of the token, the Dogecoin20 project has attracted considerable attention in the cryptocurrency community, attracting attention to its potential and market influence growth.
4.
Astra Network (ASTR)
Astra Network is a multi-chain smart contract platform that facilitates decentralized application (dApp) development. It provides interoperable Web 3.0 infrastructure, financial incentives, incubation programs, and technical support to developers. Its goal is to become a leading solution by supporting the Ethereum Virtual Machine (EVM) within the Polkadot ecosystem and enabling communication between EVM and WebAssembly (WASM) smart contracts.
Its uniqueness lies in the integration of the Substrate framework and the Optimistic Virtual Machine (OVM) for scalability, support for operator transactions, multi-locking and DApps staking functions. It has been supported by well-known investors such as Binance Labs and Coinbase Ventures, and serves as a multi-functional platform to support various second-layer solutions, blockchains and virtual machines. The ASTR token serves multiple functions within the Astra Network, including paying transaction fees, participating in governance decisions, staking to reach consensus, and incentivizing developers.
ASTR is trading at $0.143574, having gained 10.52% in the past 24 hours. ASTR has a market cap of 0.03%, with a price increase of 127% in the past year. The cryptocurrency is trading well above its 200-day simple moving average, maintaining moderate volatility, and its liquidity is high with a market cap to volume ratio of 0.1156. These indicators indicate Astra’s growing prominence and stability in the market, making it an attractive investment option for those seeking exposure to the expanding Web 3.0 ecosystem.
5.
Ronin (RON)
Created by Axie Infinity team Sky Mavis, Ronin is a blockchain designed for gaming. It is an optimized platform that allows for seamless gaming transactions. Ronin processed over $4 billion in NFT trading volume in its first 9 months and has 250,000 unique daily active addresses. With a focus on near-instant transactions and minimal fees, Ronin positions itself as a leader in Web3 gaming infrastructure.
It is worth noting that Ronin is dedicated to game optimization. It eliminates unnecessary complexity prevalent in other blockchains to ensure high-quality applications, reduce spam and improve uptime. In addition, Ronin helps build a sustainable gaming ecosystem by consuming much less energy per transaction than traditional blockchains.
In the past 24 hours alone, Ronin's price has increased by 6.55%, demonstrating its dynamic market presence and potential for rapid growth. Over the past year, Ronin's price has increased by 263%, showing a significant trend of value growth. This trend indicates promising investment opportunities. In addition, RON is trading up 421.88% relative to its 200-day simple moving average, demonstrating resilience and stability amid market volatility. This presents an attractive opportunity for those seeking to gain long-term gains in the booming Web3 gaming industry.
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