The start of this week’s trading saw a notable surge in cryptocurrency prices. Notably, 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.
In an interview with CNBC, Ripple CEO Brad Garlinghouse further sent ripples through the market with his optimistic predictions, predicting that the cryptocurrency market will 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 bullish today, with the Fear and Greed Index reading at 80, 89% of cryptocurrencies gaining, and only 11% falling, making the market very active in the past 24 hours. In this context, the total trading volume of the cryptocurrency market surged to $358.07 billion, showing the enthusiasm and investor optimism in the digital asset space. Let's take a deep dive into the top gainers at the time of writing and the key insights that drove the cryptocurrency market up 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.
NEO's smart contracts consist of NeoVM, InteropService, and DevPack compilers, which can seamlessly execute instructions and convert code from various programming languages. It adopts a dual token system, where NEO tokens are used for governance purposes and generate GAS tokens. GAS tokens are used for transactions on the NEO blockchain and reward users who hold NEO tokens.
Despite the gains of 44.24% in the past 24 hours, NEO’s 14-day RSI remains neutral at 40.51, indicating the potential for sideways trading. NEO is known for having a 30-day volatility of just 7%. Its liquidity is equally impressive, with a market cap to volume ratio of 1.0343, showcasing its $1.52 billion market cap and $1.57 billion 24-hour trading volume. This shows NEO’s stability in the market, making it an attractive option for investors seeking stability and potential growth despite recent price volatility.
2.
VeChain (VET)
VeChainThor is an advanced enterprise-grade L1 smart contract platform that was started in 2015. VeChain is known for its real-world enterprise applications, combining 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 focuses on sustainability, prioritizing 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 ranges from supply chain to sustainability. Its digital benefits of trust and collaboration are applied in various fields, including carbon emissions, logistics, and incentive ecosystems, promoting security, efficiency, and cost reduction.
VET has stability and high liquidity, with a 30-day volatility of 7% and a market-to-volume ratio of 0.0517, reflecting its $33.8 billion market cap and $174.77 million 24-hour trading volume. VeChain's price has risen by 91% in the past year and is currently trading at $41.65 above its 200-day simple moving average. With a 14-day RSI of 52.92, VeChain shows neutral market sentiment and the potential for sideways trading, with 16 of the past 30 trading days being positive. Moreover, in the past 24 hours, VET has risen by 10.16%, showing its attractiveness and resilience to investors.
3.
Dogecoin20 (DOGE20)
Dogecoin20 is positioned as a meme coin that leverages meme-inspired branding while providing real benefits to holders. What makes DOGE20 unique is its mission-driven approach. Notably, it is committed to environmental awareness and balances tradition with innovation.
At a time when environmental awareness has become paramount, especially in the cryptocurrency space, Dogecoin20 aligns with the growing trend of environmental initiatives by adopting a proof-of-stake consensus mechanism. This strategic move contributes to building a greener blockchain ecosystem and enhances the token’s appeal to environmentally conscious investors.
Dogecoin20 recently successfully raised a $10 million hard cap ahead of its Uniswap listing. Dogecoin20 is scheduled to be listed on April 20, “Dog Day,” an important date for the cryptocurrency community. The total supply of the token is 140 billion, of which 10% is used for Uniswap liquidity, and early supporters expect that the token may see price increases after listing on the decentralized exchange. As investors eagerly await the launch of the token, the Dogecoin20 project has attracted considerable attention in the cryptocurrency community, drawing attention to its potential growth and market impact.
4.
Astar Network（ASTR）
Astar Network is a multi-chain smart contract platform that facilitates the development of decentralized applications (dApps). 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) to achieve scalability, and is supported by operator transactions, Multi-Lockdrop, and DApps staking functions. It has been supported by well-known investors such as Binance Labs and Coinbase Ventures, and operates as a multi-functional platform that supports various second-layer solutions, blockchains, and virtual machines. ASTR tokens serve multiple functions within the Astar Network, including paying transaction fees, participating in governance decisions, staking consensus, and incentivizing developers.
ASTR is trading at $0.143574, having gained 10.52% in the past 24 hours. Astar accounts for 0.03% of the market, 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 high liquidity, as reflected in the market cap to volume ratio of 0.1156. These indicators indicate Astar's growing prominence and stability in the market, making it an attractive option for investors seeking exposure to the expanding Web 3.0 ecosystem.
5. Ronin (RON)
Created by the Axie Infinity team, Ronin is a blockchain custom-built for gaming. It is an optimized platform that facilitates gaming transactions seamlessly. It has solid support behind it, having processed over $4 billion in NFT trading volume in nine months and had 250,000 unique daily active addresses in its first nine months. Ronin prioritizes fast transactions and low fees, and is positioning itself as a leader in Web3 gaming infrastructure.
Ronin’s commitment to gaming optimization is noteworthy. It eliminates unnecessary complexity prevalent in other blockchains to ensure high-quality applications, reduce spam, and achieve optimal online time. In addition, Ronin breaks new ground in environmental friendliness. Compared to traditional blockchains, it consumes much less energy per transaction, promoting a sustainable gaming ecosystem.
In the past 24 hours alone, Ronin's price has increased by 6.55%, showing its dynamic market presence and potential for rapid growth. Its price has increased by a staggering 263% over the past year, showing a huge trend of value growth. This trend indicates a promising investment outlook. In addition, RON is trading 421.88% above its 200-day simple moving average, showing resilience and stability amid market fluctuations. This presents an attractive opportunity for those seeking to gain long-term gains in the booming Web3 gaming industry.
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