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The cryptocurrency market continues to demonstrate its resilience and potential for growth, with the total market capitalization reaching an impressive $2.54 trillion. The flagship cryptocurrency, Bitcoin, has increased by 8.65% in the last 24 hours, pushing its price to $67,135 and its market cap to $1.32 trillion, reaffirming its dominance at 51.91%. Amidst this bullish momentum, the market has witnessed a flurry of trading activity, with the total trading volume surging to $612.29 billion.
Despite the robust market performance, sentiments remain somewhat neutral, with the Fear & Greed Index indicating extreme greed at 78. However, this sentiment has not deterred investors, as 97% of cryptocurrencies have experienced gains in the past 24 hours. CFG has emerged as today’s biggest performer among the top gainers, with the Centrifuge price skyrocketing by 46.82%. Conversely, Space ID has experienced a notable decline of -11.68%, marking it the worst performer of the day.
Biggest Crypto Gainers Today – Top List
Against this backdrop of market activities, Axelar, Ronin, Kaspa, and Decentraland stand out as notable contenders in today’s crypto market. Each of these coins offers unique value propositions and innovative solutions, contributing to the vibrant ecosystem of digital assets. Let’s go into these standout gainers’ details and explore their contributions to the crypto space and their price movements.
1. Axelar (AXL)
Axelar stands at the forefront of Web3 innovation, providing a robust ecosystem for decentralized application (dApp) developers to integrate cross-chain communication seamlessly. With its suite of protocols, tools, and APIs, Axelar empowers builders to navigate the complexities of interoperability effortlessly. At its core, it boasts a decentralized network underpinned by various validators. This network forms the bedrock of Axelar’s infrastructure, offering a secure environment for developers to explore and implement cross-chain solutions.
Intriguingly, Axelar’s protocol suite goes beyond mere functionality, embracing a philosophy of accessibility and inclusivity. By offering intuitive developer tools and comprehensive documentation, Axelar ensures that developers of all backgrounds can participate in the Web3 revolution. AXL is the native token, facilitating cross-chain transfers of various tokens like AVAX, ETH, FTM, GLMR, and MATIC. Notable backers include Binance, Coinbase Ventures, and Dragonfly Capital.
🚨 DEVREL UPDATE 🚨
The Foundry Axelar GMP Example now supports the Axelar Local Development Environment. Build, compile, and test Axelar GMP locally without the hassle of testnet faucets. Devs, get ready for a smoother ride!https://t.co/goNUAYg6eD
— Axelar Network (@axelarnetwork) March 19, 2024
AXL’s current price is $2.10, with a 31.32% surge in the last 24 hours. Over the past year, it has increased by 225%, trading 337.38% above the 200-day SMA. With a 14-day RSI at 54.13 and 47% green days in the last 30, Axelar demonstrates stability and moderate volatility. High liquidity is evidenced by a volume-to-market cap ratio of 0.1447, reflecting its $1.26B market cap and $182.77M 24-hour volume.
2. Ronin (RON)
Ronin stands as a pioneering EVM blockchain, meticulously crafted for the gaming industry under the stewardship of Sky Mavis, the visionary team behind the Web3 sensation Axie Infinity. This blockchain platform has swiftly distinguished itself by facilitating over $4 billion in NFT volumes. It has also attracted an impressive 250,000 unique daily active addresses within its inaugural nine months. With a steadfast focus on optimizing gaming experiences, Ronin ensures near-instantaneous transactions and negligible fees. This sets a new standard for seamless in-game transactions and positions itself as the preferred platform for Web3 gamers.
Tested rigorously in the crucible of real-world gaming environments, Ronin has demonstrated unparalleled scalability, handling a substantial 15% of all NFT trading volume in 2021 alone. This achievement underscores its prominence as the home for all Axie Infinity assets, including Axies, Land, SLP, and AXS. Moreover, Ronin distinguishes itself as an environmentally conscious blockchain solution, minimizing energy consumption and waste compared to its counterparts.
Play and Kollect is coming to Ronin 🍌
Get up to speed on everything you need to know 👇 pic.twitter.com/zccfAzi8en
— Ronin (@Ronin_Network) March 20, 2024
Ronin trades at $3.69, exhibiting an 18.45% rise in the last 24 hours. It boasts high liquidity, with a volume-to-market cap ratio of 0.0505, reflecting its market cap of $1.12 billion and a 24-hour volume of $56.57 million. Additionally, Ronin has demonstrated a remarkable 266% increase in price over the past year and currently trades 377.55% above the 200-day simple moving average, underlining its sustained growth and stability within the gaming-centric blockchain space.
3. Sponge V2 (SPONGE)
Sponge, a meme coin inspired by SpongeBob SquarePants and historically bonded to Pepe, emerged during the bear market in May 2023 alongside Pepe. Despite the challenging market conditions, Sponge quickly gained traction, soaring to a remarkable $100 million market cap. This success, achieving a 100x return for early adopters, served as a beacon of hope amid gruelling market conditions.
Following the slowdown alongside Pepe and other meme coins, Sponge’s team embarked on a compelling initiative: Sponge V2. This second iteration introduced a Play-to-Earn (P2E) game and innovative staking mechanics. Drawing inspiration from Mario Kart, Sponge V2’s game offers users multiple ways to earn rewards, with both free and paid versions available. The paid version requires users to purchase credits using $SPONGEV2, establishing a token economy that helps mitigate typical meme coin volatility.
You still have a chance with #SpongeV2… don't miss out again 💦$SPONGE #MemeCoin #Bullish pic.twitter.com/HuKpH3JTFI
— $SPONGE (@spongeoneth) March 19, 2024
Moreover, Sponge V2 strategically moved from Ethereum to Polygon, leveraging the network’s lower fees and faster execution times while retaining Ethereum Virtual Machine (EVM) compatibility. This migration positions Sponge as a premium meme coin on Polygon, tapping into the network’s vast user base. Additionally, Sponge V2 boasts a generous staking mechanism, currently offering a 534% Annual Percentage Yield (APY). However, with 43.09% of its supply allocated to staking, the APY will decrease as the pool grows. This allocation promotes long-term holding and stabilizes its price for sustained growth.
4. Kaspa (KAS)
Kaspa distinguishes itself in cryptocurrency by implementing the innovative GHOSTDAG protocol, a departure from traditional blockchains. This protocol enables blocks to coexist without being orphaned, fostering a highly secure blockDAG environment. Its main net currently achieves an impressive block rate of one block per second, with ambitious plans to scale up to 10 or even 100 blocks per second. Kaspa’s exceptional scalability and near-instant confirmation times, largely unaffected by internet latency, firmly establish it as a leader in high-throughput blockchain solutions.
Moreover, its unique monetary policy sets it apart from other cryptocurrencies. It employs a novel approach inspired by music theory, with emissions decreasing geometrically over time based on a 12-note scale. This chromatic phase, activated in May 2022, reduces the block reward by half annually, following the progression of a tempered chromatic scale. This ensures a steady supply of coins, irrespective of any future adjustments to the block rate. As a result, Kaspa offers both innovation and stability in its approach to monetary policy, attracting investors seeking a balanced and sustainable cryptocurrency ecosystem.
🎉A new dawn for the #Kaspa ecosystem and global support! Thanks @Kaspa_KEF !
The community looks forward to many new adventures with your support!#Kaspa $KAS #KaspaAdoption https://t.co/GOtr3Vx1tQ— Kaspa (@KaspaCurrency) March 20, 2024
In terms of price performance, Kaspa demonstrates remarkable growth and stability. Its price surged by 14.77% in the last 24 hours, marking a significant 772% increase over the past year. Trading well above the 200-day SMA at 118.69%, it maintains a stable trajectory, with a 14-day RSI indicating neutrality and moderate volatility. Additionally, its high liquidity, reflected in a volume-to-market cap ratio of 0.0645, underscores investor confidence in its $3.21B market cap and $206.98M 24-hour volume, solidifying its position as a promising player in the cryptocurrency market.
5. Decentraland (MANA)
Decentraland is a virtual reality platform built on Ethereum that allows users to craft, explore, and monetize digital experiences. Launched in 2017 after a successful $24 million ICO, it transitioned from closed beta to public release in 2019, captivating users with its immersive possibilities. Utilizing MANA tokens, participants acquire virtual land parcels and engage in diverse activities, from gaming to art creation.
In addition to immersive experiences and artistic creation, Decentraland provides interactive applications. It also facilitates peer-to-peer communication, catering to gamers and investors seeking entertainment and business opportunities. MANA’s utility extends beyond transactions, enabling active participation in platform governance and ecosystem enhancement proposals. In Decentraland, users wield substantial influence over its evolution, underpinned by the innovative integration of blockchain technology and user-driven governance mechanisms.
Many of the artists featured during this year's #DCLAW24 are jumping in and creating here for the 1st time. 👏 https://t.co/HsmnPlSPf8
— Decentraland (@decentraland) March 20, 2024
With its current price at $0.633588 and experiencing an 11.13% increase in the last 24 hours, MANA demonstrates volatility with a 30-day fluctuation of 15%. Despite a modest 4% increase over the past year, MANA maintains stability, trading 29.43% above the 200-day SMA. Additionally, with 60% of the last 30 trading days showing positive trends, it exhibits resilience in the face of market fluctuations. High liquidity is reflected in a volume-to-market cap ratio of 0.1919. However, with a 14-day RSI at 45.56, MANA’s current neutrality suggests a potential sideways trading trend. This indicates cautious optimism for investors and traders alike.
In a recent market development, the US Securities and Exchange Commission’s inquiry into dealings with the Ethereum Foundation suggests a potential escalation in regulatory scrutiny. This has significant implications for Ether’s status as the world’s second-largest cryptocurrency and the compliance system of the broader crypto market.
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