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JPEX continued to see demand for cryptocurrencies on its platform during the second full week of April 2023. Before our weekly assessment of the best-performing cryptocurrencies after Easter Week, it came to our attention that there is an increased demand for the creation of Central Bank Digital Currency (CBDC) with European country Montenegro the latest to tap into Ripple’s technological infrastructure to build a national virtual currency.
Aside from that, there are whispers that bankrupt and insolvent exchange FTX may resume their services amid reports that more than $7 billion in assets have been recovered over the past six (6) months.
Ether (ETH), the novel token of Ethereum, is supported by JPEX, and over the week it reached an 11-month high on the back of a new upgrade (Shapella) which has made it a perfect Proof-of-Stake (PoS) network. Despite the efforts of ETH, other supported cryptocurrencies such as Arbitrum (ARB), Oasis Network (ROSE), Solana (SOL), Optimism (OP), and Internet Computer (ICP) brought the best weekly gains to traders on JPEX.
Below is an extensive analysis of the price movements of the aforementioned coins from Sunday, April 9 to Saturday, April 15.
Arbitrum (ARB) rose by more than 40%
ARB is the novel token of Arbitrum, an Ethereum layer two (2) scaling solution that benefits from the compatibility and security of Ethereum. ARB benefitted extensively from an improvement in the total value locked (TVL) in Arbitrum. Between April 9 ($2.25 billion) and 15 ($2.35 billion), around $100 million was pumped into Arbitrum by liquidity providers (LPs) interested in earning decent annual percentage yields (APYs).
This reflected positively on the price of ARB which saw a 41% spike. ARB opened on January 1 with a trading price of $1.1628 on April 9, increased by 49% to a weekly high price of $1.7330 on Saturday, April 15, tested a weekly low price of $1.1525 on Sunday, April 9, and closed on April 15 with an improved value of $1.6489.
ARB daily trading volume moved from the smallest of approximately $251 million to around $1.6 billion. ARB’s market capitalization also spiked to $2.1 billion from about $1.5 billion.
Optimism (OP) increased by more than 25%
OP, the novel token of Optimism, a layer 2 blockchain built on top of Ethereum was among the best-performing cryptocurrencies on JPEX.
OP benefitted from the positive market sentiment that engulfed the market.
Firstly, it was Bitcoin which crossed $30,000 for the first time in a long while Ethereum also retested the $2,000 mark.
OP thrived on the movements of the two largest digital assets by market value and improved its daily trading volume from around $61 million to roughly $312 million.
In the process, the project’s market capitalization rose from $720 million to $854 million, a $134 million injection in seven (7) days.
OP closed the week on Saturday, April 9 with a trading price of $2.7136 after testing weekly high and low prices of $2.8132 and $2.1912 respectively. OP opened on Sunday, April 9 at $2.2375.
Overall, the cryptocurrency behind Optimism brought 26% gains to holders on JPEX.
Oasis Network (ROSE) spiked by more than 20%
ROSE, the novel token of the Oasis Network, a privacy-enabled and scalable layer one blockchain network which serves as a foundation for expanding the Web3 ecosystem soared by 23% over the week.
ROSE benefited from the positive aura around the crypto market which was reflected in its daily trading volume.
Within the period, ROSE investor interest moved from $15 million as a daily minimum to $81 million as a daily high.
In the process, ROSE’s market capitalization spiked from $342 million to $415 million.
ROSE opened the week on Sunday, April 9 at $0.05861, increased by 29% to a weekly high price of $0.07585, and tested a weekly low of $0.05772 on Sunday, April 9. The token closed the week on April 15 with a much-improved price of $0.07249 on Saturday, April 15.
Analysts at Price Prediction.net forecast ROSE to reach the best possible price of $0.10 by the end of 2023 and cross $1 in 20230.
Solana (SOL) soared by 20% on the back of an innovation
SOL is the native asset of Solana, one of the most used blockchain protocols in the space today. During the week, Solana Labs, the team behind the project announced the launch of SAGA, a crypto-powered phone that will be going on sale in May 2023.
At $1,000, crypto enthusiasts can get their hands on the smartphone, and get the chance to download several decentralized applications (dApps) that will help them navigate the crypto sector effortlessly.
SOL opened on Sunday, April 9 with a trading price of $20.04, increased to a weekly high price of $25.46, and tested a weekly low price of $19.96 on Sunday, April 9. SOL closed the week on Saturday, April 15 with an improved price of $24.08.
SOL’s 20% price spike was down to a substantial rise in daily trading volume from $153 million (lowest) to $1.3 billion (highest) within the period. Around $1.5 billion was added to the project’s market capitalization in just seven (7) days.
Internet Computer (ICP) went up by 19%
ICP, the native asset of Internet Computer, is a blockchain that wants to decentralize everything on the Internet from cloud computing services to social media among others.
For almost two (2) years, ICP has been seen as a major disappointment by many industry experts due to its failure to challenge Ethereum (ETH) as the king of decentralized finance.
Despite this, holders of the coin on JPEX saw a 19.88% rise in their portfolio due to a substantial increase in daily trading volume from $22 million to $55 million.
ICP market capitalization also soared from $1.49 billion to $1.78 billion. ICP opened the week on Sunday, April 9 with a trading price of $4.9150, increased to a weekly high price of $5.9405 on Saturday, April 15, and tested a weekly low price of $4.8566 on Sunday, April 9. ICP closed at $5.8921 on April 15.
Analysts David Cox at CryptoNewsZ forecasts ICP to reach $15 in 2025.
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