JPEX Review of the Cryptocurrencies That Brought Multiple Percentage Gains to Traders in the Second Full Week of March 2023

The second full week of March 2023 brought about another revival in the price of cryptocurrencies. 

Some of the news stories that dominated the market included a member of the European Union from Belgium who urged authorities to place a ban on cryptocurrencies. 

Aside from that, Australia became the first country across the globe to settle a cross-border transaction using a stablecoin. 

Overall, the renewed interest in the entire decentralized finance industry resulted positively in total value locked which shot up significantly. 

Within the period, Conflux (CFX), Immutable X (IMX), Fantom (FTM), dYdX (DYDX), Bitcoin (BTC) Optimism (OP), The Graph (GRT), and the Sandbox (SAND) were among the best-performing cryptocurrencies over seven (7) days.

A thorough review of the best five (5) – performing digital currencies can be found below.   

Conflux (CFX) Shot Up By More than 150% within the Period

CFX, the native asset of Conflux, a high throughput first (1st) layer consensus blockchain that utilizes a unique Tree-Graph consensus algorithm, enabling the parallel processing of blocks and transactions for increased throughput and scalability was the best-performing crypto asset within the period. 

The growing popularity and adoption of the protocol coupled with the growth of its ecosystem were attributed to as the primary drivers behind its price. 

This saw CFX close the week at $0.3763 on Saturday, March 18 after opening on Sunday, March 12 with a trading price of $0.1479.

The coin reached a weekly high price of $0.4332 on Saturday, March 18 after testing a weekly low price of $0.1427 on Sunday, March 12. Increased investor interest saw a massive rise in daily trading volume from around $255 million to approximately $1.3 billion.

CFX market capitalization moved from $492 million on the opening day of the week to $999 million. Conflux gained 154% within the week.

Immutable X (IMX) Increased By As Much as 80% 

As an instrumental part of the current Web3 revolution, Immutable X plays an essential role in the transition to a modern world of the internet, and the use of applications. 

The growing use and demand for Web3 products were reflected positively in IMXs price. 

After opening at $0.8187 on Sunday, March 12, the token reached a weekly high price of $1.57 on Saturday, March 18 after testing a weekly low price of $0.7858.

IMX closed the week on the day of its weekly peak with a reduced price of $1.48. Through the buying and selling activities of traders, daily trading volume reached a daily high of $200 million after seeing a daily low of $35 million. The project’s market capitalization shot up due to enormous investor demand to $1.3 billion from $813 million.

Fantom (FTM) Spiked By More than 50% 

FTM is the native asset of Fantom, a directed acyclic graph (DAG) smart contract platform that provides decentralized finance (DeFi) services to developers using its own bespoke consensus algorithm. 

FTM benefitted from the positive market sentiment that was started by the largest digital asset by market capitalization in the form of Bitcoin. FTMs 57% rise came about as a result of a significant spike that saw the coin reach a weekly peak of $0.5296 on Saturday, March 18 after testing a weekly low price of $0.3317 on Sunday, March 12.

FTM closed the week on Saturday with a new trading price of $0.4822. This was far away from its opening price of $0.3371. 

FTM trading volume saw a daily improvement from $245 million to $501 million. The project’s market capitalization was also on an uptrend from $1.09 billion to $1.3 billion. 

dYdX ascended more than 40%

DYDX is the governance token of dYdX, a layer two (2) protocol of the non-custodial decentralized exchange (DEX). 

The increase in perpetual markets trading volume on dYdX was largely responsible for the significant rise in the price of its novel token. 

The daily trading volume for the token increased from $147 million to $267 million which led to the ascension of the project’s market value to $416 million from $352 million.

Statistically, DYDX opened at $1.89 on Sunday, March 12, increased to a weekly high price of $2.99 and tested a weekly low of $1.86.

DYDX closed the week with a new trading price of $2.66 on Saturday, March 18. Overall, the token gained 41% within the period. 

Bitcoin (BTC) Rose More than 30% to Retest New Barriers 

Despite the ups and downs, BTC remains the most popular as well as the largest crypto project in the entire crypto space.

Over the week, there were numerous reports of BTC liquidations in futures trading. Aside from that, convulsions in centralized finance which led to the collapse of several mainstream institutions which need bailouts amid liquidity issues led to renewed interest in BTC. 

Many analysts reiterated their positions on why BTC can still be used as a hedge against inflation as well as an alternative currency. 

BTCs domination of the market increased to $521 billion from $428 billion. The daily trading volume went up from $29 billion as the lowest to $55 billion as the highest. 

Overall, BTCs 31% rise came from reaching a weekly peak price of $27,787.81 on Friday, March 17 after opening and reaching a low price of $20,628.03 and $20,448.81 respectively. 

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