The last week of March 2023 was a great time for JPEX as we announced the JP Planet NFT Series YAMI & YOBI BALL Airdrop and Tradable Time Update.
Aside from events on our side, it was business as usual in the emerging metaverse sector as Walt Disney and Microsoft announced that they are suspending their metaverse-related activities.
Despite the efforts being made in the non-fungible token (NFT) sector, the UK government scrapped plans for the creation of an NFT.
Moreover, Ripple’s case with the XRP looked set to end with many analysts predicting that the cross-border payment company to win the case which will free it from the shackles of the United States Securities and Exchange Commission (SEC) which has been on its heels since December 2020.
On the last day of the month, Brian Armstrong, a Coinbase executive made it known that he is against the idea that various aspects of artificial intelligence (AI) developments should be paused. He instead reiterated that the industry should keep marching forward despite the numerous dangers and challenges involved in embracing new technology.
During the period, cryptocurrencies listed on JPEX that brought gains to traders included Conflux (CFX), Stellar (XLM), Hedera Hashgraph (HBAR), Ripple (XRP), and Zilliqa (ZIL).
Below is a summary of their price actions and some of the drivers that contributed to their soaring within the last week of the third month of the year.
Conflux (CFX) Shot Up More than 20%
CFX is the native coin of Conflux, a public layer one (1) blockchain created to power Web3 infrastructure, electronic (e) – commerce, and decentralized applications (dApps) using its features of decentralization, scalability, and security.
CFX benefitted massively from its integration with China’s Instagram called Little Red Book and its plans to build a blockchain-based SIM cards (BSIM cards) system during the first quarter of 2023.
The extensive effects of such positive news extended through to the last week of March. CFX opened on Sunday, March 26 with a trading price of $0.313. With daily trading volume ranging from a low of $249 million to a high of $628 million, the coin reached a weekly high price of $0.4395 on Wednesday, March 29 after earlier testing a weekly low price of $0.3083 on Monday, March 27.
CFX eventually closed on March 31 with an improved trading price of $0.3962 on Saturday, April 1. The project’s market capitalization soared from $934 million to $1.05 billion and in the process, its price increased by 26%.
Stellar (XLM) Increased by 19% within the Period
XLM is the native cryptocurrency behind Stellar, a peer-to-peer (P2P) decentralized network that is connecting the world’s financial systems and ensuring that payment providers and financial institutions have a protocol they can lead on to facilitate transactions. XLMs spike has been attributed to increased trading volumes in the Asian region. Daily trading volume moved from a low of approximately $51 million to around $203 million while market capitalization ascended to $2.9 billion from $2.4 billion. Statistically, XLM closed on Saturday, April 1 with a trading price of $0.1083. The coin had earlier tested a weekly low of $0.09004 on Monday, March 27 but soared to a weekly high of $0.1138 on April 1. XLM opened on Sunday, March 26 with a relatively lower price of $0.09076.
Hedera Hashgraph (HBAR) Soared By 17%
HBAR has been one of the most talked about cryptocurrencies over the past year. As the native asset of Hedera, one of the most patronized sustainable, enterprise-grade public networks tailored to the decentralized economy which enables businesses and individuals alike to create powerful dApps, HBAR increased by more than 10% during the last week of March.
Much of this came from the announcement of the launch of the Hedera Education Program dubbed Beyond Blockchain. This program will help bridge Web3 developers into Web3 with global blockchain ecosystem builders that connect tech talents and startups with leading opportunities.
Aside from that, Hedera shared that it had completed six (6) billion transactions on its mainnet, and one (1) billion of those were completed in 17 days.
These potential drivers explain why HBAR reached a weekly high price of $0.07539 on Saturday, April 1, and closed the week with a price of $0.07055. HBAR opened the week and reached a weekly low price of $0.06027 and $0.05718 respectively.
It also gives evidence as to how daily trading volume rose from a minimum of $30 million to a maximum of $297 million within the period.
Overall, the buying and selling of HBAR took its market capitalization above $2 billion.
Ripple (XRP) spiked by 15% in high hopes of winning the SEC case
After more than two years of going back and forth with the SEC of the US, stakeholders of Ripple will soon find closure when the “cryptocurrencies are securities case” comes to a close at some point in time this year.
XRP shed a significant part of its value in 2022 due to the collapse of Terra and later FTX but has been on a rebound in 2023.
Ripple’s earnings report showed that despite the ongoing case, demand for its on-demand liquidity (ODL) service which makes it easy to engage in cross-border transactions remains high.
Its daily trading volume which ranged between $1.09 billion and $4.1 billion also showed keen investor interest in the cryptocurrency.
These activities led the project’s market value to increase by $4 billion to $26 billion from $22 billion.
Overall, XRP gained 15% and this metric was arrived at after the coin opened and closed the week at prices of $0.4447 and $0.51 respectively. The cryptocurrency also reached a weekly low of $0.4428 and a weekly high of $0.5804 in the process.
Zilliqa (ZIL) ascended by 14% within the period
ZIL, the native asset of Zilliqa, a permissionless blockchain that is designed to offer high throughput with the ability to complete thousands of transactions per second (TPS) did not have real price drivers of its own.
It benefitted from the renewed demand for cryptocurrencies and this is what led to its soaring in market capitalization to $487 million after beginning the week with $435 million.
Increased liquidity that was reflected in trading volume led to ZIL soaring to a weekly high of $0.03231 on April 1 after opening the week on Sunday, March 26 at $0.02684.