Keep an Eye on These Coins
The latest week was good one for the cryptocurrency market, all things considered. Bitcoin managed to stay close to $28,000, which bodes well for support levels. Investors are hopeful this momentum will carry forward into the new quarter and help propel crypto to its higher prices of a few years ago. Some tokens, in particular, look as if they may gain momentum along with Bitcoin.
This week, we examine Stellar (XLM), Hedera (HBAR), Frax Share (FXS), Zilliqa (ZIL), and Cardano (ADA). In selecting these assets, we have considered several factors, including positive technical developments, significant news events, and noticeable price changes.
Stellars XLM coin price is up about 16%, most likely because the Central Bank of Brazil said it would pilot a central bank digital currency (CBDC) on the blockchain. The agency is testing a digital version of its currency, the Brazilian real.
Another potential reason for this price boost is the fact that Pendulum, a traditional finance infrastructure blockchain, said it would create a bridge connecting Polkadot infrastructure to Stellars blockchain.
This bridgea term for infrastructure that connects two blockchain ecosystemswill allow Polkadot to tap into Stellars solutions. Polkadot is a protocol that connects various blockchains, establishing interoperability. XLM is priced at around 10.8 cents. Last week, it was trading at around 09.3 cents (see chart below).
XLM Price: TradingView
Hedera (HBAR) gained about 18%, possibly because a Mastercard-backed blockchain app migrated to the network. The app is Fresh Supply Co., the largest user of Mastercard Provenance, a blockchain-based traceability solution.
Hedera said Fresh Supply Co.s tokenization of assets and events will foster transparency and deep, verifiable data for financiers. The company works in the agriculture business and offers solutions to other lenders.
Hedera also was recognized by the Biden administration for its role in recognizing human rights in the crypto industry. At the recent Summit for Democracy, Hedera committed to convening a democracy roundtable on how blockchain technologies could support human rights, transparency, and sustainability. HBAR is changing hands at about 7.1 cents, rising from around 6.1 cents last week (see chart below).
HBAR Price: TradingView
Frax Share (FXS)'s price rose by about 20%, perhaps as a result of Frax Finance's vote to fully collateralize its $1 billion market-capitalization stablecoin, called FRAX. Frax Finance is the community that helps steer the future of the project's stablecoin and protocol by voting on various decisions. This vote means that the collateral ratio of the Frax protocol is now 100%.
Ethereums upcoming Shanghai upgrade also may have played a role in boosting the price of FXS. The upgrade has led to increased activity and prices for liquid staking solutions, and Frax Finances frxETH has outpaced others, according to one crypto research firm. The Shanghai upgrade will allow users to withdraw staked ETH, Ethereum's native token, on the network, which is a significant development.
Liquid staking solutions are ways for users to participate in ETH staking without meeting the hefty minimum requirement of 32 ETH, while also allowing them to unstake at any time. The advantage of Fraxs liquid staking option is its leverage of the overall ecosystem to maximize yield and earn interest. FXS is trading around $9.15. Last week, it was approximately $7.73 (see chart below).
FXS Price: TradingView
Zilliqa (ZIL)'s price nearly 15%, possibly because of anticipation for the Zilliqa Ethereum Virtual Machine (EVM). EVM is a software platform used to build applications on Ethereum and other protocols that have EVM compatibility. The imminent release in late April of EVM compatibility to the Zilliqa mainnet would allow smart contracts written in the Solidity programming language to be deployed natively on Zilliqa.
Smart contracts are programs that operate on blockchain networks, resulting in more diverse applications. ZIL is currently valued at around 3 cents, up from about 2.7 cents last week (see chart below).
ZIL Price: TradingView
Cardanos ADA token experienced a price bump of about 12%, most likely because of improved development activity on the network. Information from crypto data feed Santiment showed a gain in this metric over the past week. The Cardano team also published an updated roadmap for Hydra, a Layer-2 scalability solutiona means for developers to increase transaction speed and lower transaction costs on the network.
Another possible reason could be evidence of the benefits of the Valentine upgrade hard fork emerging. This upgrade, introduced in February, improved security and interoperability on the network, which bodes well for the overall health of the ecosystem. It could have directly led to increased development activity. ADA is trading at around 40 cents. This time last week, it was about 35 cents (see chart below).
ADA Price: TradingView
As of the date this article was written, the author does not own any of the assets discussed here.
The comments, opinions, and analyses expressed on Investopedia are for informational purposes online. Read ourwarranty and liability disclaimerfor more info.
Excerpt from:
Cryptocurrencies To Watch: Week of April 3 - Investopedia
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- Soroban Smart Contracts to Launch on Stellar, Dubbed By Far The Biggest Protocol Upgrade Yet - CoinCodex - September 19th, 2023 [September 19th, 2023]
- How To Use GPT-4 To Write And Debug Solidity Smart Contracts - Blockchain Magazine - September 19th, 2023 [September 19th, 2023]
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- Stellar (XLM) Readies for Its Biggest Protocol Upgrade: Details - U.Today - September 19th, 2023 [September 19th, 2023]
- How To Use GPT-4 To Write And Debug Solidity Smart Contracts - Blockchain Magazine - September 19th, 2023 [September 19th, 2023]
- What Is Smart Contract Ethereum - Robots.net - September 19th, 2023 [September 19th, 2023]
- Ethereum Smart Contract Development and Deployment - The Coin Republic - September 19th, 2023 [September 19th, 2023]
- What Is Smart Contract Ethereum - Robots.net - September 19th, 2023 [September 19th, 2023]
- How Smart Contracts Helps To Unlock the Potential of DAOs - The Coin Republic - September 19th, 2023 [September 19th, 2023]
- Citigroup Will Let Rich Clients Use Private Blockchain to Transfer Assets - Decrypt - September 19th, 2023 [September 19th, 2023]
- Citigroup Will Let Rich Clients Use Private Blockchain to Transfer Assets - Decrypt - September 19th, 2023 [September 19th, 2023]
- Web3 is about solving business problems, not token prices: Google ... - Cointelegraph - September 19th, 2023 [September 19th, 2023]
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- Introduction to Testnet - LCX - LCX - September 19th, 2023 [September 19th, 2023]
- Applications and use cases of blockchain technology - Telefnica - September 19th, 2023 [September 19th, 2023]
- Bitcoin Holds Steady Above $27K and Hawkish FOMC Comments ... - Unchained - September 19th, 2023 [September 19th, 2023]
- Shiba Inu And Bitcoin Spark: A Tale of Two Cryptos - Finbold - Finance in Bold - September 19th, 2023 [September 19th, 2023]
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- Crypto Will Prevail Through the Evolving Regulatory Landscape - Bloomberg Law - September 19th, 2023 [September 19th, 2023]
- What Is Xahau & How Does It Work? How To Get Its XRP+ Tokens? - Captain Altcoin - September 1st, 2023 [September 1st, 2023]
- Smart Contracts Market by Size, Share Trends, Emerging Trends, Qualitative Outlook and Worldwide Forecast - Benzinga - September 1st, 2023 [September 1st, 2023]
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- XRP: Important Warning Issued to Community in Wake of This Development - U.Today - August 30th, 2023 [August 30th, 2023]
- XRPL Labs and Xahau Ledger partner to boost XRP retail adoption Cryptopolitan - Cryptopolitan - August 30th, 2023 [August 30th, 2023]
- OpenZeppelin launches version 2.0 of its Defender end-to-end ... - SiliconANGLE News - August 30th, 2023 [August 30th, 2023]
- Warp Protocol Launches on Neutron, Introducing Limitless Automation Capabilities to Neutron Developers - Yahoo Finance - August 30th, 2023 [August 30th, 2023]
- Know Ethereum's expanding horizons from finance & beyond - CryptoNewsZ - August 30th, 2023 [August 30th, 2023]
- Interlay Launches MVP of New Bitcoin Layer-2 BOB - Decrypt - August 30th, 2023 [August 30th, 2023]
- The mechanics of lightning nodes: An in-depth look - The Jerusalem Post - August 30th, 2023 [August 30th, 2023]
- Patent: IOTA Tangle Tech Can Play Crucial role In NFT Betting - Crypto News Flash - August 30th, 2023 [August 30th, 2023]
- Upgrading Web3 User Experience With Account Abstraction - Forbes - August 30th, 2023 [August 30th, 2023]
- Exploring the World of Crypto Loans: Benefits, Risks, and Future ... - cryptonewsbytes.com - August 30th, 2023 [August 30th, 2023]
- Ethereum under scrutiny as whales rally around ADA, XLM, ROE ... - crypto.news - August 30th, 2023 [August 30th, 2023]
- How To Read Data From The Blockchain: A Comprehensive Guide - Blockchain Magazine - August 30th, 2023 [August 30th, 2023]
- What are Peer-to-Peer Transactions? - Blockchain Council - August 30th, 2023 [August 30th, 2023]
- Why is Ethereum Sharding A Potential Scalability Solution ... - Cryptopolitan - August 30th, 2023 [August 30th, 2023]
- Strengthening Indias Blockchain Landscape: IBF and QuillHash Join Forces - CoinTrust - August 30th, 2023 [August 30th, 2023]
- dYdX Community Votes On Appchain Migration and V4 Deployment - Yahoo Finance - August 30th, 2023 [August 30th, 2023]
- Future of Finance: BitGo CEO Mike Belshe on the companys recent funding round and why crypto is an alternative to bad money - Fortune - August 30th, 2023 [August 30th, 2023]
- Is Ethereum Better than Bitcoin? - Watcher Guru - August 30th, 2023 [August 30th, 2023]
- Creating Future-Proof Tokens: Unveiling Cutting-Edge Token ... - Medium - August 30th, 2023 [August 30th, 2023]
- VeChain Partners With SingularityNET for Blockchain & AI Projects - Crypto News Flash - August 30th, 2023 [August 30th, 2023]
- The Role of Blockchain in Streaming Global Payments - Global Trade Magazine - August 30th, 2023 [August 30th, 2023]
- When it comes to BIN Sponsorship, it's all about the partnership ... - Finextra - August 30th, 2023 [August 30th, 2023]
- Are Smart Contracts Useful in Recording Financial Transactions for ... - Cryptopolitan - August 28th, 2023 [August 28th, 2023]
- How to Develop, Test and Deploy Ethereum Smart Contracts? - The Coin Republic - August 28th, 2023 [August 28th, 2023]
- Does Bitcoin Have Smart Contracts - What Was Bored Ape Yacht ... - Asia Insurance Review - August 28th, 2023 [August 28th, 2023]
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- Some DeFi Projects that are Changing the Financial Dynamics - The Coin Republic - August 28th, 2023 [August 28th, 2023]
- Bitcoin Spark: Igniting the Future of Cryptocurrency, in the Footsteps of Ethereum and Cardano | - Bitcoinist - August 28th, 2023 [August 28th, 2023]
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- Assessing Trons entry into the big league based on these achievements - AMBCrypto News - August 28th, 2023 [August 28th, 2023]
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- Obvious launches a Smart contract wallet on Ethereum, that enables users to pay gas fees in a token of their choice with its intuitive mobile app,... - August 13th, 2023 [August 13th, 2023]