Crypto World's Year-to-date Toppers

Crypto market capitalization has surged to $1.17 trillion, from the level of $0.80 billion at the end of 2022, registering a rally of close to 47 percent.

Expectations that the Fed would oblige with a dovish pivot gained ground with the decline in consumer price inflation in the U.S. and got a sudden boost when the banking crisis unfolded. The safe haven demand that followed the crisis, lifted crypto market sentiment to a higher orbit. The heightened regulatory enforcement of cryptocurrency industry also generated demand for cryptocurrencies that conformed to regulatory requirements. An explosive interest in AI also hoisted cryptocurrencies catering to the space.

The close to 50 percent rally in the overall crypto market in the first three months of 2023 has generated clear winners that outperformed the broader market emphatically. 14 among the top 100 cryptocurrencies have gained more than 100 percent till date in 2023. Of these, 47th ranked Conflux (CFX), 85th ranked SingularityNET (AGIX), 45th ranked Stacks (STX), 32nd ranked Aptos (APT), 90th ranked Render Token (RNDR) and 86th ranked Mask Network (MASK) have surged more than 200 percent in these three months.

The magnitude of the rally can be gauged from the fact that top ranked Bitcoin (BTC) has strengthened only 68 percent, 2nd ranked Ethereum (ETH) has added only 49 percent and 4th ranked BNB (BNB) has gained only 30 percent in 2023.

47th ranked Conflux (CFX) topped the price charts with a year-to-date gain of more than 1700 percent. The crypto coin is currently trading at $0.4053, gaining 20 percent in the past week and 90 percent in the past 30 days. CFX had touched an all-time low of $0.0219 on January 1, 2023, when it was ranked 334 overall. From its market cap of $46 million as on that date, the cryptocurrency has surged to a market cap of $1.08 billion and has also entered the top 50 league. The cryptocurrency tagged to the payments, research and Web 3 space, is still 76 percent below the all-time high of $1.7038 scaled on March 27, 2021.

Much of the gains in the native cryptocurrency of the Conflux blockchain is attributed to its emergence as a notable decentralized blockchain in China that meets regulatory requirements.

The Conflux network’s Tree-Graph consensus mechanism that provides security and scalability, without sacrificing on decentralization also supported the rally. According to the Conflux whitepaper, the Tree-Graph structure safely incorporates and processes transactions in all concurrent blocks in parallel rather than serially, giving the network its speed and scalability.

The price of Conflux also exploded following its integration with Little Red Book, a Chinese video sharing app, allowing its users to display non-fungible tokens (NFT) minted on the Conflux blockchain on their profile. The earlier collaboration deal with China Telecom also helped the rally.

85th ranked SingularityNET (AGIX) has gained close to 800 percent on a year-to-date basis. The crypto token, which was ranked 302 on January 1, 2023, and commanded a market cap of $52 million on that date has now surged to a market cap of $488 million and also entered the top 100 league.

Though the token had scaled its all-time high in January 2018, the explosive interest in ChatGPT and other generative AI platforms in the recent months, saw renewed buying in the cryptocurrency. The recent rally in the token that started in February coincided with the launch of the ChatGPT Plus version of the popular chatbot from OpenAI. Though the cryptocurrency has made splendid gains in 2023, it has shed 18 percent in the past week and 13 percent in the past 30 days.

45th ranked Stacks (STX) also gained more than 300 percent on a year-to-date basis amidst the craze for Bitcoin Ordinals. Ordinals, similar to NFTs, are digital assets inscribed on a satoshi, the lowest denomination of a Bitcoin (BTC). The recent rally in the STX cryptocurrency is attributed to the possibility of hosting Bitcoin NFTs on Stacks. Stacks is a Bitcoin layer for smart contracts that enables smart contracts and decentralized applications to trustlessly use Bitcoin as an asset and settle transactions on the Bitcoin blockchain.

Though the cryptocurrency has added 320 percent in 2023, it has gained only 5 percent in the past 30 days and has also shed 19 percent in the past week amidst concerns about the inscribing of NFTs on the Bitcoin network.

The year 2023 has been exceptionally good for the crypto world. Only 6 of the top 100 cryptocurrencies have shed more than 1 percent on a year-to-date basis. Crypto market capitalization is currently at $1.17 trillion, versus $1.19 trillion a day earlier.

Bitcoin is currently trading at $27,943.17, down 2.50 percent on an overnight basis. Ethereum is trading at $1,793.34, down 0.63 percent on an overnight basis.

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