by Analytics Insight
March 7, 2022
The strong correlation between Bitcoin prices and all other cryptocurrencies makes every project’s aim to de-couple their prices from Bitcoin.
Where Bitcoin boldly goes, most other cryptos follow. The strong correlation between Bitcoin (BTC) prices and all other 12,000+ cryptocurrencies makes every project’s aim to de-couple their prices from Bitcoin. In the few days, a few cryptos have managed just that.
Bitcoin is currently down 4% in price over the last 24 hours, trading at $38,153. The drop mimics the overall cryptocurrency market cap’s drop of $180 billion in the last two days. Ethereum (Eth) is down 5% over the last day. Markets have seemingly lost their strength after crypto popularity skyrocketed following successful donations to Ukraine (over $30 million) as well as thousands of Ukrainians and Russians turning to crypto to save wealth against crumbling currency prices.
All top 20 cryptocurrencies are still up on seven-day averages, but only one is posting significant gains over the past 24 hours. That coin is Cosmos’ ATOM token, showing 2% gains when considering the last 14 days of trading.
Why is Cosmos’ ATOM skyrocketing?
Cosmos’ strong growth saw it jump past Dai to become the 19th top cryptocurrency by market cap, according to CoinMarketCap. The impressive performance is linked to a number of new announcements. The most important of these is crypto exchange FTX’s announcement that it would list ATOM on a spot market basis. ATOM-USD and ATOM-USDT trading pairs quickly became available on March 1 when other cryptos were starting to level off in growth.
But Cosmos is more than just a cryptocurrency – the project has a wider goal of interconnecting blockchains in an efficient and environmentally-friendly way. Cosmos’ ecosystem has just seen a new connection (Astar bridge) that links several Cosmos blockchain projects to Polkadot. This connects the entire Cosmos ecosystem to Polkadot using the Astar multichain multi-VM smart contract hub.
ATOM is currently trading at $27.54 with a 24-hour trading volume ($1.01 billion) outperforming the likes of Polygon, Cardano and even BNB.
What other cryptos have seen exciting announcements?
The WAVES token, from crypto project Waves, is another posting impressive gains. That is, 5% in the last 24 hours and 105% over the last seven days. Waves is not a top 20 crypto but demonstrate the power of strong announcements in a level or bearish market. Waves is a multi-purpose blockchain platform supporting DApps and smart contracts. Its recent rise, however, can be linked to Binance’s announcement it will accept WAVES tokens as collateral on its loans platform.
EverGrow Coin is another crypto project outside the top 20 that’s posted impressive 30% gains in the last week. While top cryptos are down, EverGrow Coin’s growth is linked to the imminent rollout of two key utilities: an NFT Marketplace and the world’s first crypto-integrated social media platform, Crator. EverGrow Coin’s NFT Marketplace will allow easy trading and minting of NFTs, as well as the world’s first NFT lending capabilities – meaning NFT owners can take out stablecoin loans using NFTs as collateral. This opens a brand-new avenue for making returns off NFTs without selling them.
Crator is the most popular of EverGrow Coin’s developments, however. Not only can the platform bring cryptocurrencies before a wider audience, but any revenue will directly benefit EverGrow Coin holders. This is because EGC is a hyper-deflationary token with stablecoin (BUSD) reflections – extra revenue will see a combination of increased coin burns and even greater rewards (over $35 million has been paid out in 4 months of operation).
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