Bitcoin price stabilizes above $28,000 after a productive March. Investors hope the altcoin market will take the stage after BTC. In this article, we have included selected altcoins that need to be watchlisted for important technical and fundamental developments.
Altcoin projects you should watch during the week of April 3
The Stellar (XLM) price is up about 16% during the week, most likely due to the Brazilian Central Bank announcing that it will pilot a central bank digital currency (CBDC) on Blockchain. The agency is testing a digital version of its currency, the Brazilian real.
Another possible reason for this price increase is that Pendulum, a traditional financial infrastructure blockchain, says it will create a bridge that connects Polkadot infrastructure to Stellar’s network. A term for infrastructure that connects two Blockchain ecosystems, this bridge will allow Polkadot to leverage Stellar’s solutions. XLM is currently trading slightly lower at $0.1058.
Hedera (HBAR)
Hedera (HBAR) gained about 18%, possibly due to the move of a Mastercard-backed Blockchain application to the network. 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 increase transparency and deep, verifiable data for financiers. The company operates in the agricultural sector and offers solutions to other lenders.
Hedera has also been recognized by the Biden administration for his role in promoting human rights in the crypto market. At the recent Democracy Summit, Hedera committed to holding a democracy roundtable on how blockchain technologies can support human rights, transparency and sustainability. HBAR is currently trading at $0.06806, down over 5% from the last 24 hours.
Frax Share (FXS)
The price of Frax Share (FXS) has increased by around 20%, perhaps as a result of Frax Finance’s vote to fully secure its $1 billion market cap stablecoin, FRAX. DeFi protocol Frax Finance is the community that helps drive the future of the project’s stablecoin and protocol by voting on various resolutions. This vote means that the margin rate of the Frax protocol is now 100%.
Ethereum’s upcoming Shanghai upgrade may also have played a role in boosting the price of FXS. The upgrade led to increased activity and prices for liquid staking solutions, and Frax Finance’s frxETH has outpaced the rest, according to a crypto research firm.
The Shanghai upgrade will allow users to withdraw ETH on the network, which is a significant improvement. Providing various benefits to join these pools, liquid staking solutions offer a way for users to participate in ETH staking without meeting the heavy minimum requirement of 32 ETH and also allow them to redeem their stake at any time.
At this point, the advantage of Frax’s liquid staking option is that it leverages the overall ecosystem to maximize returns and earn interest. FXS is currently trading in the $9.36 region, up 3% from the last 24 hours.
Zilliga (ZIL)
The price of Zilliqa (ZIL) has risen by about 15%, possibly due to anticipation of the Zilliqa Ethereum Virtual Machine (EVM). EVM is a software platform for building applications on Ethereum and other protocols with EVM compatibility. The imminent launch of EVM compatibility on the Zilliqa mainnet in late April will allow smart contracts written in the Solidity programming language to be deployed locally on Zilliqa.
Smart contracts are programs that run on Blockchain networks, resulting in a wider variety of applications. ZIL maintains its momentum over the past week, currently in the sideways movement at the $0.02986 region.
Cardano (ADA)
Cardano experienced a price increase of around 12%, most likely due to improved development activity on the network. Data from Santiment showed an increase in this metric last week. The Cardano team has also released an updated roadmap for Hydra, a Tier-2 scalability solution, a tool for developers to increase transaction speed and reduce transaction costs on the network.
Another possible reason could be evidence of the benefits of the emerging Valentine upgrade hard fork. Introduced in February, this upgrade has improved security and interoperability on the network, which bodes well for the overall health of the ecosystem. Meanwhile, ADA price is trading in the $0.3984 region, up 12% from last week.
MATIC, ETH, SOL, BNB and ATOM signal green from a technical standpoint
The 5 altcoins selected in the list prepared by analyst Ikemefula Aruogu managed to stay above critical supports in the recent market recovery.
MATIC, for example, was one of the top performers in the first crypto rally of the first quarter of 2023, after gaining more than 108% of its annual opening price to $1,5678. It has since been falling and has once again reached the $1.12 region on the momentum it has gained since last week. It remained bullish, supported by updates scheduled for later this month.
Ethereum (ETH)
Following the transition from the Proof-of-Work (PoW) mechanism to the more scalable Proof-of-Stake (PoS) algorithm, Ethereum will launch a new upgrade called the Shanghai upgrade to allow stakers to withdraw their stakes without restrictions. It is scheduled to happen this month and crypto users are already buying ETH to prepare for the new exemption.
cryptocoin.com The Shanghai upgrade is causing some uncertainty among institutional investors as large amounts of ETH will be unlocked, according to Coinshares’ weekly fund flow report.
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Solana took the DeFi industry by storm with a phenomenal transaction speed that spurred mass adoption of Blockchain at the height of its recent bull run. After returning with the bear 2021/2022 crypto market, SOL joined the majority of the market at the beginning of 2023. SOL’s price hit an annual high of $27.12, reflecting a gain of over 174%. The price has consolidated to trade at $21.12 at the time of this writing, with a bullish sentiment that could push the SOL higher as the new quarter begins.
Binance Coin (BNB)
BNB is the native cryptocurrency of Binance Smart Chain, a growing ecosystem in sync with the main Binance exchange. According to CoinMarketCap data, BNB is positioned as the fourth largest cryptocurrency. The 2023 price recovery saw BNB gain over 42% to hit a yearly high of $347. The price slumped to $312 while maintaining a bullish sentiment that could lead to a significant rally as the new quarter begins.
Cosmos (ATOM)
ATOM represents the native currency of Cosmos, the first public PoS Blockchain protocol built on Tendermint. ATOM is currently the 22nd largest cryptocurrency on CoinMarketCap with a market cap of $3.19 billion. It gained more than 66% in the first price rally of 2023, reaching the year’s high of $15,444. After consolidation, its price at the time of writing is $11.41 ahead of the new quarter, which it promises to start with a significant price rally.
Finally, 17 altcoins, including 1inch (1INCH), Moonbeam (GLMR), and DyDx (DYDX), will be token unlocked in April. We have included the date and details in this article.
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For the continuation of the article, 11 Altcoins That Are Expected to Peak in the Coming Days!