These 5 altcoins are on the rise, possibly due to popular market narratives, with Bitcoin performing silently monthly. cryptocoin.com As BTC, we have compiled the secrets of why these altcoins are on the rise while BTC is falling.
Altcoins are on the rise even though Bitcoin goes negative
February was full of investors’ hopes for an earlier-than-expected Federal Reserve policy axis, but that sentiment waned as inflation and jobs data came in warmer than expected. As the start of the month is bullish for the crypto market, Bitcoin has recaptured 60% of the move from February lows of $21,500 to $25,250.
However, some narrative-driven rallies still led to significant price spikes in some altcoins. The leading narratives were Bitcoin NFTs, liquidity staking derivatives (LSDs) on Ethereum, and Artificial Intelligence (AI) projects.
5 altcoins on the rise
Stacks (STX)
Stacks has received a lot of attention since the rankings started at the beginning of the month. Gamma, a Stacks-based project, led to the creation of Bitcoin Ordinals. However, full functionality in trading and public edition of Ordinals on Stacks is still under development.
Meanwhile, Stacks is facing competition from other blockchains with developers working to enable Bitcoin NFT trading on Ethereum. Leading NFT firm Yuga Labs announced a prolific 300-piece collection in Bitcoin on February 27. Due to the lack of infrastructure in Bitcoin, the auction (or printing) will likely be held on Ethereum. So as Stacks delays the development of making Ordinals accessible, more liquid chains are leveraging other solutions.
The fundamentals of the Stacks blockchain do not support price growth, suggesting that Stack can be purely speculative given its growth potential. In the short term, STX risks retracing from the top of the trading range on both STX/USD and STX/BTC pairs. However, if buyers can beat the resistance at $1.02, STX is likely to hit its all-time high of $3.40.
Conflux (CFX)
Conflux Network received a significant boost on February 15 when the blockchain team announced a partnership with China Telecom, the second largest telecommunications service in China. The telecom giant will provide blockchain-enabled mobile SIM cards to over 200 million users. The SIM card will store transferable user data in encrypted form, storing a public and private key.
Over the years, Conflux has built the reputation of a Chinese enterprise blockchain with partners in Oreo China, McDonald’s China, and the Chinese Instagram equivalent, Little Red Book. The blockchain also hosts a stablecoin pegged to the Chinese yuan with the approval of the Chinese government. This is extremely encouraging given the solid influence of the authorities on government policies.
While Conflux has formed partnerships with leading Chinese brands, activity on the blockchain has yet to justify the 500% increase in CFX’s price in February. The data shows that the number of new Conflux addresses and NFTs minted on the platform remained equal to the previous months without a significant increase.
The vertical rally of the CFX/USD pair met resistance at $0.34, the October 2021 high. The $0.20 and $0.10 psychological levels will act as support in case of a pullback.
SSV Network (SSV)
The SSV Network took advantage of the frenzy around the Ethereum Shanghai upgrade, fueling the rise of LSD tokens. SSV Network is an infrastructure provider that will provide backend support for LSD platforms to help centralize the Ethereum network.
The project is working on the idea of Distributed Verifier Technology (DVT). It improves the security and decentralized nature of the Ethereum PoS network by allowing smaller stakers and validators to use the SSV Network and run Ethereum verification nodes.
On January 19, the team announced a $50 million ecosystem fund to support the development of the technology. The fund is backed by leading crypto venture capitalists such as Digital Currency Group, Coinbase Ventures, HashKey, NGC, Everstake, GSR and SevenX. A significant portion of the 160% gains in February may be due to a rotation from crowded LSD tokens to other protocols that will benefit after the Shanghai upgrade.
Technically, the SSV token is in price discovery mode and is hitting all-time highs. Therefore, the token is likely to continue to rise even higher, especially if leading LSD platforms like Lido or Rocket Pool announce the SSV Network integration. However, the token tagged the psychological level of $50 on February 27, which could see some profit bookings from investors. On the downside, the token will likely find support around the 2022 high of $21.
SingularityNET (AGIX)
SingularityNET has benefited from continued interest in AI-related projects. The market for the protocol invites users to purchase AI services in the native cryptocurrency AGIX. The price of the token has risen from $0.045 to $0.53, an increase of nearly 11 since the start of 2023.
The recent surge in SingularityNET can be attributed to its partnership with Cardano. The protocol currently resides on Ethereum to host rudimentary AI bots for image processing, language translations, and statistical analysis. The move to Cardano has given the protocol a huge boost as it begins offering ADA staking services and facilitates a decentralized bridge between Ethereum and Cardano.
The AGIX token has reversed from its all-time high of $0.63 and this could continue to provide resistance to the bulls. As AI hype subsides, a correction towards the $0.33 and $0.15 support cannot be ruled out. However, AGIX could rise significantly if buyers manage to push the price above the $0.63 resistance level.
Graph Protocol (GRT)
The indexing protocol on The Graph, Ethereum, and IFPS is slowly transitioning to an independent layer-1 network. It works through coordination between subgraph developers who create and store an easily accessible blockchain database, and decentralized application developers who use that database to build products.
According to a recent Messari report, The Graph’s revenue increased 66% in Q4 2022 compared to the previous quarter. The number of sub-charts on the network has increased consistently with a 12% quarter-over-quarter increase in revenue for network participants.
If the growth of the network continues, GRT has the potential to increase significantly. Technically speaking, with the psychological support of $0.1 and the 2023 annual opening price of $0.056, the July breakdown levels of $0.33 and the 2022 high of $0.51 will be possible targets for the bulls.
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