The reason for the rise for these 3 altcoins listed on the Binance exchange and what these altcoins do differently. cryptocoin.com We have compiled the secrets of the increase in the prices of these 3 altcoins.
What does Zilliqa (ZIL) do differently in this altcoin on the rise?
Zilliqa (ZIL) has proven to be one of the high-flyers in the digital currency ecosystem today, with its price rising to $0.02646 with a massive 49.96% growth rate in the last 24 hours. For Ziliqa, its battery goes beyond the current bear market, and the continued price increase can be seen as a significant payback for long-term investors of the token.
Zilliqa is currently trading at an all-time high of $0.2563 at a discount of 90.24%. The lethargy that ZIL as a token has experienced in recent years is not just a function of broader market gloom, but the result of more competitive development activity pushing users to other protocols.
Based on its primary design as a public, permissionless blockchain designed to deliver high throughput with the ability to complete thousands of transactions per second, the Zilliqa team is now choosing to do things differently. As announced in a recent blog post, Zilliqa has announced its plans to introduce some major upgrades that could fuel the enhanced inclusivity of the ecosystem as a whole.
Projected enhancements of Zilliqa
Among the major improvements he announced is the introduction of EVM compatibility on the testnet. With this EVM compatibility, Zilliqa said, it will allow everyone in its ecosystem to connect with other EVM-compatible chains across various blockchain networks, a move enabled by other blockchain networks like Cardano. This move will specifically transform the Ziliqa blockchain from a closed system to an open and functional one.
Zilliqa also announced the launch of Avely Finance, a liquid staking protocol built on the blockchain. In addition, Token Traxx, a Web 3.0 music startup, announced altcoin support, while MetaMask added protocol support. These milestones are important as they will often add more value to the blockchain thereby helping to increase the utility and growth trails of the ZIL coin.
Lido Finance (LDO) bull run
The upcoming upgrade of the network will bring users the ability to withdraw assets from staking contracts, so we are seeing a new wave of entries into Lido Finance. With the ability to manage their own funds as they wish, Ethereum investors should gain more confidence in their liquidity providers and invest more cryptocurrencies.
Recently, the lack of clarity from both providers and Ethereum developers has led to heightened sentiment around the entire Ethereum community, thus slowing the growth of Ethereum staked on the network.
Earlier, Ethereum developers shared an unpleasant prediction. This may have to delay the ability to withdraw assets from staking contracts, which has sparked a wave of anger among investors who feel they have been ‘scammed’.
Some analysts worry that the massive release of funds from staking contracts will lead to an unseen increase of selling pressure on the network, which will be disastrous for the market performance of the second largest asset at the current level of liquidity. However, it is too early to say whether unlocking will cause some problems. It will most likely depend on current market conditions.
Cardano’s sudden rise
Cardano’s price is up roughly 17% in the last 24 hours after months of severe underperformance. ADA has now risen to $0.32, with its market cap exceeding $11 billion. This allowed Cardano to surpass the meme cryptocurrency Dogecoin (DOGE) by market cap of the native cryptocurrency. The latest price action apparently came out of nowhere, as it was not linked to any announcements.
While such bouts of volatility are common for cryptocurrencies, there is some speculation that the latest price action was triggered by whales manipulating order books. The whales, a group of ADA holders that control a significant portion of the cryptocurrency supply, are likely trying to convince casual market participants that there is a legitimate rally.
If that’s the case, the recent price spike could suddenly result in a flash in the pan and the price could drop to the level it was traded the day before. ADA was one of the worst performing cryptocurrencies of 2022, with losses of more than 90%.
The cryptocurrency has been severely underperforming since the Vasil hard fork, which turned into a ‘sell the news’ event for the altcoin. Therefore, the recent increase is certainly a welcome development for embattled Cardano bulls.
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