Top 5 Blockchain Projects Outpacing Bitcoin’s Recent 30% Gains
The cryptocurrency market has seen significant gains recently, with Bitcoin rising over 30%. Altcoins and the DeFi space have also seen significant gains, with Conflux ($CFX), Mask Network ($MASK), Stacks ($STX), MAGIC ($MAGIC) and Fantom ($FTM) leading the way.
This week’s top alt coin winners are:
- Conflux ($CFX) +197.%
- Mask Network ($MASK) +129%
- Stacks ($STX) +112%
- Magic ($MAGIC) +78%
- Phantom (FTM +63%
Conflux Network (CFX) has increased 15.6% in the last 24 hours, 197.94% in the last week and 174.88% in the last month. It has a market cap of $1.1 billion and a 24-hour trading volume of $1.1 billion. The current price is $0.42004, down 57% from the all-time high.
Conflux was launched in 2018 by blockchain researcher Andrew Yao with the goal of addressing ongoing challenges in the blockchain space, such as scalability, interoperability, decentralization and security. To achieve this, it operates as a layer-1, permissionless blockchain and uses a Proof-of-Work consensus mechanism. Additionally, Conflux uses a smart contract language similar to Ethereum.
Mask Network (MASK) has increased 37.88% in the last 24 hours, 129% in the last week and 58.65% in the last month. It has a market cap of $487 million and a 24-hour trading volume of $483 million. The current price is $6.39442, which is down 1% from the all-time high price.
Mask Network provides a platform that allows individuals to transfer cryptocurrency, engage with decentralized applications, and share encrypted material on various social media platforms. The protocol allows for secure communication, including sending encrypted messages and cryptocurrency transfers through platforms such as Twitter.
Stacks (STX) has increased 14.72% in the last 24 hours, 112.96% in the last week and 284.62% in the last month. It has a market cap of $1.7 billion and a 24-hour trading volume of $589,335,046. The current price is $1.24438, which is down 61% from the all-time high.
Stack is preparing to release Stacks 2.1 in the coming days, a major update to Stacks Blockchain 2.0 which was released on January 14, 2021. Stacks is built on top of the Bitcoin blockchain, leveraging its security and robustness while extending the functionality. Stacks introduces a unique consensus mechanism called Proof of Transfer (PoX), which connects the Stacks blockchain to Bitcoin.
The Stacks 2.1 upgrade aims to improve the Stacks ecosystem by offering better stacking, integration and use cases with Bitcoin, making it more attractive to both developers and users.
The activation of Stacks 2.1 will occur at Bitcoin block height 781,551. As of press time, Bitcoin is at block 781,373.
MAGIC (MAGIC) has increased 15.29% in the last 24 hours, 78.17% in the last week and -17.56% in the last month. It has a market cap of $385,112,321 and a 24-hour trading volume of $363,267,826. The current price is $1.81449, which is down 21% from the all-time high.
MAGIC belongs to a distinct, emerging category of metaverse tokens that serve as currency on the Trove decentralized marketplace for buying and selling NFTs. In addition, this token facilitates the link between existing and future metaverses. Currently, various projects are operational on this platform, with a few new ones in the development stage. Examples of ongoing projects include LIFE, Smolverse, among others.
Phantom (FTM) has increased 12.02% in the last 24 hours, 63.34% in the last week and 81.04% in the last month. It has a market capitalization of $3,931,530,732 and a 24-hour trading volume of $576,048,956. The current price is $1.13, which is down 44% from its all-time high.
Fantom is a smart contract platform that boasts high performance, scalability and security, as described by the Fantom Foundation. The platform consists of several unique components. First, there is the Fantom Opera blockchain, which serves as its foundation. This open source managed acyclic graph network is compatible with the Ethereum Virtual Machine, enabling the execution of existing smart contracts and the creation of new ones that interact with Ethereum contracts.
Read More: Bitcoin Rises 10%, Hits 9-Month High
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