Zk-based altcoins boost crypto space despite bearish market
ZK or Zero-Knowledge Digest is a layer-2 scalable solution that offers fast transactions with minimal fees on the PoS blockchains by combining on- and off-chain processes. Many chains have adopted rollups, and their respective native tokens have increased in volume and price recently.
Below are some of the popular altcoins, based on ZK rollups that managed to rise with flying colors during the times when the Bitcoin price has been negatively affected by external factors.
Dust Network (DUSK)
Dust Network is a Zero-Knowledge based privacy blockchain for financial applications. DUSK price rose iconically in recent hours, increasing by more than 50% to mark new highs for 2023 above $0.21.
Trading volume for the token rose by more than 450% to over $54 million, while its market capitalization jumped by more than 28% to hover over $85.8 million. After breaking out of the consolidation, the DUSK price is expected to remain elevated until the bears force it to undergo a minor pullback.
Loop ring (LRC)
The Loopring price, on the other hand, seems to have achieved bullish absorption and recovered all the loss incurred during the last trading day. The price bounced off the 200-day MA levels in the early days of February, and despite bearish interference, the momentum remained bullish. Therefore, the LRC price registered a jump of more than 20% since the early hours with a jump of 142.94% in trading volume, lifting its market cap above $522 million.
Mina (MINA)
Mina was close to losing all its earned value as the price remained bearish for the last couple of days. However, the bulls quickly jumped into action and lifted the price above the previous day’s opening price, indicating the revival of a bullish trend.
Also, MACD, a momentum indicator was flashing bearish signals which were exaggerated by the current bullish actions. Currently, MINA price is around $0.9 with a jump of 13.91% with a huge increase in trading volume of around 175%. Following the bullish trend, MINA price may even rise above $1 very soon.
Polygon (MATIC)
Polygon has begun its own presence in the space by working hard to improve ZK rollups. The platform has also upgraded its rollups to become compatible with EVM’s offering of more scalability and security to the Ethereum chain.
Despite extending above $1.2, the MATIC price continues to hover under acute bearish pressure, but the trend is upward, forming constant higher highs and lows. Therefore, a bullish breakout could be fast approaching which could help the price reach the coveted $1.5 target very soon.
