Bitcoin

Five altcoins that, along with Bitcoin, were a trending week for their ATH

Bitcoin’s price has broken all forecasts, breaking its all-time high (ATH) several times this week. that drew a different group of tokens and coins in general to emulate their behavior.

Due, Some altcoins were in the ‘Trending topic’ alongside the leading cryptocurrency, due to the interest they have generated among cryptocurrency lovers and strangers.

Let’s take a look at the highlights of the week based on metrics compiled by popular cryptocurrency analysis firms CoinMarketCap, CoinGecko, and LunarCrush.

1.- PancakeSwap (CAKE)

Five altcoins that, along with Bitcoin, were a trending week for their ATH
Five altcoins that, along with Bitcoin, were a trending week for their ATH

It is the number 1 pool in the Binance Smart Chain, a decentralized exchange based on the AMM (Automated Market Maker) model, with which BEP20 assets can be exchanged with one another.

The native token CAKE has grown rapidly since last January. when it peaked at $ 1.61 on Jan. 29. In the last 30 days the price has increased + 598.74%.

Now, according to CoinMarketCap, CAKE is trading at a price of $ 17.41 It ranks second on the list of most used cryptocurrencies in the past seven days after hitting its ATH above $ 19.

CoinGecko and LunarCrush, two other well-known cryptocurrency analysis companies, place the token as the second most popular coin on the market.

LunarCrush gives a score of 68/100, which measures the “noise” an asset makes in relation to social media and specialized news media, making it one of the most sought after

The great popularity of the BSC chain in the DeFi sector has made it possible for many traders and decentralized finance enthusiasts to opt for PanCakeSwap, partly because of the economic transaction fees.

On February 20, the exchange set a record, hitting the highest daily trading volume of $ 1.6 billion. This is the largest decentralized exchange to date, even surpassing the popular Uniswap and further increasing the demand for its native token CAKE.

At the time of going to press, CAKE is in the top 50 of the general cryptocurrency rankings with a market capitalization of around $ 2 billion.

2.- Binance Coin (BNB)

The native currency of the giant cryptocurrency exchange Binance has been one of the main owners of the ecosystem for the past seven days after the price surge and rise in the general market ranking.

The price of the BNB token has risen + 127.02% in the past seven days and is the fourth most popular altcoins of the week according to CoinMarketCap. The rationale was that the new ATH hit over $ 300 this week.

Two days ago, Binance Coin was able to climb to third place in the general ranking of cryptocurrencies with its price increase of 50%, displacing Tether (USDT) from this place.

With the height of the DeFi enthusiasm, the demand for decentralized exchanges “DEXs” increased. Unlike Uniswap, which is on the Ethereum blockchain, the lack of scalability and high fees has forced the retailer to look for alternative options built on top of the Binance Smart Chain (BSC), such as: B. PancakeSwap, which has influenced the demand for the company’s BNB token.

Cryptocurrency analytics firm LunarCrush ranks BNB tokens fifth in the altcoin ranking by trend, with a GalaxyScore 70 out of 100, an internal metric used to measure altcoin exposure on networks.

According to CoinGecko, the Binance Coin token is in the third most common box among the native tokens of the decentralized exchanges JulSwap (JULD) and PancakeSwap (CAKE).

3. Cardano (ADA)

Charles Hoskinson’s project, Cardano is another altcoin that is among the hottest coins of the past seven days according to CoinMarketCap.

Unlike the previous ones, Cardano’s mother currency, ADA, doesn’t appear in the similar lists of LunarCrush or CoinGecko this time. Yet, Cardano has made headlines over the improvements to its platform that have encouraged the use of local currencywhich has increased by as much as thirty percent in the past seven days.

On February 3, Cardano announced the Mary update, which was used to transform the blockchain into a multi-asset network similar to Ethereum. The development company behind Cardano, IOHK, is expected to release updates for the native Goguen token in late February according to the pre-established roadmap.

As a result, the ADA token has been in a constant trend for the past few days due to expectations regarding these updates, so it has been listed as the date of updates on your network in the third box of most used coins for the past seven days.

At the end of this post, ADA is trading at a price of $ 1.10 with a monthly accumulation of + 215.82% and a market capitalization of $ 34 billion, placing it in the sixth field of the general ranking of cryptocurrencies.

4.- Uniswap (UNI)

The UNI mark on the giant decentralized exchange Uniswap is another mark that has topped the hottest currency rankings for the past seven days. Coingecko places him in the sixth box over Pundi X.

UNI, Uniswap’s native token, hit its all-time high on February 20, hitting a record $ 32.63. Motivated by the great buying pressure that investors exert on the token in order to achieve returns in DeFi on the market-leading decentralized exchange.

DEX’s boom in generating higher annualized returns than traditional funding through pools of liquidity is one of the activities that is getting the sector going, while indigenous tokens from these platforms are being urged to generate lower commissions on asset transfers or exchanges that are Ethereum network.

Uniswap also appears on CoinMarketCap in box 20 of the hottest coins of the past seven days, after the price rose + 38.58% over that period.

5. Polkadot (DOT)

Interoperability between chains is a growing trend and Polkadot made it known. The result is a new world of projects that focus on decentralized finance, decentralized oracles, and decentralized exchanges that have gradually gained a place in the blockchain ecosystem.

Consequently, The native DOT currency has seen great demand for use cases being developed on Polkadot. On February 20, the token had peaked when the token hit its all-time high of USD 42.06 per unit.

CoinMarketCap is the ninth most interesting and hottest project in the cryptocurrency ecosystem of the past seven days.

LunarCrush places it with a score of 63 out of 100, thanks to the performance the DOT token has achieved this week after reaching its all-time maximum.

The news that appeared on the Twitter social network on February 19 about the first successfully completed cross-chain message between Plasma Network and Acala Network in the Kusama and Polkadot test network Rococo was reason enough to encourage cryptocurrency investors and enthusiasts to look for cryptocurrencies are looking to increase their holdings of DOT, Polkadot’s native token.

The views and opinions expressed here are solely those of author and do not necessarily reflect the views of Cointelegraph. All investment and trade movements involve risk. You should do your own research when making a decision.

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