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The expected approval of Bitcoin’s Spot ETF and the upcoming Bitcoin halving event in the following year coincide with most of the major cryptos reaching their annual peaks in the crypto market. The recent dovish remarks made by Federal Reserve officials have further supported the rise in the digital asset space. This is a positive feeling that permeates several digital assets, including Aave (AAVE), Polygon (MATIC), and Ripple (XRP).
In this blog, let’s have a look at the altcoins that you can keep an eye on this week.
#1 Polygon (MATIC)
Polygon, formerly Matic Network, is the first structured, user-friendly platform for Ethereum infrastructure building and scalability. Polygon SDK, a versatile and modular framework that facilitates the development of many application types, is its fundamental component. With Polygon, you can design stand-alone chains, ZK rollup chains, optimistic rollup chains, and any other type of infrastructure that the developer needs.
The price of Polygon (MATIC) on WazirX is INR 72.310 today. According to CoinMarketCap, the 24-hour trading volume of MATIC is $550,145,648, with a circulating supply of 9,282,732,614 MATIC and a market cap of $7,723,658,869.
The price growth of Polygon (MATIC) aligns with heightened network activity and a general revival in the crypto market, which has benefited major altcoins. Reports state that there has been a recent increase in the number of active addresses and NFT trading volume on the Polygon network. Comparably, since the beginning of the year’s quarter, the crypto market has rebounded and seen a capitalization increase of over $300 billion. Even greater momentum was seen at the beginning of December when returns on all significant cryptos were in the double digits.
#2 Ripple (XRP)
Ripple is the creator of the open-source distributed ledger known as XRP. Compared to the distributed blockchain utilized by Bitcoin (BTC) and its proof-of-work mining mechanism, XRP transactions are handled by a network of dependable validators on the XRP Ledger.
Ripple records transactions for public viewing on its open-source distributed consensus ledger, which resembles a blockchain in that each new data block contains the previous block’s hash. Its consensus method differs from that of Ethereum and Bitcoin, though. Since it doesn’t rely on Proof of Work (PoW), mining XRP is not necessary.
The price of Ripple (XRP) on WazirX is INR 54.9900 today. According to CoinMarketCap, the 24-hour trading volume of XRP is $1,852,250,679, with a circulating supply of 53,888,571,585 XRP and a market cap of $34,119,365,809.
All eyes have been on Ripple (XRP) in recent weeks. Due to the ongoing legal battle between Ripple and the SEC, most investors in the ecosystem are expecting an impending boom in the value of the crypto. The XRP market will boom as long as the two parties keep having talks. The level of XRP activity has increased to a level not seen since August.
Holders of XRP are adamant that Ripple will prevail in the legal battle, which should cause the crypto’s value to soar. Even if its price hasn’t increased above $0.64 since the start of December, many analysts have supported the idea that it will soon rise.
#3 Aave (AAVE)
Individuals can use 20 distinct assets as collateral to borrow crypto on the decentralized money market protocol Aave. AAVE, the native token of the protocol, serves as a governance token that enables the community to determine the protocol’s course collectively. Lenders can generate interest by offering liquidity to the market, and borrowers can obtain loans from the liquidity pools by using their crypto assets as collateral.
The price of Aave (AAVE) on WazirX is INR 8,839.99 today. According to CoinMarketCap, the 24-hour trading volume of AAVE is $147,968,212, with a circulating supply of 14,664,939 AAVE and a market cap of $1,434,939,365.
The price and market capitalization of the decentralized finance token AAVE significantly increased following two sizable withdrawals from Binance by a crypto whale. According to reports, the withdrawals caused a first 8% price spike and a further 16% hike. These events caused AAVE’s market capitalization to surpass $1.5 billion, demonstrating the profound effect that major transactions of this kind may have on the reputation and worth of digital assets.Disclaimer: Cryptocurrency is not a legal tender and is currently unregulated. Kindly ensure that you undertake sufficient risk assessment when trading cryptocurrencies as they are often subject to high price volatility. The information provided in this section doesn't represent any investment advice or WazirX's official position. WazirX reserves the right in its sole discretion to amend or change this blog post at any time and for any reasons without prior notice.