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Considering the volatility of the crypto market, it’s difficult to predict what will happen next. On the dawn of July 15, most of the charts were seen in green. Bitcoin (BTC), the most prominent crypto, finally crossed the $60k mark and is currently trading at $ 62,928 with a 12.80% surge. Price fluctuations in Bitcoin have the potential to impact the overall performance of the crypto market, which is a big reason for the current price rally of the cryptos present.
Let’s focus on the top cryptos that have surged recently, and you can look out for them this week.
#1 Stack (STX)
Stacks serves as a Bitcoin Layer for smart contracts, facilitating their utilization alongside Decentralized Applications (dApps) with Bitcoin as an asset and settlement currency on the Bitcoin blockchain.
Utilizing Proof-of-Transfer consensus and Clarity language, Stacks possesses comprehensive knowledge of the entire Bitcoin state, allowing it to access Bitcoin data at any point.
All transactions on the Stacks layer are automatically hashed and settled on the Bitcoin L1, with Stacks blocks secured by 100% Bitcoin hash power. To reorder Stacks blocks or transactions, an attacker must reorganize Bitcoin itself.
The price of Stacks (STX) on WazirX is INR 168.500 today. According to CoinMarketCap, the 24-hour trading volume is $127,833,274, with a circulating supply of 1,474,339,626 STX and a market cap of $2,792,717,577.
Stacks (STX) has recently experienced a surge in price, bolstered by significant trading volume reaching $77,212,053 daily. Crypto influencers have highlighted STX’s robust performance, noting its solid support at $1.5 and predicting a potential rise to $2.78, possibly igniting a rally in Bitcoin (BTC) due to its connection to the Bitcoin Ecosystem.
Additionally, a pivotal development for Stacks was the conclusion of a three-year SEC investigation into Hiro Systems PBC, formerly Blockstack, with no enforcement action recommended, instilling investor confidence and further driving STX’s price increase.
#2 Maker (MKR)
Maker (MKR) is the governance token for MakerDAO and the Maker Protocol. MakerDAO is a decentralized organization, and the Maker Protocol is a software platform operating on the Ethereum blockchain. This ecosystem enables users to generate and manage the DAI stablecoin.
MKR tokens serve as voting shares within the organization overseeing DAI. While MKR holders do not receive dividends, they gain voting rights over Maker Protocol’s development, and the token’s value is anticipated to be appreciated with DAI’s success.
Pioneering the Decentralized Finance (DeFi) landscape, the Maker ecosystem is among the earliest projects aiming to construct decentralized financial products on smart-contract-enabled blockchains, notably Ethereum.
The price of Maker (MKR) on WazirX is INR 2,53,999.99 today. According to CoinMarketCap, the 24-hour trading volume of MKR is $114,207,134, with a circulating supply of 930,159 MKR and a market cap of $2,626,197,752.
Maker (MKR) prices are surging due to significant accumulation by whale investors. As the governance token of MakerDAO, MKR saw an impressive 11% rally over the past week. Whale investors acquired over $5.63 million worth of MKR, reflecting strong confidence in its long-term potential. Notably, one whale, with the address starting with 0x3737, purchased 1,465 MKR tokens since June 27, and another, with the address starting with 0xCf9b, bought 777 MKR tokens recently. These strategic moves highlight bullish investor sentiment and underscore the importance of whale activity in driving market dynamics within the decentralized finance (DeFi) sector.
#3 VeChain (VET)
VeChain (VET) is a versatile L1 smart contract platform for enterprise-grade applications. Originating in 2015 as a private consortium chain, VeChain collaborated with various enterprises to explore blockchain applications.
Its mission involves utilizing distributed governance and Internet of Things (IoT) technologies to establish an ecosystem addressing significant data challenges across diverse global industries, spanning healthcare, energy, food and beverage, sustainability, and SDG goals. VeChain is constructing the digital foundation for the fourth industrial revolution through trustless data, facilitating real-time and trustless data sharing among multiple participants.
The platform has effectively showcased enhanced efficiency, traceability, and transparency across data trails, supply chains, and innovative ecosystems, such as those in San Marino, targeting UN SDGs.
The price of VeChain (VET) on WazirX is INR 2.68911 today. According to CoinMarketCap, the 24-hour trading volume is $59,875,763, with a circulating supply of 80,985,041,177 VET and a market cap of $2,522,967,656.
VeChain (VET) has experienced a significant surge, drawing investors’ and analysts’ attention. A crypto analyst noted VET’s breakout from a 20-week consolidation, leading to a 60% increase in just 10 days, with a potential target of $0.10. Another analyst highlighted VET’s 46% gain since July 5, emphasizing its strength above the 0.236 Fibonacci retracement level.
According to Fintech Insights, VET could reach $0.50 to $0.70 by the end of 2024, driven by blockchain adoption across industries. VeChain’s partnerships with Walmart and PwC in supply chain management enhance transparency and efficiency, bolster investor confidence, and support a bullish outlook.
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.
