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The crypto industry is brimming with potential and new hopes for investors and traders as the market is seeing bullish sentiments. So, as the new week starts, let’s look at the cryptos that have taken the spotlight this week. According to various industry experts, Ripple (XRP), Yearn Finance (YFI), and Solana (SOL) are the cryptos that you can watch this week.
Let’s look at the quick overview, price changes, and news updates of these top cryptos of this week.
#1 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 45 today. According to CoinMarketCap, the 24-hour trading volume of XRP is $580,603,236, with a circulating supply of 54,436,190,886 XRP and a market cap of $27,504,270,034.
XRP’s recent stability and impressive 23% price surge position it as a standout performer in the crypto landscape. Despite trading below the 200-day moving average and facing uncertainties with only 12 positive days in the past month, positive Ripple news has consistently driven demand for XRP. The anticipation of a successful Ripple IPO in 2024 adds to this momentum, with the $1 mark becoming a significant benchmark that could shape XRP’s future trajectory.
#2 Yearn Finance (YFI)
Yearn.finance serves as a decentralized finance (DeFi) aggregator, employing automation to empower investors in maximizing yield farming profits. The objective is to streamline the complex DeFi landscape, catering to non-technical or less committed investors. Launched in February 2020 as iEarn, the platform has experienced substantial growth, introducing new products and unveiling the proprietary token YFI.
The price of Yearn Finance (YFI) on WazirX is INR 6,27,093 today. According to CoinMarketCap, the 24-hour trading volume of YFI is $10,453,243, with a circulating supply of 33,414 YFI and a market cap of $237,938,789.
Despite operating in the highly volatile realm of crypto assets, Yearn Finance’s performance and investments are significantly influenced by favorable factors such as robust security protocols and an advanced algorithm. The YFI team’s foremost goal is to achieve a balance between transparency and privacy in their operations.
#3 Solana (SOL)
Solana is a useful open-source project that uses the permissionless aspect of blockchain technology to offer Decentralized Finance (DeFi) solutions. The purpose of the Solana protocol is to make the creation of Decentralized Apps (DApps) easier. By combining the Proof-of-Stake (PoS) consensus built into the blockchain with a Proof-of-History (PoH) consensus, it seeks to increase scalability.
The price of Solana (SOL) on WazirX is INR 8,600 today. According to CoinMarketCap, the 24-hour trading volume is $1,471,486,345, with a circulating supply of 436,088,494 SOL and a market cap of $42,568,211,326.
Solana’s ascent is propelled by its cutting-edge blockchain design, fostering superior performance, minimal fees, and groundbreaking solutions for decentralized applications (dApps). Hosting exclusive projects and features labeled “Only Possible On Solana,” the blockchain’s surge is further fueled by strategic alliances, such as those with Visa, integration of Real World Assets, a vibrant gaming ecosystem, and innovative concepts like compressed NFTs. These factors collectively elevate Solana’s appeal, influencing its upward trajectory.
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.
