Numerous altcoins since the beginning of the year have recorded both bullish and bearish currents. Most of the time, there have been large increases, forcing several assets to shift positions as market capitalization skyrocketed. With the new month marking the end of the mid-first quarter of the year, the market could take a different shape as trading activity intensifies.
Although many fundamental factors are expected to influence the outcome of the events, there are three altcoins that have caught the attention of the community. Mainly for bullish reasons dating back to the previous month.
Generally shared sentiments are bullish, but the controversy surrounding some of these assets suggests a potential downward correction that could be seen in the near term.
The unexpected rise of Cardano (ADA)
The massive sell-off that hit the altcoin community in the final weeks of February somehow managed to jump Cardano. While Bitcoin and other businesses were losing between 15% and 22%, ADA was up 13% in the same week, bringing the month's earnings to 269%.
Many critics have argued that there is no reliable source to support asset growth. But counterpoints with some noteworthy objective supports have suggested that Cardano is poised for a longer bull run.
The 127 Mary hard fork, which once completed will make Cardano a fully decentralized multi-asset, could be one of the reasons for the increase in purchase volume. Furthermore, in the future Cardano will also be able to offer Defi, NFT and smart contracts.
The asset has also attracted the attention of investment firms, one of which wants invest $ 750 million on Cardano and Polkadot, rather than Bitcoin.
BNB: unexpectedly exceeded expectations
The month of February was also positive for Binance Coin (BNB). From an initial price of $ 43, BNB has grown rapidly, accumulating gains that have pushed the asset to an all-time high of $ 342 in the same month.
A slight decline followed, but the bulls quickly took over and, as of press time, BNB tried to maintain a positive price level from its February highs to trade at $ 282.
The monthly BNB burn, two weeks after BNB's fourteenth quarterly burn, which reduces a significant number of the asset's supply, may have triggered the spike in investor interest, as the asset's value is expected to increase with continued currency reduction. The recent spike in BNB addresses indicates that investors are keeping an eye on the asset for obvious reasons.
The controversial return of Ripple (XRP)
Despite multiple pending lawsuits, Ripple's native XRP token has seen a resurgence in the coin's interesting over the past few months.
The asset posted a 4,7% gain yesterday despite a collective collapse in market value. While Ripple awaits the court hearing, a fair number of investors are still waiting for a sustained upward rally amid backlash and boycotts from many cryptocurrency users and exchanges.