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Note: This blog is written by an external blogger. The views and opinions expressed in this post belong solely to the author.
Given the volatility of the crypto market, it is difficult to predict what will happen next. At dawn on July 15, most of the charts appeared in green. Bitcoin (BTC), the most popular crypto, finally crossed the $60k mark and is currently trading at $62,928, up 12.80%. Bitcoin price fluctuations can affect the overall performance of the crypto market, which is a big reason for the current crypto price rally.
Let’s focus on the best cryptos that have recently surged and you can watch out for this week.
Stack #1 (STX)
Stacks serves as a Bitcoin layer for smart contracts, facilitating their use alongside Decentralized Applications (dApps) with Bitcoin as the asset and settlement currency on the Bitcoin blockchain.
Using Proof-of-Transfer consensus and the Clarity language, Stacks has comprehensive knowledge of the entire Bitcoin state, allowing it to access Bitcoin data at any time.
All transactions in the Stacks layer are automatically hashed and settled on Bitcoin L1, with Stacks blocks backed by 100% Bitcoin hash power. In order to rearrange the blocks or transactions of the Stacks, the attacker has to rearrange the Bitcoin itself.
Stacks (STX) price on WazirX today is INR 168,500. 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) recently experienced a price surge, boosted by significant trading volume, reaching $77,212,053 on the day. Crypto influencers have highlighted STX’s solid performance, noting its solid support at $1.5 and predicting a potential rally to $2.78, possibly sparking a Bitcoin (BTC) rally thanks to the Bitcoin ecosystem coming together.
Additionally, a key development for Stacks was the conclusion of a three-year SEC investigation into Hiro Systems PBC, formerly Blockstack, without any enforcement action, which instilled investor confidence and further fueled STX price growth.
#2 Creator (MKR)
Maker (MKR) is the governing token of MakerDAO and the Maker Protocol. MakerDAO is a decentralized organization and the Maker Protocol is a software platform that runs on the Ethereum blockchain. This ecosystem enables users to create and manage the DAI stablecoin.
MKR tokens serve as voting shares within the organization that controls DAI. While MKR holders do not receive dividends, they do get a vote on the development of the Maker Protocol, and the value of the token is expected to appreciate with the success of the DAI.
Leading the decentralized finance (DeFi) landscape, the Maker ecosystem is one of the earliest projects aiming to build decentralized financial products on smart contract-enabled blockchains, notably Ethereum.
Maker (MKR) price on WazirX today is INR 2,53,999.99. According to CoinMarketCap, MKR’s 24-hour trading volume 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 rising due to significant accumulation by dot investors. As the ruling token of MakerDAO, MKR has seen an impressive 11% rally over the past week. Whale investors have acquired more than $5.63 million worth of MKR, reflecting strong confidence in its long-term potential. Notably, one spot with an address starting with 0x3737 bought 1,465 MKR tokens since June 27, while another with an address starting with 0xCf9b recently bought 777 MKR tokens. These strategic moves underscore bullish investor sentiment and highlight the importance of dot activities in driving market dynamics in the decentralized finance (DeFi) sector.
#3 VeChain (VET)
VeChain (VET) is a versatile L1 smart contract platform for enterprise level applications. Founded in 2015 as a private consortium chain, VeChain partnered with various enterprises to explore blockchain applications.
Its mission includes the use of distributed governance and Internet of Things (IoT) technologies to create an ecosystem that addresses big data challenges in diverse global sectors, spanning healthcare, energy, food and beverage, sustainability and SDG goals. VeChain is building the digital foundation for the fourth industrial revolution through trustless data, facilitating real-time and trustless data sharing between multiple participants.
The platform has effectively demonstrated enhanced efficiency, traceability and transparency between data channels, supply chains and innovation ecosystems, such as those in San Marino, that address the UN SDGs.
VeChain (VET) price on WazirX today is INR 2.68911. According to CoinMarketCap, the 24-hour trading volume is $59,875,763, with a circulating supply of 80,985,041,177 BTC and a market cap of $2,522,967,656.
VeChain (VET) has experienced significant growth, attracting the attention of investors and analysts. The crypto analyst noted VTI’s breakout from a 20-week rally that resulted in a 60% gain in just 10 days, with a potential target of $0.10. Another analyst highlighted the 46% rise in ICU since July 5, highlighting 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 the adoption of blockchain in the industry. VeChain’s partnerships with Walmart and PwC in supply chain management enhance transparency and efficiency, strengthen investor confidence and support growth prospects.
Disclaimer: Cryptocurrency is not legal tender and is currently unregulated. Please ensure that you carry out a sufficient risk assessment when trading cryptocurrencies as they are often subject to high price volatility. The information presented in this section does not represent any investment advice or the official position of WazirX. WazirX reserves the right, at its sole discretion, to modify or amend this blog post at any time and for any reason without prior notice.
