Let’s take a look at the past week’s top performers and see which three altcoins are showing the greatest strength.
- Zilliqa (ZIL)
- Frax Share (FXS)
- STEPN (GMT)
The first token making it on this week’s list of the top three altcoins is the Zilliqa blockchain’s native token ZIL. Zilliqa had a huge week following the launch of its very own metaverse platform, Metapolis. Trying to differentiate from countless other metaverses on the market, Metapolis is trying to be a “metaverse as a service” platform.
Live from Miami: Metaverse-as-a-service is here. Limitless built environments possible. It’s all about bringing your imagination to life. @zilliqa @sandra_tlibe @themetapolis pic.twitter.com/fH3gQreF8R
— Aparna Narayanan (@AparnaNR) April 3, 2022
It’s also worth noting that Zilliqa’s metaverse is aiming to grab a large slice of the pie of a potentially massive industry in the future. With a current market cap of just $34.6 billion, the metaverse market has enormous room to grow to over $8 trillion. And that’s not just a crypto nerd’s hot take, either; it’s Citibank’s.
Citibank: The metaverse is potentially an $8 trillion to $13 trillion opportunity pic.twitter.com/0Es54JxUQ3
— Blockworks (@Blockworks_) April 1, 2022
After the announcement, ZIL went on an absolute tear, quadrupling in the span of about six days, placing it among one of the best performers for the entire month of March, let alone the past week. At the time of writing, ZIL is trading at $0.15.
As you can see, ZIL is quite overextended from its sharp rally, but that doesn’t mean that there’s more upside to be captured in the long run. The relative strength index (RSI), which measures the overbought and oversold conditions of an asset, formed a vertical parabola leading up to the announcement, which ended in a bang as Zilliqa broke out above the 50-day (green) and 100-day (purple) moving average (MA) indicators.
You should also take note of the large spike in volume, indicating that this pump was anything but a thin, meme-like spike in price. A lot of buyers stepped in to push ZIL higher, so it’s clear that there are more eyes than ever on ZIL right now.
I wouldn’t be too hasty to make an entry here, however. ZIL doesn’t have to come back down, but taking a gamble at further upside in the short-term is just that: a gamble.
Frax Share (FXS)
Frax Share (FXS) is next on this week’s list of three altcoins. As the hype around algorithmic stablecoins continues to grow in the crypto landscape thanks to the rise of Terra’s native stablecoin, UST, other competitors like Frax Share have stepped up to the occasion to offer their own unique spins on decentralized stablecoins.
Frax Share’s stablecoin, FRAX, is coined as a “fractional” stablecoin. Though Terra’s founder Do Kwon is caught up in his own work with UST, he’s been nodding to FRAX’s success and is aiming to create a solution alongside UST and FRAX that would offer the “greatest savings account” crypto has ever seen. Definitely check out this thread from Frax founder Sam Kazemian to read more into it.
@stablekwon & I discussed how @terra_money & @fraxfinance can take the DeFi world by storm to create the greatest “savings account” crypto has ever seen. 🚀 A savings account used by protocols, retail, farmers, and institutions alike with complete accessibility on every chain.
— Sam Kazemian (¤, ¤) (@samkazemian) April 2, 2022
Of course, FRAX growth hasn’t been able to keep up with the insane growth of UST, but it’s next up in line in terms of stablecoin growth over the past month.
Stablecoins market cap growth in the last 30 days
— Gojo (@Gojo_Crypto) March 27, 2022
At the time of writing, FXS is trading at $37.58.
FXS has been in a steady uptrend since the summer bottom in July 2021, and it looks like FXS is gearing up to break out towards new all-time highs.
However, a breakout isn’t confirmed just let. We want to see some daily closes above the $42 mark, preferably on the back of a strong overall environment in the crypto market, before feeling confident about sending FXS into price discovery. Until then, however, have some patience before making any quick entries.
The last thing you want to see is something like what happened to WAVES‘ stablecoin USDN this moring the moment after you buy:
It appears USDN has depegged pic.twitter.com/Qf6X90KrZz
— Cobie (@cobie) April 4, 2022
As more participants enter the crypto space, we can expect to see more and more stablecoins getting minted across the board. With the positioning that FRAX and FXS have found themselves in, we can expect to see more growth coming as crypto leaks into the mainstream.
It seems that walk-to-earn is the latest hype train driving cryptocurrencies to new heights. The last coin on this week’s list of three altcoins is STEPN (GMT). GMT aims to be one of the first fitness apps on the blockchain, which pays people to get out and get active. It seems like a pretty innovative concept, but it’s too early to tell how it will work sustainably in practice.
However, there are rumors floating around the community that a GMT partnership with major athletic retailers could be in the works.
— minimal1192 (@minimal1192) March 30, 2022
If you want to learn more about what GMT is trying to build, be sure to check out the team’s docs on its Medium page.
GMT has been on a tear throughout the past month, skyrocketing itself into the top 100 altcoins. At the time of writing, GMT is trading at $2.32.
Being a coin that just launched at the beginning of March, the four-hour chart gives a bit more useful data to see how STEPN is moving. As it currently looks, there’s no end in sight for GMT’s rise as it floats above the green 50-day MA.
GMT has had some steady and consistent bounces as it climbs up the charts, and with potential partnerships with athletic retailers coming down the rumor mill, the narrative alone could be enough to drive GMT higher. Conversely, however, if the announcement proves to be a nothing burger, that could mark the local top for GMT as it loses momentum from the hype.
If you are a GMT bull, however, the current prices are offering a decent entry price if history is any indication. GMT has been caught in a short downtrend since the beginning of April, so keep a close eye on STEPN as the announcement gets closer. It could be the spark that sets off either fireworks or a bombshell for the token, you’ll have to deceide.