Keep an Eye on These Coins
The cryptocurrency market experienced a sudden surge in value over the last week, after an extended rough period. The current turmoil in the bank sector appears to have given a boost to the crypto market, especially Bitcoin, as some investors opt for digital assets for diversification.
This week, we examine Bitcoin (BTC), Conflux (CFX), Mask Network (MASK), Fantom (FTM), and Neo (NEO). In selecting these assets, we have considered several factors, including positive technical developments, significant news events, and noticeable price changes.
- Bitcoin’s (BTC) price advanced around 25% in the wake of several unsettling incidents in the global economy and banking sector.
- Conflux (CFX)'s price jumped 125%, possibly in reaction to integrations with major companies in China.
- Mask Network (MASK)'s price rose more than 80%, as large, influential investors began accumulating the token and crypto exchange Binance added it to its proof-of-reserves system.
- The price of Fantom (FTM) gained more than 24% amid a mainnet upgrade.
- The price of the NEO (NEO) token went up by more than 20%, potentially due to its growing China presence, as well as the fact that crypto trading is being embraced by Hong Kong.
Bitcoin (BTC) jumped in the latest week, increasing by about 25%. The cryptocurrency has finally broken through its recent resistance levels, meaning the price zone that the digital asset has had trouble breaking above in technical analysis.
The driver for this sudden rise might be turbulent global economic conditions. Historically, investors flocked to Bitcoin when there have been troubling events in traditional markets. The failure of several banks, inflation rates, and dollar-liquidity decisions by the U.S. Federal Reserve all may have contributed to Bitcoin’s price surge.
BTC is hovering at around $28,067 after trading around $22,450 last week (see chart below).
Conflux (CFX) was the biggest gainer this week, with the CFX token more than doubling in price and crossing the $1 billion market-capitalization figure. There are several possible factors feeding the price increase, with one being the project's integration with China’s version of Instagram, Xiaohongshu. The project also announced the launch of SIM cards using Conflux Network's blockchain support in collaboration with China Telecom.
Conflux is a blockchain network that offers fast transaction processing for anything from nonfungible tokens (NFTs) to cryptocurrency wallets. CFX started last week at about 19 cents and is now priced at around 43 cents (see chart below).
Mask Network (MASK)
The Mask Network’s MASK token (MASK) was another major gainer in the latest week, increasing by more than 80%. The jump may be tied to trades by large buyers—known as whales in crypto terminology—and the fact that crypto exchange Binance added the asset to its proof-of-reserves system along with 10 other tokens.
The crypto whales' buying of large sums of MASK has in turn attracted a greater number of smaller buyers. Proof of reserves is a transparent auditing practice for crypto companies like Binance that provides an unbiased report of the companies’ assets in reserve. MASK is now hovering at around $5.80 after being priced at about $3.20 last week (see chart below).
The Fantom (FTM) coin increased by more than 24%, likely due to a mainnet upgrade and possibly in line with the fact that the project offers some of the lowest transaction fees on the market. Mainnet is used to describe the point at which a blockchain protocol is fully developed and deployed, with crypto transactions being broadcast, verified, and recorded on a distributed ledger. Fantom's upgrade allows its network to process certain files and logs more quickly.
Fantom's latest upgrade also speeds up block processing times by 30%. That metric determines how quickly each block of transactions is finalized. FTM is now valued at around 48 cents after trading last week at 39 cents (see chart below).
NEO (NEO)'s coin increased in price by about 20%, possibly because crypto coins with a presence in China are experiencing a resurgence, according to one crypto analyst on Twitter. The fact that Hong Kong, since late 2022, has taken a more friendly stance toward crypto trading may be another reason for the token’s gain.
NEO is a general-purpose crypto network and ecosystem that offers features such as decentralized storage, smart-contract functionality, and decentralized applications, known as dApps. NEO is now valued at around $12.65 but was trading at about $10.70 last week (see chart below).
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