Cryptocurrency investors woke up to an incredible market recovery on March 1, which saw popular projects including Terra, Cosmos, Avalanche, and Polkadot increase in value. Inside a 24-hour period, the industry grew 10% to break the $1.9 trillion market cap for the first time in two weeks. Bitcoin leapt $6,000 in value. All top 20 major cryptos are up on seven-day averages.
Key analysts like veteran investor Mark Mobius pointed to the Russia-Ukraine crisis to explain the sudden hike. "Bitcoin has shown strength now because the Russians have a way of getting money out, getting their wealth out," said the founding partner of Mobius Capital Partners. Data from crypto analysis company Kaiko showed that Bitcoin exchanges in Russian rubles surged to their highest levels in months, especially as the US and European allies cut Russian banks off from SWIFT and the ruble tumbled 30% in value.
But while Bitcoin is up to $43,000 its gains are far below the likes of Terra (LUNA) up an incredible 79% over the last seven days. Other altcoins are also posting gains well above Bitcoin's 17% growth over the last week. In this article, we'll take a look at Terra, Avalanche, Cosmos, Polkadot, and EverGrow Coin.
Terra is an algorithmic stablecoin network. Its TerraUSD stablecoin (UST) is smaller than Binance USD, USD Coin, and Tether, but both UST and Terra's LUNA token are in the top 20 cryptocurrencies by market cap. The UST price is kept stable by a minting and burning process for LUNA, which in turn increases LUNA's token price. This is a different approach than that taken by stablecoins like Tether, which holds a reserve of US Dollars.
Last week Wednesday (Feb 23) Terra announced that TerraUSD would now be backed by a $1 billion Bitcoin reserve. Though the market plummeted after Russia's invasion of Ukraine the following day, the Bitcoin backing is a step towards reducing volatility in Terra's ecosystem.
LUNA's price has jumped to $93 from just $52 just a week ago – nearly an 80% hike in price.
EverGrow Coin is the newest cryptocurrency in this list, but worth noting as a promising altcoin about to make a major announcement: the world's first crypto-integrated social media platform. The platform, called Crator, will let content creators receive tips and subscriptions in either crypto or fiat and become part of EverGrow Coin's 'ecosystem of applications' that generate value for coinholders. Aside from increasing EverGrow Coin's price (EGC), revenue from these projects is used to buy up EGC with a taxing system that pays out instant rewards to investors in Binance pegged US dollars (BUSD).
EverGrow Coin distributes 8% of all transactions among its holders in BUSD and has already distributed more than $34.5 million in rewards. EverGrow Coin's price grew 34% over the past week, and $EGC is currently trading at $0.0000005618.
Avalanche's AVAX token has posted 21% gains over the last week, to hit a trading price of $88. Avalanche's price was $72.50 this time last week, before falling to $65 in the aftermath of war in eastern Europe and rallying significantly yesterday. AVAX has been one of the fastest-growing altcoins this 2022 so far, thanks to Avalanche's platform for decentralised applications and custom blockchain networks. Avalanche can process up to 6,500 transactions per second compared to Ethereum's 15.
Cosmos' ATOM token is up 31% over the last week reaching a price of $32. Atom was at $24 this time last week before also taking a hit on February 24 and rallying strongly as we entered March. Cosmos's ATOM is another token linked to a project solving blockchain industry problems. The project aims to make blockchain technology less complex for developers while helping blockchain networks to communicate better with one another.
Polkadot's DOT token is up 15% over the last seven days to hit a $19 price. Polkadot has been in the news lately after its owners pledged millions of dollars to support Ukraine's defense from the Russian invasion. DOT itself is the 11th largest cryptocurrency by market cap and is another altcoin linked to developer projects in the crypto space. Specifically, Polkadot's open-source protocols connect a network of blockchains allowing them to transfer data or assets (not just crypto) and facilitate the creation of the Web3 – or 'Internet of blockchains'.
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