These three altcoins outperformed others as crypto market rebounds
As of March 13, the cryptocurrency market has bounced back and is up 6.4% in the last 24 hours, reaching a total market cap of $1.01 trillion.
Cryptocurrency investors have been on a wild ride over the past week amid Silvergate’s liquidations and Silicon Valley Bank’s (SVB) collapse, with prices skyrocketing one moment and plummeting the next. But finally, some good news: over the weekend, the market saw a reduction in volatility, and many of the top coins posted gains despite the recent bearishness.
Let’s dive into which top coins are leading the pack during this period of reduced volatility and explore what’s driving their gains.
Kava (KAVA), the cross-chain decentralized finance (DeFi) lending platform, has been making headlines with its remarkable surge in value over the past week.
While the overall cryptocurrency market has been experiencing volatility, the kava token has defied the odds, gaining over 32.47% in the last seven days alone. It is trading at $1.05 as of March 13.
One of the reasons for kava’s success is its recently launched innovative incentive program, Kava Rise.
This $750 million program is aimed at onboarding the most innovative developers across the DeFi, GameFi, and NFT verticals to the Kava Network. Kava Rise’s unique programmatic funding model distributes 62.5% of all block rewards to developers building on the Kava Ethereum (ETH) and Cosmos chains.
Furthermore, Kava has been incentivizing its validators to migrate their cloud infrastructures to Akash Network. As part of this initiative, Akash pledged $1 million in AKT (Akash Network’s native token) to Kava Strategic Vault to advance decentralized infrastructure on Kava.
This incentive must have motivated users on Kava, thereby increasing network activity and further driving up the value of kava tokens.
Aptos (APT) has emerged as the second biggest gainer of last week, with a 7.16% surge in the last seven days, trading at $11.95 as of Mar. 13.
But what sets Aptos apart from the competition? On-chain analytics firm Messari recently revealed in a critical report that Aptos is the fastest among major networks, boasting a median time-to-finality (TTF) value of less than a second.
In the rapidly-evolving world of blockchain technology, speed is critical. Aptos’ ability to provide lightning-fast transaction times is making it a trending coin in the market.
UNUS SED LEO (LEO)
LEO, the utility token issued by Bitfinex exchange, is making waves as the third biggest gainer of the last week.
With a gain of over 5.72% in the last seven days, LEO is now trading at $3.54. While there are no clear reasons for this surge, LEO’s resilience during the market’s downturn in 2022 is likely contributing to its continued success.
As the market becomes more bullish, coins like LEO emerge as potential winners. Its status as a utility token and increasing adoption of Bitfinex among traders and investors could drive up its value.