Monitor These Coins
The cryptocurrency market is on a recovery and could be ready for a turnaround. That’s the question that investors are asking. It’s tempting to think that crypto may be seeing strong performance in the last week, similar to January when prices rose before falling back again. There are tokens that may be indicating more lasting gains.
This week we’re looking at Filecoin (FIL), Internet Computer (ICP), Astar (ASTR), Stacks (STX) and VeChain(VET). In selecting these assets, we took numerous factors into account, such as significant news events and positive technical developments.
- Filecoin’s FIL token rose by over 80% after previewing the upcoming launch of its Filecoin Virtual Machine (FVM), a runtime environment for smart contracts. The team also hosted several events.
- Internet Computer (ICP) was another major gainer. Its price rose by 30% in line with its ecosystem and network experiences growth.
- Astar (ASTR) saw a 38% surge following news of a partnership with Sony Network Communications Web3 Initiative.
- Stacks (STX) saw prices double after the network tweeted that thousands of smart contracts had been deployed.
- VeChain’s (VET) ecosystem growth was extensive, with partnerships and feature releases. Its price also climbed.
Filecoin (FIL)
Filecoin FIL saw one of the biggest price increases over the past week despite some hefty developments. To start with, Filecoin is about to launch its Filecoin Virtual Machine (FVM), a runtime environment for smart contracts. The team said that the launch is imminent.
The project also held a number of events. Its biggest community event is scheduled for the end of March. This has likely led to increased online attention for the project. FIL started the week at $4.90, and is now priced around $8.70.
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Internet Computer (ICP)
Internet Computer (ICP), which is working on a decentralized Internet, saw its token’s value rise by more than 30% in the last week. The notable growth of the project in terms of both its ecosystem metrics and overall network metrics has raised interest.
AirGap, a custody solution, announced its support for ICP. It is the first custodian to offer support for ICP. The project also announced the release of its testnet, coded in a language called Cadence. ICP began last week at $20.66, and is now trading around $27.02.
This week saw some significant movement in the cryptocurrency markets, with significant spikes in social interaction and network activity. Here’s a look at some of the most popular coins that are worth keeping an eye on.
ICP saw a rise of 1800% in network activity by 2022 and a price increase of around 30%. The ICP project has seen a lot of development, including partnerships with Sony Network Communications, to support Web3.0 applications.
Astar (ASTR) has seen a 38% jump in its value following the announcement of a partnership with Sony Network Communications. The incubator program will support projects utilizing Web3.0.
Stacks (STX) had more than doubled in price, due to its abundance of developers and 35,000 smart contracts being used. The project is signalling optimism for the future and is currently trading around 73 cents, up from 30 cents.
Finally, VeChain (VET) has seen its ecosystem grow with the launch of new dApps and features, such as a social media login for the NFT Marketplace World V. The project is also decentralizing its core Thor’s governance model, with the announcement of the 2023 election committee on Feb. 28. VET is currently trading at 0.03 cents, up from the 0.02 cents it was at the beginning of the week.
