Three Cryptocurrencies Have Increased More Than 200% in a Month

As of March 2, 2023, the data show that the prices of three cryptocurrencies rose by more than 200% or 3 times in the last month. It was about the top 100 digital assets based on their total market value. Two of the three virtual currencies on this list are new because their prices have grown so quickly in the past 30 days.

Three Cryptocurrencies That Went Up

The leader became the strange Conflux (CFX). Its creators signed a deal with China Telecom to work together, and they said they would start making universal SIM cards based on blockchain technology. After hearing this, investors started to buy a digital token. Even though its rate went down by 27% in the last week, it was still 324.35% higher than it was a month ago. The price of the cryptocurrency was $0.233, and its total supply was set at $589.96 million. This put it at number 80 on the list of the best.

In terms of how much money they made each month, Stacks came in second (STX). During the reporting period, its rate went up by 249.88%. On both centralized and decentralized exchanges, it was possible to buy a digital asset for an average price of $0.925. The asset was given a value of $1.26 billion, which was set in stone. On the list, the virtual currency was in 42nd place.

The launch of the Ordinals protocol and the ability to make non-fungible tokens (NFTs) on the Bitcoin network led to these changes.

In the last 30 days, the SingularityNET (AGIX) cryptocurrency has grown by 205.72%. Its price stayed at $0.518, which gave it a capitalization of $624.76 million and 78th place on the list of the top virtual currencies. The buzz around artificial intelligence (AI) and the launch of the ChatGPT bot by developers from OpenAI made people interested in the digital asset.

How to figure out the price of a cryptocurrency?

The ratio of supply and demand is the most important and makes the most sense. The course will get bigger because there is more demand for concrete. So, if there is less demand, the price will start to go down, making it more appealing to investors. At this point, it’s important to think about the project’s chances and whether or not you need to put your own money into it.

Based on this, it seems reasonable to ask if the cost increase is caused by the project getting more attention. In fact, a “bull” or pumper is often behind a sudden rise in the price of a cryptocurrency. This is a representative or market player with a lot of assets who buys and sells orders right away, causing the price to go up to its highest level. The job of the pumper is to make it look like the coin is growing quickly so that new traders will buy it as soon as possible. Then, when things are at their busiest, there is an artificial collapse and dumping of coins, which makes the course as short as possible.

The described process can also happen on its own, but this happens less often than the work of pumpers. Traders who have done this for a long time can tell the difference between a rate correction and a sinking or sharp drop.

How coins are given out and what they can be used for

Decentralized projects are the safest ones. Roughly speaking, a company won’t be able to create an artificial hype if it only has a small amount or none at all of the chosen cryptocurrency quotes. Not all centralized systems are bad. Most of the time, its presence shows that the development is safe. At the same time, the company in charge of the project might guess how much it will cost.

Another thing to think about is how useful the coin is. If the project promises a result and really helps, it has a chance of going forward.

The Bottom Line

Many new traders want to know how the price of a cryptocurrency is set and what factors affect it. In fact, digital assets are not backed by gold or any other metal and are not regulated by the government.

It’s easy to answer this question. How much it costs depends on how many people want to use it. Simply put, the price of a crypto asset will depend on how much people are willing to pay for it. There are also a number of things that can affect the price of a coin both directly and indirectly.