Tue, Dec 03 2024
Strong dark horses in today's cryptocurrency rally are Theta, Pyth, and Stacks, which have emerged as the top gainers among the top 100 cryptocurrencies by market capitalization. All of them are following PEPE, a memecoin that has had an incredible 55% increase in the past day.
The market capitalization of all cryptocurrencies increased by an astounding $155 billion in the last day alone, which coincides with the rise in altcoins. Though Bitcoin has always been the main attraction—it's currently on fire due to spot ETF inflows and the halving scheduled for next month—Ethereum has also been gaining traction and institutional interest, maintaining its own bullish trend and adding to the positive momentum of the market as a whole.
With a phenomenal 73.7% increase in the last seven days and a 23% jump in the last 24 hours, Theta (THETA) has been the second-best performing token among the top 100. From its $1.10 pricing seven days ago, the token's price has increased significantly, rising from $1.60 to $2.20 in the last 24 hours.
THETA, the staking and governance token, and TFUEL, the gas utilized for all transactions and on-chain smart contract interactions, are the two native cryptocurrencies used by Theta, a layer-1 blockchain and decentralized infrastructure for video and entertainment use cases. Even with a smaller market capitalization, TFUEL has increased by 7% in the past day, from $0.054 to $0.060.
This optimistic attitude appears to be being driven by the excitement surrounding Theta's impending EdgeCloud phase, which is scheduled to start on May 1. The AI computing architecture of EdgeCloud has a long history of development, and traders seem to be hopeful about the potential influence this technology may have on the network's ecology.
With a growth of 22.5%, Pyth Network (PYTH) has taken the third place among the top gainers. After starting the week at $0.55, the coin saw a reasonably stable week before surging to $0.70.
Across more than 40 blockchains, Pyth is an oracle network that provides financial dApps with real-time market data. It offers more than 380 low-latency price feeds for stocks, bonds, exchange-traded funds, and cryptocurrencies, among other financial products. The coin's popularity and, most likely, price have increased since it was recently announced that real-time price feeds for Bitcoin exchange-traded funds (ETFs) would be made available.
Last but not least, in the past day, Stacks (STX) has increased by 12.7%, from $2.75 to $3.11. The coin hit a daily high of $3.20 and then leveled off at its present value.
By providing a Bitcoin layer for smart contracts, Stacks enables decentralized apps to settle transactions on the Bitcoin blockchain and use Bitcoin as an asset.
The worst-performing cryptocurrency in the top 100 is Worldcoin, which has dropped 10% in the last day. Given the extraordinarily bullish surge in the preceding days, a correction may have been overdue. At the now, the token trades for about $7.30 per token and is still up 14% according to weekly candlesticks.
Despite today's robust and positive weekly performance, Depin and AI tokens are both down. Near Protocol down 4.7% to hit $3.90, Filecoin is down 6% and trading at about $7.60, and SUI and Singularity Net are down 8.6% and trading at about $3.90.
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