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As the rise of Bitcoin, among other events, sends the cryptocurrency market skyrocketing, what will become of the altcoin market?
Most of the world’s economy has faced a global crisis in recent years, with skyrocketing inflation rates in most parts of the world. Many major currencies around the world have suffered as a result, with growth rates slowing to an alarming rate. On the other hand, the cryptocurrency sector has remained resilient.
Currently valued above $2.5 trillion, the cryptocurrency market is currently on the rise, with new tokens flooding the market regularly. Bitcoin (BTC), at the forefront, boasts a market capitalization of over $1.2 trillion. But what does this mean for the altcoin market?
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The altcoin market has continued to grow with the increasing number of new tokens flooding it. Thanks to this expansion, tokens such as Avalanche (AVAX), Toncoin (TON), Injective (INJ) and Maker (MKR) have seen significant increases in value. Furthermore, the latest arrival on the market, KangaMoon (KANG), has exceeded expectations, already rewarding first-time buyers in only its fifth pre-sale phase.
KangaMoon (KANG) stands out in the cryptocurrency market with a new partnership
Since the start of its pre-sale campaign, KangaMoon (KANG) has continued to remain strong among other meme tokens. In particular, KangaMoon’s immersive game called “Kangaverse” seamlessly integrates elements of GameFi and SocialFi’s play-to-earn model, offering not only premium entertainment but also financial incentives for active participation.
By participating in battle-themed contests and periodic challenges, users can earn various rewards, usually in the form of KANG tokens or other valuable in-game items, all of which can be traded in a dedicated market. Additionally, KangaMoon offered profits to its early buyers following the surge in value of its native KANG token.
With the KANG price rising from an initial price of $0.005 to $0.0196 in the fifth pre-sale phase, early buyers have now locked in up to 290% profit. Meanwhile, KangaMoon takes a community-driven approach and already boasts a growing community of over 20,000 registered users, including over 6,000 token holders.
In an effort to expand further, KangaMoon recently partnered with RaidSharkBot, an engagement bot that would accelerate engagement and participation levels in the altcoin market. This comes in KangaMoon’s bid to reach the $7 million funding milestone, just after reaching $6 million. As KangaMoon continues its impressive rise, analysts are touting it as one of the best altcoins to buy.
Injective (INJ) gains momentum after a 200% increase over the past year
After a 200% increase over the past year, Injective (INJ) has seen an increase in its trading volume, with traders and cryptocurrency enthusiasts flocking to the token’s network. Although the token’s previous price action has given way to optimism among market analysts, many of whom are predicting a rise for the altcoin. Although it has fallen by around 35% in the past month and by around 15% in the past week, the token’s previous price action has given way to optimism among market analysts, with many predicting upside for the altcoin.
Additionally, with the rate of adoption and growing buyer interest in Injective, analysts have touted its rise to become one of the best altcoins to buy. Currently trading at a weekly price range of $28.0 to $29.2, Injective also boasts a market capitalization of approximately $2.2 billion, a testament to its expanding ecosystem.
Toncoin (TON) witnesses massive adoption with its communication solution
Toncoin (TON) has seen a surge over the past year, up approximately 137%. Since then, the token has seen an influx of traders and cryptocurrency enthusiasts, many of them vying for a place in its network. Despite declining by 8% and 1% in the last week and month respectively, Toncoin has seen an impressive increase in its trading volume, indicating mass adoption and purchasing of the TON token.
Emerging as a decentralized network, Toncoin aims to revolutionize communication between people on the Internet. With blockchain technology and unique peer-to-peer protocols, Toncoin creates a reliable and secure platform for communication, including calling and video sharing. Currently trading in a weekly price range of $5.66 to $5.95, the developing Toncoin ecosystem holds the potential to become a major cryptocurrency in the altcoin market.
Avalanche (AVAX) Set to Mirror Previous Price Rises as Altcoin Market Grows
One of the most popular and largest cryptocurrencies in terms of market capitalization, Avalanche has been making rounds in the cryptocurrency market following its meteoric rise over the past year. With an increase of around 87%, Avalanche (AVAX) has continued to attract the attention of cryptocurrency traders and cryptocurrency market enthusiasts.
However, like most tokens, Avalanche has succumbed to the bear market state with a decline of around 39% over the past month and nearly 16% over the past seven days. While these are challenging times for the AVAX token, market observers are optimistic and expect the token to mirror its previous price increases as the altcoin market grows. With a market capitalization of approximately $12.3 billion and rapidly growing trading volume, Avalanche has shown its growth potential in the coming months.
Maker (MKR) Succumbs to Volatility Despite Yearly High
Riding a high of 280% over the past year, Maker (MKR) has cemented itself as a mainstay cryptocurrency in the altcoin market. However, due to the unpredictability and volatility of the cryptocurrency market, Maker has fallen by 27% in the last month and by around 6% in the last seven days.
While this highlights the bearish tendencies of the MKR token, it also suggests an imminent rise in the cryptocurrency. Currently trading at a weekly price range of $2,862 to $3,140, this token is one to watch out for in the coming months.
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