Cryptocurrency Market Analysis: 5 Biggest Gainers of February 2021
Mar 02, 2021 at 10:16 //
NewsIn February 2021, we have seen several institutional investors like Elon Musk CEO Tesla, businessmen like Bill Gates and billionaires like Rakesh Jhunjhunwala, influence the price of cryptocurrency and the entire market.
Their participation in the industry triggered both a bullish and bearish market for cryptocurrencies. Surprisingly, in the past 30 days, Bitcoin’s value gained by over 41% but it is not among the top 5 crypto gainers of February 2021.
The month of February has been one of the historical trading periods for Bitcoin. It is in this period that Bitcoin traded bullishly to hit and surpass the $58k cap for the first time. The world’s original cryptocurrency recorded a new all-time high (ATH) of about $58,330 (Feb 21, 2021) and its low was $32,270, according to the data by CoinMarketCap (CMC). Bitcoin started February changing hands at around $35524 and closed the month trading at around $46384. For the past one year, BTC’s price has gained by about 445%.
At press time, BTC/USD is standing at about $46,167 (+4.45%), and this indicates a drop of about 20.7% since Feb 21 when it touched its ATH. Bitcoin’s market cap (MC) is at $861.273 billion and the 24h volume is at $49.88 billion. It is anticipated by cryptocurrency analysts that the price of BTC could skyrocket and touch the price cap of around $300,000 before the closure of 2021.
Let’s now look at the top 5 crypto performers of February 2021 among the top 100 cryptocurrencies in the entire market.
PancakeSwap
PancakeSwap (CAKE) is a distributed exchange for exchanging BEP20 coins on Binance Smart Chain, and it uses an automated market maker (AMM) model which enables customers and traders of PancakeSwap to trade against a liquidity pool.
Today’s CAKE price is $10.7 with a 24h trading volume of over $368 mln. PancakeSwap is up 628.33% in the past 30 days. The present CMC ranking is #50, and it has a live MC of $1.355 bln and a circulating supply of about 126,740,274 CAKE coins.
PancakeSwap is currently traded in different crypto exchanges such as KuCoin, Binance, MXC.COM, BKEX and many others. This has helped it to be easily accessed to its users and the entire market at large, and in the process, it has contributed much towards registering bullish trades in February.
Its record high and all-time low (ATL) is at $21.41 (Feb 19, 2021) and $0.198 (Nov 03, 2020), respectively. Since touching its ATH, Venus has dropped by around 50.28 percent.
Venus
The current price of Venus (XVS) is standing at about $50 with a daily volume of $152 mln. XVS is up by 542.38% in the past 1 month. Its current CMC ranking is #97, with a live MC of $421.996 million. Venus currently has a circulating supply of 8,682,396 XVS coins (29%) plus a maximum supply of 30,000k XVS coins.
It is being traded on several crypto exchanges such as Gate.io, Binance, MXC.COM, Bithumb Global, VCC, and many others. Its ATH and all-time low (ATL) is at $101.51 (Feb 19, 2021) and $2.07 (Nov 04, 2020), respectively. Since touching its ATH, Venus has dropped by more than 50.5 percent.
Polygon
For the last 1 year, the price of Polygon (MATIC) has managed to increase by about 1195.67%, and during February, the MATIC coin gained by around 478.01%.
At press time, MATIC/USD is changing hands at around $0.24 (+31.87%), with a market cap of $1.191 bln and 24h volume of $812.4 mln. Its ATH and ATL is $0.2473 (March 1, 2021) and $0.003 012 (May 08, 2019), respectively. MATIC is traded in a variety of exchanges including CoinTiger, VCC Exchange, FTX, and others.
MATIC Network rebranded to Polygon to mend user experience. It is now a scaling solution for the Ethereum Network. Meaning that it enables Ethereum-based transactions to be conducted within the shortest time while deploying innovative protocols to enhance user experience across a variety of DApps (decentralized apps).
Ravencoin
For the past 12 months, the price of Ravencoin (RVN) has registered a massive gain of around 523.92%, and during February, the RVN managed to trade like a hot cake and its price plunged by about 442.17%.
Currently, RVN/USD is changing hands at around $0.1641 with a 24h increase of 30.91%, with an MC of more than $1.35 billion and volume of $603.3 mln. The ATH and ATL for Ravencoin are $0.2854 (Feb 20, 2021) and $0.008794 (Mar 13, 2020), respectively. The price of RVN has plummeted by around 42.87% since touching its recent ATH last month.
At press time, MATIC/USD is changing hands at around $0.24 (+31.87%), with a market cap of $1.191 bln and 24h volume of $812.4 mln. Its ATH and ATL is $0.2473 (March 1, 2021) and $0.003 012 (May 08, 2019), respectively. The coin can be accessed in crypto-exchanges like ZG.com, Binance, VCC Exchange, and others.
Binance Coin
A few hours ago Binance Coin (BNB) was in the #5 rank by market cap. Currently, Binance Coin is in the #4 rank, with an MC of over $35.438 billion and 24h trading volume of $3.329 bln and is being traded on various exchange platforms at around $229.49 (+10.73%).
The BNB started February trading at $51.08 and closed it changing hands at about $218.35. Over the past 12 months, the BNB price has increased by more than 1050%.
Binance Coin moving like a wildfire, it has surpassed Tether and is now posing to be a major threat to Cardano. The MC for Cardano is $41.350 billion. Meaning that BNB needs to gain in MC by just $6 bln to surpass ADA and occupy the 3rd rank.
OhNoCryptocurrency via https://www.ohnocrypto.com/ @coinidol.com By Coin Idol, @Khareem Sudlow