Top Crypto Gainers: Manta Network, Sui Lead with +30% Gains
Last week, the crypto market took investors on a wild ride, with major news stories fueling high levels of volatility. Bitcoin experienced much volatile trading to reclaim the key $42,000 mark over the weekend, even as Ethereum holds above $2,200.
As we set forth into a brand new week, we’re glad to see the Crypto Fear & Greed Index improve to 55 after dipping to 50 last week. Here's a wrap-up of the top headlines and biggest gainers that have helped bring back some cheer to crypto traders in the past week.
Top Crypto Headlines
Let’s start by recapping some of the biggest news headlines that moved the crypto market over the previous week:
BIS Explores RWA Tokenization, CBDC Projects
The Bank for International Settlements (BIS) Innovation Hub is advancing to the second phase of its central bank digital currency (CBDC) privacy testing and will initiate a blockchain-based tokenization project in 2024. The new project, Promissa, is a collaboration with the Swiss National Bank and the World Bank to develop a proof-of-concept platform for digital tokenized promissory notes, with the aim to conclude by early 2025. Meanwhile, Project Aurum, in partnership with the Hong Kong Monetary Authority, will continue researching the privacy of retail payments using CBDCs.
BlackRock’s Bitcoin ETF AUM Soars
BlackRock’s spot Bitcoin ETF saw its assets under management (AUM) surge to $2 billion last Friday after buying 4,300 BTC last week. This brings the IBIT ETF’s Bitcoin holdings up to almost 50,000 BTC since its launch on January 11, 2024. The top nine spot Bitcoin ETFs recently approved by the SEC hold over 100,000 BTC within only seven days of trading.
SEC Delays Decision on Spot Ethereum ETF
Speaking of the SEC and ETFs, the US Securities and Exchange Commission (SEC) has delayed its decision on the approval of a spot Ether exchange-traded fund (ETF) from Grayscale Investments. It has opened the application to public comments. The SEC's decision to institute proceedings to determine whether to approve or disapprove a proposed rule change that would allow NYSE Arca to list and trade the Grayscale Ethereum Trust shares will extend the deadline for a decision by an additional 35 days.
Solana-based Jupiter Overthrows Uniswap to Become Leading DEX
Trading volumes on the Solana-based decentralized exchange, Jupiter, have surpassed those on Ethereum-based Uniswap, reaching $480 million in the last 24 hours. This surge in activity was largely driven by traders swapping stablecoins and trading a new memecoin called "Wen." The majority of the trading volume on Jupiter was from Solana, accounting for $191 million of the total daily volume.
The Crypto Market’s Top Gainers
Take a look at the top five best-performing cryptocurrencies from last week:
Manta Network (MANTA)
This privacy-focused Ethereum layer-2 network surged over 39%, buoyed by rising demand for anonymity solutions in the wake of regulatory concerns. Its native token, MANTA, saw increased usage for privacy-preserving transactions.
The Manta team announced new partnerships and upcoming protocol upgrades, demonstrating continued progress and building confidence among investors. The launch of Manta Private Farm, a DeFi platform for private lending and borrowing, further bolstered the value proposition of the network.
Manta Network also airdropped tokens to early supporters and community members last week. This distribution sparked interest in the project and attracted new investors to the platform, leading to increased buying pressure on MANTA.
This new Layer 1 blockchain focused on scalability and developer experience garnered attention with its upcoming devnet testnet launch, scheduled for early February. SUI's potential for faster and cheaper transactions attracted investors, pushing its price up by over 35%. This generated significant excitement among developers and investors eager to experiment with the platform's innovative features.
Sui's development is backed by Mysten Labs, a team with a proven track record in blockchain technology. Additionally, collaborations with prominent organizations like Coinbase Cloud and Alchemy further reinforced the project's potential and attracted institutional interest.
Conflux's 33% price jump last week can be attributed to its partnership with Tencent Cloud, a leading Chinese tech giant. This collaboration grants Conflux access to Tencent's vast network of developers and resources, opening up immense possibilities for adoption within the Chinese market.
Beyond the Tencent partnership, Conflux delivered positive updates on its mainnet migration and ecosystem development. The successful upgrade to v2.0.0 and increasing DeFi activity on the platform further strengthened investor confidence.
The Helium network, powering decentralized communication infrastructure, saw its token HNT appreciate 23%. Helium announced plans to launch its 5G network in 2024, promising faster speeds and broader connectivity for IoT devices. This news generated significant excitement among investors, anticipating greater network utilization and potential new revenue streams for HNT token holders.
Telefónica, a major telecom company, partnered with Helium’s developer Nova Labs to utilize Helium's hotspots for mobile coverage in Mexico. This strategic alliance expanded Helium's reach and validated its technology, further contributing to the surge in HNT price through increased network activity and investor confidence.
Beyond the 5G announcement and the Heium-Telefónica partnership, Helium delivered consistent progress on various fronts. This included the successful deployment of thousands of miners in new locations, ongoing partnerships with major players like DISH Network, and the continuous development of the Helium software stack.
Axie Infinity's sidechain blockchain, Ronin, witnessed a 12% rise in its RON token value. Recent developments within the Axie Infinity game itself sparked renewed interest and activity. This included:
- Pixels Launch: The launch of Pixels, a new play-to-earn game on Ronin, boosted transaction volume and user engagement within the network.
- Land Gameplay Expansion: Updates to the Axie Infinity land system, introducing resource gathering and crafting mechanics, creating additional utility for RON tokens within the game's economy.
- Community Events: Various contests and tournaments within the Axie Infinity ecosystem drove active participation and increased RON usage for rewards and transactions.
The upcoming shift of Ronin from its current proof-of-authority (PoA) consensus mechanism to a decentralized proof-of-stake (DPoS) model in April 2024 has also generated confidence in the $RON token. This transition is expected to improve scalability, security, and user governance, contributing to the Ronin blockchain’s long-term sustainability and attractiveness.
Top Crypto Market Trends to Watch This Week
Mark your calendars for the following events in the crypto market in the coming days:
- Stellar (XLM): Vote for Stellar Mainnet upgrade to Protocol 20 on January 30, 2024, which will bring smart contract functionality to the blockchain.
- Casper Network (CSPR): The Casper team will go live on Discord on January 30, 2024, at 5:00 PM (GMT) to discuss community and technical updates.
- Ethereum Classic (ETC): The Spiral Network upgrade will be activated on the Ethereum Classic blockchain at a block height of 19,250,000 on January 31, 2024. The SPIRAL Upgrade will bring the ETC Network to parity with upstream EVM standards and facilitate smart contract development and migration.
Despite the turbulence, last week showcased the crypto market's potential for both dramatic swings and surprising gains. As major events unfold this week, investors should stay informed and exercise caution while trading the market-moving news and updates from the crypto world in the coming days.