Top Crypto Gainers on 20 February – AR, FIL, and KAS
Bitcoin's persistent rally and the increase in the general crypto market capitalization play positive roles in the performance of several altcoins today. BTC is targeting the $60,000 mark, which currently ranges between $51,000 and $52,000.
Also, the overall crypto market cap has been at $1.97 trillion in the last 24 hours.
Moreover, many altcoins are also confirming this uptrend with notable increases within 24 hours. Today, February 20, AR, FIL, and KAS are among the top gainers.
These coin's value increase is also supported by exciting developments within their various ecosystems, leading to increased investment and adoption.
As with all digital currencies, market value oscillates in no time and deviates from expected trends.However, the outstanding performances of these altcoins highlight the diverse dynamics driving the crypto sector.
Arweave (AR) - Decentralized Network for Indefinite Data Storage
At 7:02 am EST, Arweave (AR) trading price is $16.19, with an increase of 23.74%. Also, its trading volume is at over $136.6 million, up by 236.14% within the same time frame.
Besides the overall market surge, AR is likely gaining because of the Live Testnet unveiled within its ecosystem.
On February 12, a verified developer on Arweave, @samecwilliams, tweeted about the project @ArweaveEco has been working on.
@ArweaveEco has been building something incredible:
A hyper parallel computer living inside Arweave.
PoS computation that lets any number of processes execute in parallel.
Oh, and it offers temporary storage.
All on Arweave.
Testnet: Live.
Join us: 2/27.@aoTheComputer. pic.twitter.com/9he989YvHx
-
sam.arweave.dev (@samecwilliams) February 12, 2024
He highlighted significant developments within the Arweave ecosystem, particularly the introduction of ground-breaking features like a hyper-parallel computer and Proof-of-Stake (PoS) computation.
These innovations allow for multiple processes to run concurrently and offer temporary storage, all hosted on the newly launched Testnet.
Furthermore, @samecwilliams emphasized the platform's impressive performance, noting its proximity to achieving the highest sustained throughput for a public blockchain.
Unlike the Solana blockchain, which confirms around 500 transactions per second (TPS), Arweave has already exceeded 1,000 TPS for short periods.
This suggests that Arweave is rapidly approaching sustained scalability, indicating further growth potential. The network's unique approach to bundling storage payments and service provision removes traditional scalability constraints and puts it apart from other projects in the crypto space.
This tangible scalability feature challenges industry norms and perceptions, potentially reshaping views within the crypto community. As Arweave continues to demonstrate its capabilities and innovation, it is garnering attention and positioning itself as a leading player in the crypto space.
These developments, coupled with the platform's potential to redefine real-world TPS, likely contribute to an increase in the price of the $AR token.
Accumulation of AR Token Continues - Will the Price Rally Continue?
AR's bullish momentum is posing prevalent in the market today. The trend in the short and long term is bullish, considering the series of higher highs and higher lows in the chart above.
Also, the positive sentiment and excitement garnered from the live Testnest and the improved scalability of the network are evident on the green consecutive candle sticks.
Investors are optimistic, thus entering the market with BUY orders as they anticipate massive ROI in the coming days to weeks. The coin is trading above the upper Bollinger band, which served as a resistance level.
This breakout indicates an increase in buying pressure and suggests more rallies. As such, AR could reach $17 in the coming days.
Again, the On Balance Volume (OBV) is pointing up, showing increased accumulation of the AR token.This confirms the optimism of investors in the market for the coin.
These factors could keep the coin's price rising to the $17 level and potentially above the $18 mark.
While AR is poised to reward investors with massive gains in the long run, the diverging Bollinger band hints at an increase in volatility for the coin.As such, traders and investors should implement adequate risk management practices to be on the safer side if a dip occurs.
Filecoin (FIL) - Decentralized System for Storing Humanity's Most Vital Information
Filecoin is a decentralized platform designed for storing and retrieving digital data securely and efficiently.On Filecoin, developers have the freedom to create cloud storage services akin to popular platforms like Dropbox or iCloud.
This means individuals can store their data or even earn money by providing storage space to others.
Secure, scalable, unstoppable: that's #Filecoin.
In 2023, Filecoin's stored data volume skyrocketed by 3.8x, reaching a whopping 1,800 PiB with significant contributions from non-Web3 players.
How large do you think Filecoin's data storage will be by the end of 2024? https://t.co/U0dBltgzR3
- Filecoin (@Filecoin) February 20, 2024
The network's native token, $FIL, is gaining today by 18.65%. It is trading at $7.88, and its 24-hour trading volume is also up to over $1.23 billion, with a tremendous 220% increase.
This spike could be attributed to the unique utility of the network and its emphasis on scalability and efficiency in addressing the challenges of traditional file storage methods.
Also, the combination of technological advancements and integration with the IPFS positions Filecoin as a fascinating investment opportunity, likely contributing to its price pump today.
FIL Breaks Upper Bollinger Band Resistance - Can This Support Trigger More Rallies?
In the chart above, FIL is trading above its Bollinger Bands, indicating a breakout above the dynamic upper band resistance. Furthermore, the coin has recorded 4 consecutive green candlesticks, indicating increased buying activities in the last four days.
Again, the OBV indicator at 28.846M is climbing up, hinting at ongoing token accumulation. As investors and traders remain positive on FIL's price, more token accumulation could drive the OBV to the 30M level.
However, investors should watch the Bollinger Band, indicating increasing FIL market volatility.
Kaspa (KAS) - The Home of The GHOSTDAG Protocol
Kaspa's price surged to over 18 cents in the early hours of trading, hitting a new all-time high. As of 7:21 am EST, the price rose 3.29% to $0.18 with a 24H trading volume of $115.9 million, also up by 78.36%.
The token's momentum seems unstoppable as bullish investors are putting in significant effort to maintain the high price and keep setting new records.
Recently, Kaspa's price movements have been marked by large price swings, with the formation of a long-legged Doji candlestick on the daily chart.
True #Grit! A great description of the Kaspa community.#Courageous #Resolute#StrongCharacter #Resilient #Passionate#Kaspa $KAS pic.twitter.com/9R6Ns9Rbbb
- Kaspa (@KaspaCurrency) February 19, 2024
This candlestick pattern at the top of the coin's uptrend suggests that the forces of supply are kicking.So, a reversal in the trend to the downside could commence, which means the sentiment in the market may shift soon. To get a clearer picture, let's check KAS's technical analysis to know what's in store for its price.
KAS Commences Red Candle Stick Formation - Are The Bears in Action?
Considering the latest price action, Kaspa (KAS) has stepped above several altcoins in the market. However, the bearish incoming attempts are threatening its uptrend today. The coin has commenced a red candle stick formation in the chart above, indicating an increase in selling activities.
Again, the Relative Strength Index (RSI) at the overbought region (above 70) is plunging to the neutral level, confirming the impact of the bears today.If the selling pressure remains prevalent, then the RSI at 78.51 could plunge to 50 or potentially to the oversold zone (below 30).
Moreover, KAS is still below its upper Bollinger Band resistance, a supply zone that could trigger more dips in price over time.Combining these indicators, KAS is preparing for a bearish ride in the coming days.
Profit-taking investors can join this downtrend with short positions to make the most out of it.
However, considering the dynamic support levels at the middle and lower Bollinger Bands, bullish traders can wait for the price to reach these levels first before exiting, as a trend reversal could occur in between.
Meme Kombat (MK) - The Gaming Ecosystem For Exciting RewardsI step away for a quick breakfast and we pass $9.6 million
At this rate we're locked in for a finish later today
pic.twitter.com/IDIBN2JZIb
- Meme Kombat (@Meme_Kombat) February 20, 2024
Meme Kombat is an exciting new blockchain gaming project where gamers can earn $MK tokens directly from gameplay.
The $MK token powers the gaming and battle arena, where users compete with their favorite meme characters for exciting rewards. Remarkably, it operates on the Ethereum network and is decentralized, giving users a more satisfying experience.
Utility of $MK tokens$MK is not a memecoin but a utility-based token used for staking and wagering to earn rewards in the ecosystem.Currently, the token is on presale, and each token is worth $0.279. Over $9.73 million has been realized from the presale target of $ 10 million.
Also, $MK holders can stake their tokens to receive a share of the staking rewards on the platform.
Meme Kombat Betting Will Attract High-Stake GamblersThe thrill of Meme Kombat gameplay is that it is quite unpredictable and controlled with artificial intelligence.So, the randomness of the outcomes makes it quite thrilling to users who can wager on the outcomes through several options, such as player versus player-betting.
If a bet is successful, then users earn rewards as $MK tokens. This will likely attract more gamblers to the ecosystem and boost its value.Also, with a variety of options like side action betting, users can bet on several aspects of the game, such as first moves and battle events.
According to YouTube vlogger Zack Ventura, Meme Kombat is the next big thing for cryptocurrencies.Its presale is in the last stage, and a price increase for the tokens will likely occur after it is listed on exchanges.
Sponge V2 ($SPONGE) - The Return of a Community Favorite Crypto ProjectWhen they tell you to chill out on the damp
$SPONGE #SpongeV2 #Crypto #100x #AltSeason #Bullish pic.twitter.com/efMkVLY9lT
- $SPONGE (@spongeoneth) February 20, 2024
Sponge V2 is a utility-based memecoin that embraces the spirit of community and fun to reward its users.The project began at the peak of the memecoin season and rewarded initial investors who took a chance. Sponge V1 lacked true utility despite unwavering support from a vibrant community.
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So, the Sponge V2 introduces utility through its action-packed Play-to-Earn (P2E) weekly game. Additionally, users can earn rewards directly from this game in the form of $SPONGE tokens.
According to the developers, the goal is to absorb the damp (attract liquidity to the ecosystem) and achieve a remarkable market cap value.
So, $SPONGE will be listed on Tier-1 exchanges, which will likely increase its value once trading begins on those exchanges.
What The Crypto Community Is Saying About Sponge V2According to YouTube vlogger Crypto Dad, the Sponge V1 project was launched in 2023 and gave investors a 2,150% yield.Based on the positive response to V1, the analyst believes Sponge V2 will post bigger and better returns when listed on top exchanges.
Also, another analyst, Jacob Crypto Bury, claims that SPONGE is the next 100x cryptocurrency.These positive reviews confirm SPONGE's status as a top memecoin project in the crypto community.
Also, SPONGE will likely benefit from the improved outlook of the crypto market in 2024, with Bitcoin's rally causing altcoins to gain more.
Final ThoughtsPrices are relatively high in the crypto market today as Bitcoin approaches the $53,000 level again.The top gainers benefit from positive sentiments from investors who are currently in an accumulation phase.
However, cryptocurrencies are volatile assets. Therefore, investors must research properly and manage their risk exposure.
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