Bitcoin record-breaking rise to $48k with the Tesla news served as a driving force for many altcoins. Matic, AVAX, BNB, QTUM, and CAKE took flight.
What are the developments that led to higher prices for Polygon (MATIC), Avalanche (AVAX), Binance Coin (BNB), Qtum (QTUM) and PancakeSwap (CAKE)?
On February 9, Matic announced that it would rebrand its name to Polygon. Polygon brings technological innovations to build networks compatible with the Ethereum blockchain. Now Polygon users can make improvements that are more compatible with Ethereum.
Polygon partnered with NFT and digital product marketplace Doki. Integration was achieved with Dcent, one of the platforms of fashion and NFT collectors. Polygon has partnered with GUM Pad, which speeds up transactions with decentralized projects and reduces cost. Defi-based Cometh game, also joined The Polygon network.
Matic, which has a market capitalization of $ 622 million, rose 204% on a weekly basis. The cryptocurrency rose to $ 0.141 on February 10.
A bridge was established between Avalance and Ethereum networks. This allows you to switch between two networks.
Av has partnered with Avalance along with digital asset infrastructure provider Copper. This partnership aims to facilitate corporate investments.
A decentralized exchange called Pangolin was established on Avalanche to exchange Avalanche and Ethereum assets. The exchange is promising low transaction fees and fast transactions. OKCoin listed Avax.
AVAX rose 283% in the week to an all-time high of $51.89 on February 10. AVAX has reached a market capitalization of $ 4 billion.
Binance Coin (BNB)
Binance exchange traffic has risen to all time high and continues to be the top exchange with highest trading volume. BNB has a quarterly burning program that burn BNB coins worth million of dollars, reducing BNB supply.
Binance Smart Chain exceeded the number of daily transactions than Ethereum. Binance launched staking service for ADA and ATOM.
BNB, which has a market capitalization of $19 billion, rose 154% weekly and 204% monthly. BNB, which makes ATH at $ 147.36, is up 37% in 24 hours.
QTUM, is listed on cryptocurrency exchange Gate.io.
Qtum, along with new updates, aims to enable users to make transactions more secure, cost-effective and faster than Ethereum. Qtum’s qiswap project continues to grow with over 3 million Qtum stakes. Qtum announced that grant support for the DeFi and NFT projects would continue.
QTUM rose by 90% in one week. The 24-hour trading volume of the cryptocurrency, which has a market capitalization of $ 704 million, is $1.4 billion.
Pancake surpassed Sushiswap with a transaction volume of $536 million in 24 hours. PancakeSwap announced that it would award $1 million in the rewards.
PancakeSwap was the fastest growing automated market maker (AMM) compared to Uniswap and Sushiswap. Users will now be able to create an NFT profile with PancakeSwap.
CAKE, which rose 141% in one week and 946% in one month, rose to $8.13 on February 10. Cake has a market capitalization of $719 million, while its 24-hour trading volume is $ 257 million.
Originally published at https://thecryptobasic.com on February 11, 2021.
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Main Reason Of 5 Altcoins That Took Flight With The Bull Season was originally published in The Capital on Medium, where people are continuing the conversation by highlighting and responding to this story.