Based on the February success of several cryptocurrencies, it seems clear that the downward trends experienced as of late may be finally turning around.
Impressively, the overall value of cryptocurrencies, in general, rose to over 14 percent, and that increase was the result of a single month’s activity. It had been nearly nine months since the last gains, so this comes as a welcome turn of events.
The gains are a result of many factors, but most notably, recent Bitcoin movements have fueled more activity on all other fronts as well.
A few of the names that have enjoyed the boost provided by Bitcoin the most are Enjin, Theta Token, Maker, and Metronome. All of which saw gains in the double digits.
Maker (MKR), the most successful of the lot, is a large-cap cryptocurrency with a market cap reaching beyond the $500 million marks. The other currencies on this list have cap classifications ranging from micro-cap to small-cap to mid-cap, sitting at less than $10 million, less than $100 million, and $100 to $500 million respectively.
For the month of February, the best performing cryptocurrency from the micro-cap classification was Metronome (MET). MET enjoyed an impressive 44.38 percent hike in prices. Trailing just behind at nearly 42 percent was Numariarire (NMR). As promising as these increases are, however, it is important to keep in mind that the lack in volume associated with the recent price changes points toward a possible false breakout.
Among small-cap coins, Enjin Coin (ENJ) came out ahead of the pack for February. The monthly performance of the virtual goods coin clocked in at over 180 percent for the month. Unlike the lack of volume found at the top of the micro-cap category, ENJ also enjoyed one of its highest trade volumes ever, with numbers exceeding 244 million. Much of Enjin’s success during February is due to the recent talk of a deal with Samsung.
Theta Coin (THETA) was one of the best in the entire market during the month, closing at over 167 percent. For the mid-cap category, the next best performer, Ontology (ONT), was still far behind Theta coming in at just under a 65 percent price increase.
One of the things that makes Theta such a powerful force within the cryptocurrency market is that it provides a network that allows decentralized app development, streaming, and other forms of entertainment. As the projects built within Theta’s ecosystem continue to climb in popularity, so does the value of the coin.
As previously mentioned, the best performer for the large-cap cryptos was Maker (MKR). Throughout February, Maker was able to achieve a price hike of more than 83.5 percent, closing at $675 at the end of the month.
It is important that Maker is second in market value only to Bitcoin, which puts it in league with the heavy hitters. MKR is, in fact, comprised of MakerDAO and Stablecoin Dai (DAI) and much of the value is connected to the loans tied to Maker DAO. In a nutshell, it spells stability and growth and investors are eyeing Maker very closely as a solid bullish trend seems to be imminent.