What’s Driving the Surge in Utility Tokens?
The post What’s Driving the Surge in Utility Tokens? appeared on BitcoinEthereumNews.com.
Utility coins like XLM and VET have registered significant gains recently. XLM surged 630% while VET gained 330% in the past few weeks. Proposed Fed adoption and retailers’ activity triggered a recent surge in utility tokens. Utility coins such as Stellar (XLM) and VeChain (VET) have seen remarkable growth during the latest cryptocurrency market rally, which has been largely driven by Bitcoin. While Bitcoin recently hit a record high of $100,000, XLM and VET delivered significantly higher percentage gains, grabbing the spotlight in the crypto community. Utility Tokens Like XLM, XRP, and VET Outpace Bitcoin’s Gains Since the start of the bull run, XLM surged by an impressive 630%, far outpacing Bitcoin’s 55% rise. Similarly, VET climbed by nearly 330%, offering retail investors nearly six times the returns Bitcoin provided over the same period. This stark difference in performance has sparked growing interest in utility tokens and their role in the evolving crypto market. Why Utility Tokens Are Stealing the Show Crypto analysts noted that recent market trends show retail traders leaning toward established utility tokens from previous bull cycles, such as XLM and VET, over newer cryptocurrencies. These older tokens provide a sense of reliability for investors, given their track records and historical price behavior, which support higher confidence in profit targets. Stellar (XLM) received an extra boost after reports suggested that the Federal Reserve is exploring both XLM and XRP as part of the blockchain infrastructure for its FedNow payment system. This news has been a significant driver of XLM’s price surge, encouraging optimism among investors. XRP and VET Rally With Growing Optimism Following in XLM’s footsteps, XRP posted a 478% gain since the beginning of November, climbing past levels last seen in 2018. Analysts believe XRP could still test its all-time high of $3.317 as bullish momentum…
Filed under: News - @ December 9, 2024 10:24 am