Zk-Based Altcoins Boosting the Crypto Space Despite the Bearish Market
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ZK or Zero-Knowledge rollups is a layer-2 scalable solution that offers quick transactions with minimal fees on the PoS blockchains by combining the on and off-chain processes. Many chains have adopted the rollups and their respective native tokens have swelled in volume and price in recent times.
Below mentioned are some of the popular altcoins, based on ZK-rollups that managed to surge with flying colors in the times when Bitcoin price has been negatively impacted by external factors.
Dust Network (DUSK)
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Dust Network is a Zero-Knowledge proof-based privacy blockchain for financial applications. The DUSK price rose iconically in the past few hours gaining more than 50% to mark new highs for 2023 beyond $0.21.
The trading volume of the token soared by more than 450% to soar beyond $54 million while the market cap jumped by more than 28% to hover above $85.8 million. After breaking out from the consolidation, the DUSK price is expected to remain elevated until the bears compel it to undergo a minor pullback.
Loopring (LRC)
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Loopring price, on the other hand, appears to have accomplished bullish engulfing and recovered all the loss incurred during the last trading day. The price bounced off the 200-day MA levels in the first few days of February and despite the bearish interference, the momentum remained bullish. Hence the LRC price recorded a jump of more than 20% since the early trading hours with a jump of 142.94% in the trading volume, uplifting the market cap above $522 million.
Mina (MINA)
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Mina was closer to loose all the gained value as the price remained bearish for the past couple of days. However, the bulls quickly jumped in action and raised the price beyond the previous day’s opening price, indicating the revival of a bullish trend.
Moreover, the MACD, a momentum indicator was about to flash bearish signals which were outpowered by the current bullish actions. At Present, the MINA price is around $0.9 with a jump of 13.91% with a huge surge in the trading volume of about 175%. Following the bullish trend the MINA price may even rise beyond $1 very soon.
Polygon (MATIC)
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Polygon has embarked on its own presence in the space by working hard to enhance the ZK-rollups. The platform has also upgraded its rollups to become compatible with EVM’s offering more scalability and security to the Ethereum chain.
Despite ranging beyond $1.2, the MATIC price continues to hover under acute bearish pressure but the trend is ascending forming constant higher highs and lows. Therefore, a bullish breakout may be fast approaching that could assist the price to reach the much-desired target of $1.5 very soon.
Filed under: Bitcoin - @ February 10, 2023 1:07 pm