The cryptocurrency market witnessed one of the biggest rises of recent times. An altcoin increased by 800 percent in just two weeks and nearly 2000% in total in the last month. So, what is behind this rise?
The Rise of Onyxcoin (XCN), the Shining Star of the Altcoin Market, Continues
Onyxcoin (XCN) price started a massive rally, rising by 800% in the last two weeks. Today, XCN is trading at $0.0467 and has gained 70% in the last 24 hours. The daily lowest level was recorded as $0.0263 and the highest level was recorded as $0.04839. This sharp rise is supported by the huge increase in transaction volume. In the last 24 hours alone, transaction volume increased by 98% and reached $1.6 billion. The volume, which was only $100 million a week ago, experienced an incredible increase during this period.
XCN has become one of the most traded assets on the Coinbase exchange. In the last 24 hours, XRP has surpassed giants such as Solana (SOL) and even Bitcoin (BTC). Coinbase is the leader in XCN trading volume, with a 38% market share. Additionally, a great movement is observed in Onyxcoin (XCN) futures. According to Coinglass data, XCN futures open positions on the Bybit platform increased by 46% in the last 24 hours. This shows that investors have a strong expectation that the rise will continue.
Key Factors That Drive Altcoin Prices
The biggest reason for the rise of Onyxcoin (XCN) was the resolution of the dispute with Justin Sun and HTX Global, which has been going on since 2022. With the approval of proposal OIP-51, Justin Sun and HTX joined the Onyx DAO. However, XCN tokens will remain locked for 2 years, which has increased investor confidence.
Additionally, the Onyx platform announced major partnerships. By making an agreement with the blockchain infrastructure platform Chain, it offered a 30% discount to customers paying with Onyxcoin (XCN). This development increased the usage areas of XCN and had a positive impact on its price.
Major Innovations Are on the Way in the Onyxcoin Ecosystem
Onyx continues to expand its decentralized Web3 infrastructure. The platform plans to incentivize Onyx Core node operators by launching a new offer in early February. The statement “Preference will be given to those who are already running nodes and have technical knowledge” attracted great attention from the community.
Additionally, Onyxcoin (XCN) has developed a mechanism that refunds gas fees for staking, voting, and rewards. While OnyxDAO is pursuing an aggressive marketing strategy, a community burn proposal is also on the agenda. These developments indicate that the momentum in the XCN price may continue. Onyxcoin (XCN), which has attracted great attention in the crypto market, continues to be on the radar of investors with its strong fundamentals and new developments!
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