New milestone reached as 100 cryptocurrencies reach a $1B market cap
In the past two months, the amount of crypto jobs with a $1 billion dollar market cap doubled as increased adoption pushes market valuations higher.
In the previous two months, the amount of cryptocurrencies with a $1 billion dollar market cap has dropped since the previous time Cointelegraph reported about the milestone. As things currently stand, there are 100 projects that have attained a $1 billion dollar market capitalization.Unicorns are typically privately held startup businesses valued at greater than $1 billion, however, conventional fund is applying the term into high-value cryptocurrencies that associations are just now gaining exposure to. The entry of institutional investors to the cryptocurrency industry over the span of 2021 has been one of the driving forces of growth for the ecosystem as a whole as multi-billion dollar companies like Tesla, Square and MicroStrategy have transformed a portion of their cash reserves into Bitcoin (BTC) along with other leading altcoins. These are the best 8 #Bitcoin holding public companies.Which additional #cryptocurrency might turn into a part of business holdings?
Decentralized fund (DeFi), nonfungible tokens (NFT) and oracles are a few of the most popular growth industries of this cryptocurrency ecosystem, helping propel a number of projects to Unicorn level status, whereas stablecoin-related protocols also have vaulted in value as they help provide a solid foundation for the business to grow from. On this thread, here is an update on a few of the highest crypto unicorn jobs, in addition to an introduction into a few of the most recent arrivals into the billion dollar club. Nonfungible tokens steal the spotlightNonfungible tokens took on the world by storm over the past two months as actors, influencers, quick food restaurants and also based auction homes jumped onto the bandwagon to take part in the creation, distribution and sale of one-of-a-kind digital resources. Enjin Coin (ENJ) has been one of the largest beneficiaries of the development of NFTs that helped rocket the price of ENJ into an all-time high $3.08 on March 15 and firmly elevated the project to Unicorn status with a $2.6 billion market cap. ENJ/USDT 4-hour graph. Resource: TradingViewThe forthcoming launch of JumpNet on April 6, also will enable the zero-fee creation and supply of ERC-1155 tokens in the Enjin ecosystem and community excitement over this launch is apparently maintaining investors bullish on ENJ.Other prominent NFT-related arrivals into the Unicorn club include the virtual reality stage Decentraland (MANA), that enables the purchase of digital plots of land that may be created and monetized, and Flow (FLOW), also a developer-friendly blockchain designed to function as the foundation for”the next generation of games, apps, along with also the digital resources that power them” The DeFi ecosystem expandsThe influence that decentralized fund has had about the cryptocurrency ecosystem is incontrovertible as a lot of the growth in the industry over the past two years can be attributed to DEXs like Uniswap along with yield-farming platforms like Yearn.finance (YFI). High transaction costs and system congestion over the Ethereum system triggered an exodus of liquidity and users into cross-chain compatible platforms and also helped to increase many DeFi protocols built on the Binance Smart Chain (BSC) over the billion-dollar mark. Overall worth wasted on PancakeSwap. Resource: Defi LlamaData out of Defi Llama shows that CAKE is now ranked as the fifth-largest DeFi system by total value closed with $6.18 billion presently locked in the routine. One protocol that works in the Binance Chain along with also the Ethereum system is THORChain (RUNE), whose 700% cost growth since January 1 has since increased the job’s total market cap to $1.95 billion. Cross-chain bridges and interoperability protocols soarPlatforms that offer a lower fee surroundings to that of Ethereum, such as layer 2 options and different blockchain networks, have received additional attention over the past two months due to record-breaking gas costs. Since the token that compels transactions on the BSC, Binance Coin (BNB) has observed its cost surge sufficient to vault the market to the upper 3 by market capitalization, that now fluctuates approximately $53.55 billion. Polygon (MATIC) has also risen in stature to become one of the preferred layer 2 protocols for its Ethereum network after its own pivot to turn into the”Polkadot on Ethereum” and help stem the tide of projects and liquidity exiting the community. Together with many popular unicorn-level jobs currently working on the Polygon protocol, such as Aave (AAVE) and also SushiSwap (SUSHI), MATIC looks well-positioned to keep its gallop greater as a climbing unicorn star. Stablecoins and storage systems grow into strengthStablecoins and their related protocols received a boost early in 2021 if the U.S. Treasury’s Office of the Comptroller of the Currency gave the green light to allow federal banks to run separate nodes for distributed ledger networks.Top stablecoin market capitalizations. One protocol with a stablecoin component that has made amazing strides in helping build a stable store of riches in countries experiencing hyperinflation like Venezuela is currently Reserve, whose Reserve Rights (RSR) market has improved by more than 400% in 2021. Another new entrant into the stablecoin area is TerraUSD (UST), whose market cap ranged from $182 million on Jan. 1 to $1.66 billion on April 2 as its native Terra (LUNA) blockchain protocol, that specializes in the creation of fiat-pegged stablecoins to power price-stable international payments systems, has seen its cost rally 3,000% as the beginning of the year. Real-world use partnerships and cases drive altcoins higherSeveral jobs with particular use-cases and first-mover edge have combined the unicorn herd by providing unique solutions to issues faced in the cryptocurrency and standard sectors.Theta (THETA) has been a stand-out performer for its blockchain industry in 2021 as the streaming video-focused platform has seen its token value swell greater than 900% since early January after a few high-profile statements led to record-high trading volumes for the token. Realtors @Sierra_Ventures, Heuristic Capital, @TheVRFund, along with @GFRFund stake over $100M in Theta into a collective Business Validator Nodehttps://t.co/pfGqxaYnxs– Theta Network (@Theta_Network) March 23, 2021
The blockchain-based web browser along with digital advertising platform Basic Care Token (BAT) managed to reach a unicorn-level evaluation because of its NFT and DeFi related statements, with the project unveiling plans to launch a DEX aggregator along with NFT wallet in its browser. Helium (HNT), a decentralized blockchain-powered system on the Web of Things (IoT) devices through a system of nodes (hotspots), has also recently joined the unicorn club.Helium hotspot coverage map. Supply: HeliumRunning a hotspot in the Helium system provides the consumer a low-cost chance to participate in mining to maintain network security in a fraction of what it costs to mine Bitcoin and Ethereum.This is aided create a worldwide network of more than 25,000 hotspots along with a entire market cap of $1.12 billion for the HNT. HNT/USDT 4-hour graph. Resource: TradingViewNow that institutional investors are slowly gaining exposure into the cryptocurrency asset class, the amount of unicorn-level jobs is likely to continue to grow as conventional fund embraces the rise of DeFi and digital assets. The views and opinions expressed here are solely those of the author and do not necessarily reflect the opinions of Cointelegraph.com. Every investment and trading move involves danger, you should run your own study after making a decision.
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