Bitcoin’s dominance over the cryptocurrency market continued to rise in March, reaching a high of 48% of the total market capitalisation. The price of Bitcoin rose by 22.7% during the month, while many altcoins yielded subpar or negative returns. However, some outliers showed positive momentum, such as XRP, which saw steady gains as investors anticipated a positive outcome in its US court case against the SEC.
One of the tokens with the highest 30-day returns in the top 100 by market capitalisation was Conflux Network, which almost doubled in price during March. The project’s team continued to strengthen its partnerships in China and supports the development of permissionless applications by establishing a grants program to promote ecosystem development. The CFX token saw a new yearly high of $0.46 and has a bullish market structure, potentially reaching a target of $0.80.
Another token with positive momentum was Stellar’s XLM, which benefitted from its strong positive correlation with XRP. Stellar is also making efforts to increase the adoption of its network for remittances across third-world countries and is working with payments provider MoneyGram to integrate Stellar Network into facilitating global payments. The XLM/USD pair broke above the resistance level of $0.10, and if buyers consolidate above this level, the pair can target growth to $0.15 and $0.24.
XDC Network combines a permissioned and public chain, addressing scalability and security. The XDC token is the fuel of the network used to pay network fees and deploy applications. The network supports EVM-compatible smart contracts, protocols and atomic cross-chain token transfers, fully complying with the ISO-20022 message standard. The project has established partnerships with brands such as Travala and Guarda Visa Cards on its enterprise side. The recent price increase is due to the introduction of a DAO and the active role played by the management firm of XinFin in developing and managing the blockchain. The technical setup of the XDC/USD pair shows it is at the edge of a bullish breakout, and if buyers stage a breakout above the $0.045 level, the pair can likely shoot toward targets beyond $0.064.
Mask Network bridges Web2 and Web3, enabling cryptocurrency transactions directly through Web2 websites. The browser extension currently supports several decentralised applications (dApps), including Uniswap and SushiSwap, and integrates with social media platforms, including Twitter and Facebook. Over 40,000 users have installed the Mask Network Chrome extension. The token obtained a listing on the BTSE exchange, and the project was one of the recipients of the ARB airdrop. The MASK token is the governance token for the project and has a relatively low inflation rate. The MASK/USD pair broke above 2022 highs of $6.10, with the RSI indicator in bullish territory and room for more upside.
Bitcoin’s dominance over the cryptocurrency market is due to its market capitalisation share relative to the overall cryptocurrency market capitalisation, and its high was 48% in March. However, certain tokens showed positive momentum despite most altcoins yielding subpar or negative returns. Conflux Network, Stellar’s XLM, XDC Network and Mask Network were notable winners in March. It’s crucial to conduct research and have a sound strategy before investing in cryptocurrencies as there is risk involved in every investment and trading move.
