It has now been proven that Bitcoin is a very volatile asset. On January 19, the most popular and oldest cryptocurrency fell sharply to just under $38,000. On January 22, just three days later, it was trading below $29,000.
Many investors were skeptical about a quick price recovery this time. That’s why a lot of investors started to wonder what is the fastest growing cryptocurrency today. Let’s try to find out!
Fastest Growing Cryptocurrency Markets
What is the fastest growing cryptocurrency? For many years, Bitcoin was considered the fastest growing cryptocurrency. Is it really true? Well, in the last few days, Bitcoin did what it does best, namely surprised everyone. The price has more than recovered over the past few days and is currently over $32,000. This can be explained in particular by the growing interest of institutional investors.
Just today, the Marathon Patent Group, a company listed on the US stock exchange NASDAQ, announced the acquisition of several thousand bitcoins. The company bought them for an average price of around $31,000.
In recent days, Bitcoin increased and decreased from the low of the previous week (66%) up to below 63%. As a result, many ALT/BTC trading pairs increased dramatically, and DeFi tokens, in particular, experienced large price increases. The DeFi sector seems to be experiencing a new wave of hype again, similar to summer 2020. Moreover, DeFi sector is considered one of the fastest growing cryptocurrency markets nowadays. If there is a further decrease in Bitcoin price, altcoins could continue to benefit strongly.
Projected Fastest Growing Cryptocurrency
After a brief decrease on January 21, the market capitalization of all cryptocurrencies rose again above the one trillion US dollar mark. The crypto industry is becoming more and more interesting for large investors, as the recent purchases by major Bitcoin investors show. Today, every large investor is about to invest into fastest growing cryptocurrency.
The market cap of altcoins is successfully maintained at the level of $300 billion and is currently in the range of $330 billion. Which factor is responsible for this strong price increase compared to last week, when the market cap was only $300 billion? Well, the key reasons are the decrease in Bitcoin price as well as the strong attraction of many DeFi tokens such as AAVE, UNI, and others. It’s therefore not surprising that one of these altcoins will be projected fastest growing cryptocurrency.
Invest into Fastest Growing Cryptocurrency: Top 3 Altcoins
Slowly but surely, the price of altcoins, as well as the overall popularity of the DeFi sector, continue to increase. According to analysts, if the interest of retail investors continues to grow, the DeFi sector can expect a bright future.
Since a lot of investors are about to invest into fastest growing cryptocurrency and the DeFi sector is considered the most promising one today, let’s consider the top 3 altcoin winners of the week.
Enjin is a blockchain platform that aims to make the creation of games and other apps on the blockchain as easy as possible. The platform enables the use of well-known development environments such as Unity or Java. The corresponding Enjin Coin (ENJ) was able to increase in price by over 68% in the last week.
Hedera Hashgraph (HBAR)
Hedera Hashgraph is a novel blockchain solution that uses the Hashgraph consensus mechanism which should enable faster transactions. The HBAR token was able to increase in price by almost 50% in the last week.
MANA is an ERC-721 non-fungible token from Decentraland, a virtual world in which users can buy digital properties. You can purchase a property with the help of this token, which rose by more than 45% in the last week.
Which coin do you consider the fastest growing cryptocurrency? Feel free to share your thoughts in the comments. Have a great weekend!