Cryptocurrency prices have been volatile for a while, with overall market sentiment neutral. Bitcoin (BTC) struggles to stay above $63,000, while Ethereum (ETH) struggles to stabilize around $2,500.
However, identifying the next breakout cryptocurrency can take some work as most funds are attracted to pump assets. Today’s article explores the performance of the cryptocurrencies that topped the gainers list over the past 24 hours. The goal is to identify coins with some potential and introduce investors and traders to each.
1. (T)
Threshold Network provides a range of advanced cryptographic tools for decentralized applications (dApps) that focus on privacy, security, and interoperability. Its main features include proxy re-encryption (PRE), threshold signatures (TSS), random beacons (RB), and distributed key generation (DKG). These powerful features help ensure secure cross-chain interactions, secure data sharing, and controlled access to user data.
In recent market action, Threshold has gained 2.69% in the past 24 hours. Its relative strength index (RSI) is 53.61 and it is trading above its 200-day simple moving average (SMA), showing good momentum. In the past month, Threshold has been in the green for 19 days, showing its potential as a profitable investment.
A major application of Threshold is tBTC, a tokenized version of Bitcoin that operates without a custodian. tBTC allows holders to use decentralized finance (DeFi) privately, reducing the risk of censorship. T tokens are also used for staking and running nodes, which is critical to the security and efficiency of the network.
Threshold's security is built on a cryptographic signature scheme and supports cross-chain projects such as Sepolia to ensure smooth interaction between blockchains. In addition to tBTC, Threshold also supports applications such as RandomBeacon and Threshold Autonomous Credentials (TACo), further expanding its ecosystem.
2. (GAS)
Gas (GAS) plays a vital role in the NEO blockchain ecosystem. It is used to pay transaction fees and execute smart contracts on the platform. Gas tokens are rewarded to NEO token holders and council members who participate in platform governance to incentivize participation and cover network costs.
Recently, significant developments have increased the importance and value of Gas. One of the key changes is an 80% reduction in Gas fees, making transactions and smart contract execution on the NEO blockchain more affordable. The reduction in fees makes the network more accessible, which is likely to increase the adoption and utility of Gas and NEO.
As of today, Gas is priced at $3.88, up 2.89% in the past 24 hours. In the past month, Gas has been in an uptrend for 19 trading days (63%), indicating high liquidity and bullish market sentiment. The Fear and Greed Index is 52 (Neutral), indicating an increase in trading volume and growing market optimism about its potential uptrend.
Additionally, the transition from the Neo Legacy MainNet to the N3 MainNet marks a significant milestone, ending gas generation on the old network and highlighting NEO’s growth.
3. CELO
Celo (CELO) stands out for its focus on mobile access and financial inclusion, making cryptocurrency more accessible to users in emerging markets. The platform allows people to send and receive funds using only a phone number, which greatly reduces the barrier to entry for cryptocurrency newcomers. Celo also supports stablecoins, providing users with protection from market volatility. As mobile technology continues to grow around the world, Celo's focus on accessibility provides an excellent opportunity to expand the use of cryptocurrency. Its commitment to inclusion is remarkable.
Currently, Celo is transitioning to a second layer (L2) solution on Ethereum (ETH), a move that has led to a significant increase in stablecoin activity. A report from analytics platform Artemis shows that Celo has surpassed Tron (TRX) in terms of daily active addresses associated with stablecoin usage. Not only that, Celo's activity has also surpassed other networks such as Solana (SOL), The Open Network (TON), and BNB Chain.
Celo has been on a strong run in recent trading. It started at a low of $0.7058 and reached a 24-hour high of $0.7768. At the time of writing, Celo’s price is $0.7732, up 9.55%. This shows an increase in buying activity and hints at a shift in market sentiment.
Celo is trading 46.57% above its 200-day simple moving average (SMA) of $0.524995. It has been trending up 19 of the past 30 days, accounting for 63% of the period. As of October 6, 2024, technical indicators show a positive outlook. However, traders need to manage risks carefully when making decisions.
Conclusion:
Today’s article discusses the performance of potentially explosive cryptocurrencies that investors should add to their watchlist. Check out Pepe Unchained, a new Pepe-themed meme coin launched on its Ethereum layer 2 blockchain. Within minutes, it attracted over $150,000 in investments. Details of its presale and the performance of today’s top performing cryptocurrencies.
