Top Moving Tokens in February 2024
Top Moving Tokens in February 2024
February saw significant movements in the market fueled by Bitcoin surpassing $60k. Top movers included Stacks, nearing its all-time high at $3.34, Uniswap's UNI with an 82% increase, and The Graph's recovery, reaching $0.31. Bonus track: more on Bitcoin reached $60k and Ethereum broke $3,000.
Bitcoin closed out February reclaiming the $60k mark - something we have not seen since late 2021 - the wider crypto market has started to show signs of life, and left us with these top movers of the month:
Stacks
Stacks, a prominent Layer 2 scaling solution building on Bitcoin, was close to reaching its all-time high, hitting $3.34 by the end of February. The STX token saw significant gains, +89% from the January closing price, buoyed by the upward momentum of Bitcoin.
Uniswap
UNI has surged to $12.60, marking an +82% monthly increase, the highest since March 2022. The uptick follows a recent Uniswap Foundation proposal to incentivize governance participation among UNI holders, through turning on fee distribution. With less than 10% of circulating UNI participating in governance votes and fewer than half of the top 30 delegates engaging in recent proposal votes, the initiative aims to address widespread apathy towards active participation.
The Graph
GRT, now available on Blockchain.com, has seen a notable February recovery alongside other AI-related tokens. Beginning the month around the $0.15 mark, it peaked at $0.31 on February 25th, its highest since April 2022. Some have attributed this surge to the positive growth in the AI token market following Nvidia's Q4 earnings report. CEO Jensen Huang credited increased global demand for generative AI for driving sales and revenue.
BONUS TRACK
Bitcoin
Bitcoin (BTC) continues its upward trajectory, surpassing $60k on February 28th for the first time in over two years. This marks its highest value since November 2021, when it reached its last all-time high of $68.9k. The currency has grown by 40% since the beginning of the year and has tripled compared to the same time last year. With an increase of nearly 44% ($61k), February is poised to be the month with the highest growth since December 2020, when the cryptocurrency surged by 50% to reach $9.6k. This ongoing surge could be attributed to the launch of the first new Exchange-Traded Funds (ETFs) in January and the halving process, which have seen over $7B in inflows so far.
Ethereum
Ethereum is also following Bitcoin’s price action, making a move to the upside as it passes $3,000 per coin, marking the highest milestone in two years. ETH's upward momentum isn't solely tied to Bitcoin's movement; it's bolstered by two significant factors. Firstly, the impending Dencun upgrade scheduled for March, poised to enhance network’s scalability. Secondly, anticipation mounts as applications for Ethereum ETFs await approval from the Securities and Exchange Commission (SEC).
