Best cryptocurrencies: February’s biggest gainers
News over the past week of crypto assets being donated to the Ukrainian government following Russia’s invasion of the country has further supported the rising cryptocurrency trend and brought attention to the world of decentralised cryptocurrencies.
According to crypto assets compliance solutions provider Elliptic, the Ukrainian government has raised $24.6m through crypto asset donations since 24 February. Elliptic said:
Stand with the people of Ukraine. Now accepting cryptocurrency donations. Bitcoin, Ethereum and USDT.
— Ukraine / Україна (@Ukraine) February 26, 2022
BTC - 357a3So9CbsNfBBgFYACGvxxS6tMaDoa1P
ETH and USDT (ERC-20) - 0x165CD37b4C644C2921454429E7F9358d18A45e14
The cryptocurrency trend is unlikely to end any time soon, as “decentralised finance platforms will keep expanding into areas like lending, trading and derivatives”, wrote Umberto Bacchi for the World Economic Forum in January, citing David Yermack, a finance professor at New York University’s Stern School of Business.
Are you interested in learning more about the highly growing cryptocurrency movement and the best coins to invest in? Read on for the most promising crypto projects, the most profitable cryptocurrency and the top crypto risers over the past month.
According to crypto assets price-tracking website CoinMarketCap, the top gaining cryptocurrencies over the past 30 days are ParaToken (PARA), Auric Network (AUSCM), Chainbing (CBG), NvirWorld (NVIR) and Ekta (EKTA).
However, the biggest crypto gainers may not be the best cryptocurrencies to buy, because cryptocurrencies are highly volatile, and prices could also crash in a short period of time.
At the time of writing on 28 February at 19:45 UTC, the biggest gainers of the month according to CoinMarketCap were as listed below:
Paralink Token
Paralink token (PARA) is a native utility coin for the Paralink network built on the Ethereum blockchain. The network aims to be the next-generation oracle system supporting the functions of smart contracts on multiple blockchains. PARA is used as an incentive token to pay for gas costs and data request transaction fees on the network.
According to the Paralink whitepaper, the purpose of the network “is to collect, validate, aggregate and interpolate real-world datasets and feed them into smart contracts on Ethereum and Polkadot”.
The project was launched on the mainnet and went live on 27 January. Within a month, the PARA price rocketed by 4,988%, and was last trading at $0.000000000017 on 28 February, data from CoinMarketCap shows. The increase in value over the past month made it the fastest growing cryptocurrency tracked by the website.
According to cryptocurrency research and data site Is This Coin A Scam, the Paralink project has a safety score of 3.28 and was awarded a ‘poor’ rating, data on 28 February 2022 shows. According to the site, Paralink scored 7.25/10 on sentiment and 5.13 on community, but the other metrics (development, awareness, credibility and volume) were awarded less than five out of 10. The score is based on the site’s research on social media platforms such as Reddit and Twitter. According to the research data site, PARA coin “is suited to an adventurous investment style”.
Auric Network (AUSCM)
Auric Network is an economic system based on traditional gold markets, with distributed ledger technology (DLT). The utility token of the network, AUSCM, was engineered as a synthetic commodity currency and the supply could increase or fall according to changes in the reference gold price.
According to Auric Network, the economic system is “managed and fuelled by the process of rebasing, which is just an expansion or contraction of token supply at a predetermined time and subsequently regular intervals (every 12 hours, over a period of 5.45 days for each rebase), based on where AUSCM is trading relative to the price of 1mg of gold”. Users can earn rewards by staking AUSCMs for 14 days.
The token price spiked by 2,032% over the past 30 days and was trading at $0.1959 on 28 February, making it the second biggest crypto price increase on CoinMarketCap.
According to Is This Coin A Scam, the Auric Network project has a safety score of 2.41 and was awarded a ‘weak’ rating, data on 28 February 2022 shows. According to the site, Auric Network scored 5/10 on credibility, but the other metrics (development, sentiment, community, awareness and volume) were awarded less than three out of 10. According to the data, AUSCM coin “is suited to an adventurous investment style”.
Chainbing (CBG)
The price of decentralised data centre Chainbing’s utility token CBG surged by 1,446.06% over the past 30 days and was trading at $43.44 on 28 February, data from CoinMarketCap shows. The project was launched in the third quarter last year and the first data centre is scheduled to launch in the fourth quarter of this year.
According to Chainbing’s whitepaper, it “is dedicated to storing, indexing, analysing and sharing data on the blockchain to provide users with fast and accurate information”. Users will need to pay using the data centre’s token CBG to access paid content, while contributors can earn token incentives by providing information.
On Is This Coin A Scam, the Chainbing project has a safety score of 3.78 and was awarded a ‘poor’ rating, data on 28 February 2022 shows. According to the site, Chainbing scored 5.4/10 on trading volume, but the other metrics (development, sentiment, community, awareness and credibility) were awarded less than five out of 10. The CBG coin “is suited to a speculative investment style”.
NvirWorld (NVIR)
NvirWorld is a decentralised non-fungible token (NFT) platform that operates a play-to-earn model. According to NvirWorld’s whitepaper, the utility coin NVIR, which is used as a governance token, is “the core of the user revenue model”. The token is used to reward the most active community members who use various services on the platform.
NvirWorld said it could “improve staking rewards to users who contribute significant value to the NvirWorld ecosystem in the future”. NVIR’s price jumped by 1,407% over the past 30 days and was last trading at $0.145 on 28 February.
According to cryptocurrency research and data site Is This Coin A Scam, the NvirWorld project has a safety score of 2.33 and was awarded a ‘poor’ rating, data on 28 February 2022 shows. The site scored NVIR 4.5/10 on trading volume, but the other metrics (development, sentiment, community, awareness and credibility) were awarded less than four out of 10, with development scoring zero. According to the site, CBG coin “is suited to a highly speculative investment style”.
Ekta (EKTA)
Ekta is a newly launched project that aims to bring physical, real-world assets on-chain, in a hope to create decentralised access to capital. Through the tokenisation of physical assets, Ekta plans to integrate traditional businesses with blockchain technologies. According to Ekta, its first physical assets that were tokenised were on and near the island of Bali, Indonesia, including residential villas, an incubator for start-ups and entrepreneurs, and 285 berths on a marina.
The project was launched on the mainnet last week and has raised over $5m in seed funding and private sales, according to CoinMarketCap.
Ekta’s utility token is EKTA, whose supply is capped at 420 million, with 20% of the supply reserved for staking rewards, and 14.8% of the supply sold at public sale. 14.6% of the token supply was allocated for development and 13.5% was reserved for the team members.
EKTA’s price jumped by 768% over the past 30 days and was last trading at $3.30 on 28 February.
According to Is This Coin A Scam, the EKTA project was unmonitored due to the early stage of the project.
When considering investing in a cryptocurrency, investors should remember that the market is volatile. Forecasts are based on inferences drawn from past performance by analysts and can be wrong, due to market gyrations, changes in policies and any number of unknown parameters. Investors should also consider the token’s collaborations, partnership deals and fundamentals before relying on predictions.
Always do your own research and base your decision to buy cryptocurrencies on your attitude to risk. You should gauge how comfortable you are about losing money, because you should never invest money you cannot afford to lose.
FAQs
Which cryptocurrencies are growing the fastest?
According to CoinMarketCap.com data on 28 February, the fastest growing cryptocurrencies based on their value gain over the past 30 days were ParaToken (PARA), Auric Network (AUSCM), Chainbing (CBG), NvirWorld (NVIR) and Ekta (EKTA).
How does cryptocurrency value increase?
Crypto price increases can be driven by trading activities on exchanges. When demand for a particular token rises with more buying activity, it generally leads to a price increase.
How to find growing cryptocurrencies?
Many cryptocurrency exchanges and data websites track the price movements of tokens listed for trading on their platforms. You can find growing cryptocurrencies by value over a specific period on crypto asset tracking websites such as CoinMarketCap.
How to predict cryptocurrency growth?
Many price forecast providers, such as Wallet Investor, Price Prediction and Tech News Leader, publish cryptocurrency price predictions. However, price forecasts can be wrong and have been inaccurate in the past. You should always do your own research and never invest more than you can afford to lose.
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