New milestone reached as 100 cryptocurrencies reach a $1B market cap

In the final two months, the variety of cryptocurrencies with a $1 billion market cap has doubled because the final time Cointelegraph reported on the milestone. As issues presently stand, there are 100 initiatives which have reached a $1 billion market capitalization.

Unicorns are usually privately held startup firms valued at greater than $1 billion, however conventional finance is more and more making use of the time period to high-value cryptocurrencies that establishments are solely now gaining publicity to.

The entrance of institutional buyers into the cryptocurrency sector over the course of 2021 has been one of many driving forces of progress for the ecosystem as a entire as multi-billion greenback firms like Tesla, Square and MicroStrategy have transformed a portion of their money reserves into Bitcoin (BTC) and different high altcoins.

Decentralized finance (DeFi), nonfungible tokens (NFT) and oracles have been among the hottest progress sectors of the cryptocurrency ecosystem, serving to propel a number of initiatives to Unicorn stage standing, whereas stablecoin-related protocols have additionally vaulted in worth as they assist present a stable basis for the business to develop from.

On that thread, right here’s an replace on among the high crypto unicorn initiatives, as properly as an introduction to among the latest arrivals to the billion greenback membership.

Nonfungible tokens steal the highlight

Nonfungible tokens took the world by storm over the previous two months as celebrities, influencers, quick meals eating places and established public sale homes jumped on the bandwagon to participate within the creation, sale and distribution of one-of-a-kind digital belongings.

Enjin Coin (ENJ) has been one of many greatest beneficiaries of the rise of NFTs which helped rocket the price of ENJ to an all-time high of $3.08 on March 15 and firmly elevated the undertaking to Unicorn standing with a $2.6 billion market cap.

457a4708 7556 46b5 941f e8547a306b90
ENJ/USDT 4-hour chart. Source: TradingView

The upcoming launch of JumpNet on April 6, will allow the zero-fee creation and distribution of ERC-1155 tokens within the Enjin ecosystem and group pleasure over this launch seems to be maintaining buyers bullish on ENJ.

Other notable NFT-related arrivals to the Unicorn membership embody the digital actuality platform Decentraland (MANA), which permits the acquisition of digital plots of land that may be developed and monetized, and Flow (FLOW), a developer-friendly blockchain designed to be the inspiration for “the next generation of games, apps, and the digital assets that power them.”

The DeFi ecosystem expands

The influence that decentralized finance has had on the cryptocurrency ecosystem is simple as a lot of the expansion within the sector over the previous two years will be attributed to DEXs like Uniswap and yield-farming platforms like (YFI).

High transaction prices and community congestion on the Ethereum community triggered an exodus of customers and liquidity to cross-chain appropriate platforms and in addition helped to lift a number of DeFi protocols constructed on the Binance Smart Chain (BSC) above the billion-dollar mark.

PancakeSwap (CAKE) has been one of many shining stars of BSC, quickly climbing up the charts in the course of the months of February and March to hit a market cap of $2.55 billion.

e2fa6686 4763 43e1 b6f8 acc6a1be3611
Total worth locked on PancakeSwap. Source: Defi Llama

Data from Defi Llama reveals that CAKE is now ranked as the fifth-largest DeFi platform by whole worth locked with $6.18 billion presently locked within the protocol.

One protocol that operates on the Binance Chain and the Ethereum community is THORChain (RUNE), whose 700% value progress since January 1 has lifted the undertaking’s whole market cap to $1.95 billion.

Recent optimism for the undertaking has been centered across the launch of THORChain Multichain, which committed to genesis on April 2 and is predicted to launch between the thirteenth and sixteenth of April.

Cross-chain bridges and interoperability protocols soar

Platforms that provide a decrease payment surroundings to that of Ethereum, together with layer 2 options and separate blockchain networks, have acquired additional consideration over the previous two months because of record-breaking gasoline prices.

As the token that powers transactions on the BSC, Binance Coin (BNB) has seen its value surge sufficient to vault the token into the highest 3 by market capitalization, which now fluctuates round $53.55 billion.

Polygon (MATIC) has additionally risen in stature to change into one of many chosen layer 2 protocols for the Ethereum community following its pivot to change into the “Polkadot on Ethereum” and assist stem the tide of initiatives and liquidity leaving the community.

With many standard unicorn-level initiatives already operational on the Polygon protocol, together with Aave (AAVE) and SushiSwap (SUSHI), MATIC seems to be well-positioned to proceed its gallop increased as a rising unicorn star.

Stablecoins and storage platforms develop in power

Stablecoins and their related protocols acquired a enhance early in 2021 when the U.S. Treasury’s Office of the Comptroller of the Currency gave the green light for nationwide banks to run unbiased nodes for distributed ledger networks.

6e792576 54a7 4d28 970e 775f31c9829e
Top stablecoin market capitalizations. Source: CoinGecko

After Bitfinex and Tether settled their landmark case with the Office of the New York Attorney General, enthusiasm for stablecoin initiatives additional elevated as the market caps for Tether and USD Coin (USDC) elevated by billions of {dollars}.

One protocol with a stablecoin element that has made nice strides in serving to set up a secure retailer of wealth in nations experiencing hyperinflation like Venezuela is Reserve, whose Reserve Rights (RSR) token has elevated by greater than 400% in 2021.

Another new entrant to the stablecoin discipline is TerraUSD (UST), whose market cap skyrocketed from $182 million on Jan. 1 to $1.66 billion on April 2 as its native Terra (LUNA) blockchain protocol, which specializes within the creation of fiat-pegged stablecoins to energy price-stable world funds programs, has seen its value rally 3,000% because the starting of the yr.

Real-world use instances and partnerships drive altcoins increased

Several initiatives with particular use-cases and first-mover benefit have joined the unicorn herd by providing distinctive options to issues confronted in each the cryptocurrency and conventional sectors.

Theta (THETA) has been a stand-out performer for the blockchain business in 2021 as the streaming video-focused platform has seen its token worth swell greater than 900% since early January after a number of high-profile bulletins led to record-high buying and selling volumes for the token.

The blockchain-based internet browser and digital promoting platform Basic Attention Token (BAT) managed to attain a unicorn-level valuation because of its personal NFT and DeFi associated bulletins, with the undertaking unveiling plans to launch a DEX aggregator and NFT wallet in its subsequent browser.

Helium (HNT), a decentralized blockchain-powered community for the Internet of Things (IoT) units by means of a community of nodes (hotspots), has additionally just lately joined the unicorn membership.

713b0728 ea4d 42ce bca3 06941fe86f2c
Helium hotspot protection map. Source: Helium

Running a hotspot on the Helium community offers the consumer a low-cost alternative to take part in mining to assist preserve community safety at a fraction of what it prices to mine Bitcoin and Ethereum.

This is helped create a world community of greater than 25,000 hotspots and a whole market cap of $1.12 billion for the HNT.

13e0f69f 4268 4b4c bfc9 e25780b31802
HNT/USDT 4-hour chart. Source: TradingView

Now that institutional buyers are slowly gaining publicity to the cryptocurrency asset class, the variety of unicorn-level initiatives is more likely to proceed to extend as conventional finance embraces the rise of DeFi and digital belongings.

The views and opinions expressed listed below are solely these of the writer and don’t essentially mirror the views of Every funding and buying and selling transfer entails threat, you must conduct your personal analysis when making a choice.