Most altcoins performed below average in March, but XRP, XLM, CFX, XDC, and MASK bucked the trend and achieved double-digit gains.
Bitcoin's dominance in the cryptocurrency market, which represents its share of market capitalization relative to the total cryptocurrency market capitalization, rose sharply from around 44% to a high of 48% in March.
While the price of Bitcoin has risen by 22.7% this month, most altcoins have returned below average or negative. However, there were also some outliers that showed positive momentum in the second month. XRP, for example, saw steady positive momentum as investors expected a positive outcome in its U.S. lawsuit against the SEC.
Convergence network
Conflux Network continued to rise from February, with prices nearly doubling in March. The project team continues to strengthen its partnership in China by joining XCMG Machinery and Zen Spark Technology, the world's third-largest construction machinery manufacturer.
The Conflux team also supports the development of license-free applications. It has established a grant program to promote the development of its ecosystem.
The CFX token tested the support level between $0.10 and $0.20 and continued to rise, reaching a new yearly high of $0.46. The market structure of the token with higher highs and higher lows looks bullish with a potential target of $0.80. It represents the subdivision level of the 2021 bull market.
Ripple
On March 21, Ripple's chances of winning a lawsuit against the U.S. Securities and Exchange Commission (SEC) increased after presiding judge Analisa Torres decided to exclude an expert from explaining how it interpreted it could be a security.
On March 27, another regulatory move in the United States was a blessing in disguise for XRP holders. The U.S. Commodity Futures Trading Commission (CFTC) charged Binance with improper compliance procedures and market manipulation.
The regulator classified Bitcoin as Ethereum and Litecoin as commodities on file. Some believe that this classification will also be extended to XRP. Thus, effectively refuting the SEC's claim that XRP is a security. Market expectations of Ripple's victory over the SEC pushed XRP's price to a new yearly high.
If Ripple continues to win the case against the SEC, XRP's bullish momentum could continue in the medium to long term.
XRP is currently facing resistance at its 2022 peak level of around $0.53. A successful breakout of this level may push the price towards the previous support and resistance levels around $0.65 and $0.90.
Notably, the Relative Strength Indicator (RSI), which measures the momentum of price relative to volume, indicates that XRP has reached an overbought level. It increases the likelihood of a correction towards the $0.45 level.
fixed star
Stellar's XLM token benefits mainly because of its strong positive correlation with XRP. The correlation coefficient between XLM and XRP price action usually stays above 0.7.
Behind the scenes, Stellar is working to increase the adoption of Stellar Network remittances in third world countries such as Africa. Stellar is also working with international payments provider Money Gram to integrate the Stellar network into facilitating global payments.
Technically, the XLM/USD pair has broken through the resistance level of $0.10. If buyers consolidate above this level, the pair can target the upside at $0.15 and $0.24. On the other hand, if a bullish breakout fails to materialize, XLM could retrace to the $0.08 support level.
XDC Network (XDC)
The XDC network combines permissioned and public chains that address scalability and security issues. XDC tokens are the fuel of the network, used to pay for the network and deploy applications.
The network supports EVM-compatible smart contracts, protocols, and atomic cross-chain token transfers. It is also fully compliant with the ISO-20022 messaging standard, an internationally recognized standard for electronic data interchange between financial institutions.
The top public blockchains in the XDC ecosystem include Ecoin, Stasis Euro, and Gobiance Exchange. These are relatively little-known projects that are traded on secondary exchanges such as HitBit and BitMart. It paints a dull picture of the development of the project ecosystem with permissionless blockchain.
On the corporate side, the project has established good partnerships with brands such as Travala and Guarda Visa cards.
Factors driving recent price increases include the introduction of DAOs and the positive role played by XinTinTin, the management company responsible for developing and managing blockchains.
XinFin recently decided to decentralize the governance of blockchain by forming a DAO. After deployment in May 2023, it is up to the community to decide on the allocation of the ecological fund to promote development. A Web3 meetup hosted by XDC Network in Dubai with more than 60 developers around the world has also boosted the blockchain ecosystem.
The technical setup of the XDC/USD currency pair indicates that it is on the verge of a bullish breakout. If buyers break above the $0.045 level, the pair could rush towards targets of $0.064 and higher. In the event of a downside, the $0.02 support level is crucial for buyers.
The momentum indicator Klinger Oscillator paints a similar picture with a reading of zero. Aggressive buying action at the current level will move the indicator into positive territory, usually a bullish signal.
Masking Network (MASK)
Mask Network bridges Web2 and Web3 to enable cryptocurrency trading directly through Web2 websites.
More than 40,000 users have installed the Mask Network Chrome extension. The browser extension currently supports multiple decentralized applications (dApps), including Uniswap and SushiSwap, and is compatible with many social media platforms, including Twitter and Facebook.
The network's Facebook integration has encountered some complaints. After Elon Musk's acquisition, it mainly benefited from its Twitter integration and the hype surrounding cryptocurrency integration on its social media platform. This adds considerable speculation about the price of the token, as the nature of Twitter adoption remains unknown.
On March 9, the token was listed on the BTSE exchange, increasing the token's liquidity and trading volume. The project was one of the recipients of the ARB airdrop, receiving 257,540 ARB tokens.
The MASK token is the governance token for the project, which is frustrating because it does not generate revenue from network usage. However, more than 76% of the token supply is already in circulation; It has a relatively low inflation rate.
The MASK/USD breach of the 2022 high of $6.10 is a positive sign for technology buyers. The RSI indicator is in bullish territory and has cooled from the overbought zone, providing more upside.
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