XCN price spikes 43%, pushes Onyxcoin into top 100
Onyxcoin is riding the overall cryptocurrency market sentiment to multi-month highs, with a 43% spike helping the decentralized Web3 protocol climb into the top 100 coins by market cap.
The Onycoin ( XCN ) price hovered above $0.020, double-digits up on the day and rising as t op cryptocurrencies look to mirror Bitcoin ( BTC )’s remarkable surge in the past few days.
XCN’s market cap at the time of writing was $685 million, with a 24-hour volume of over $81 million—representing a 213% increase. The daily trading range, according to market data, was $0.0170 to $0.0201.
Why is XCN surging today?
As Bitcoin smashed past $122,000 and Ethereum ( ETH ) surged past $3,000, the Onyxcoin token rallied more than 16% to reach highs of $0.020. This marked the token’s highest level since mid-May and a significant rebound from the June low of $0.012.
XCN chart
While whale activity has supported XCN in recent weeks, the latest breakout has been fueled by key network developments.
On July 12, the team announced that the highly anticipated improvement proposal for Onyx Points had passed. The OIP-60 proposal will activate points rewards for XCN stakers on the Ethereum network and deploy the protocol’s gas-free wallet. Execution was queued and scheduled to go live within approximately 48 hours.
As the token breaks out of a six-month falling wedge pattern, bullish bets have pushed open interest to $21 million. The 16% jump in OI also coincides with a surge in derivatives volume. According to Coinglass , the broader crypto market rally has triggered a 155% spike in this metric.
Interest in Onyxcoin has intensified in recent weeks due to exchange listing and overall market sentiment .
XCN gained momentum following its listing on the top decentralized exchange PancakeSwap and has also benefitted from previous integrations with Coinbase Wallet, Base, and BNB Chain. However, prices have historically seen sharp pullbacks during broader market downturns.
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
You may also like
KMNO - -90.86% 24H Drop Amid Volatile Market Conditions
- KMNO plummeted 90.86% in 24 hours to $0.05827, reflecting intense liquidity pressure and shifting market sentiment. - A 563.27% drop over seven days and 946.12% annual decline highlight structural market shifts and macroeconomic headwinds. - A 1102.57% monthly surge drew investors, but bearish momentum persisted, prompting a backtesting strategy using moving averages and RSI for trade opportunities. - Technical indicators confirmed oversold conditions, with key support levels unrecaptured, reinforcing ca
Solana News Today: Institutional Money Moves to Solana—What Does It Mean for Crypto’s Future?
- Solana outpaces Ethereum in DEX volume, driven by institutional investments and network upgrades like Alpenglow. - Institutional holdings of $1.72B and 6.86% staking yield signal growing confidence in Solana's long-term potential. - Solana's 17% price surge vs. Ethereum's 6% reflects its appeal for high-throughput DeFi/NFTs, though Ethereum retains Layer 2 liquidity advantages. - Upcoming upgrades aim to boost Solana's throughput, while Ethereum targets 10M TPS via Layer 2 scaling to maintain institution
LPT +1582.54% in 7 Days as Short-Term Gains Overshadow Long-Term Decline
- LPT surged 1582.54% in 7 days but fell 4914.14% over 1 year, showing extreme short-term volatility vs. long-term decline. - Analysts attribute the rebound to market rotation and speculative trading rather than fundamental improvements in the token's value. - Technical indicators suggest short-term exhaustion near $6.552, with moving averages and RSI signaling potential mean reversion after sharp swings. - A backtesting strategy using 50/200-period MA crossovers and RSI/OBV aims to capture short-term reve
Bitcoin News Today: Bitcoin's Payment Potential Gains Strategic Support from Block's Dorsey
- Jack Dorsey, Block founder, advocates Bitcoin as a payment tool for small businesses and daily transactions, aligning with Block’s fintech integration strategy. - Block enables Bitcoin payments via Square and Afterpay, reducing adoption friction through user-friendly tools and merchant support. - Market challenges like Bitcoin’s volatility and Ethereum capital shifts persist, but decentralized benefits drive adoption despite risks. - Google Cloud and MoonPay expand crypto infrastructure, while U.S. crypt
Trending news
MoreCrypto prices
More
