REQ, MFT, and KEY outperform the market to register double-digit gains as decentralized payments and identity management continue to rise despite global changes.
Cryptocurrency bulls faced tough headwinds as the week of March 14 began with a vote in Europe on whether or not to restrict proof-of-work cryptocurrencies, which was ultimately rejected.
Despite these pressures, some cryptocurrency projects managed to achieve gains of more than 20% on Monday as a result of new alliances and system improvements.
According to Cointelegraph Markets Pro and TradingView data, the top gainers in the last 24 hours were Request Network (REQ), Hifi Finance (MFT), and Selfkey (KEY).
Payments in the Metaverse via the Request Network
Request Network (REQ) is a decentralized payment system based on Ethereum that allows users to originate, share, and fulfil payment requests through secure channels without the need for an intermediary.
Prior to the latest price increase, VORTECSTM data from Cointelegraph Markets Pro began to detect an optimistic prognosis for REQ on March 13.
The VORTECSTM Score, which is unique to Cointelegraph, is an algorithmic assessment of past and present market circumstances based on a variety of data sources such as market mood, trading volume, recent price changes, and Twitter activity.
As shown in the chart above, the VORTECSTM Score for REQ began to rise on March 13, almost eight hours before the price jumped 45 percent the next day.
The project’s momentum has increased as a result of the addition of support for the Jarvis Network’s Euro stablecoin (jEUR), as part of the project’s continued quest to become the go-to payment provider for activities in the growing Metaverse.
Hifi Finance now includes community governance
Hifi Finance is a decentralized lending protocol that allows cryptocurrency holders to borrow against the value of their assets by using bond-like instruments that represent an on-chain obligation that settles on a future date.
According to Cointelegraph Markets Pro and TradingView data, after hitting a low of $0.006 on March 6, the price of MFT has risen 5% to a daily high of $0.009 on March 14, while its 24-hour trading volume has increased 1,131 percent to $235 million.
The unexpected increase in MFT price and trading volume follows an announcement that Hifi Finance will soon integrate governance features for MFT holders, who will be able to create and vote on recommendations for the protocol’s future development.
Identity management that is decentralized
Through its KYC-Chain, Selfkey is a blockchain-based identity platform that aims to advance the KYC process and support the idea of Self-Sovereign Identity.
Prior to the current price increase, VORTECSTM data from Cointelegraph Markets Pro began to detect an optimistic prognosis for REQ on March 7.
As seen in the chart above, the VORTECSTM Score for KEY rose into the green on March 7 and reached a high of 85 about 72 hours later, before the price continued to rise 35.6 percent over the next four days.
The price of KEY has recovered as the project seeks to integrate SelfKey and its KYC-Chain decentralized identity management system across the cryptocurrency ecosystem in order to comply with global KYC/AML standards.
The total cryptocurrency market cap is currently $1.732 trillion, with Bitcoin dominating at 42.7 percent.
Disclaimer: These are the writer’s opinions and should not be considered investment advice. Readers should do their own research.