As the global cryptocurrency market value increased 2.93% to $1.46 trillion, the top gainers among the top 100 digital assets by the market capitalization in the last 24 hours were Waves (WAVES), Ethereum Classic (ETC), and Universal Market Access (UMA), according to CoinMarketCap.com data.
Waves is today’s biggest altcoin gainer, with a 17% increase in value in the last 24 hours. However, UMA and Ethereum Classic are close runners-up, gaining 15% each over the same period, respectively.
ETC, a crypto-asset that formed after the hard fork of the ETH blockchain, was one of the biggest gainers and has increased by 37.93% to $61.25 over the last week alone.
Ethereum Classic announces ‘Magneto’
The increase in ETC follows the announcement of a network upgrade dubbed “Magneto” by developers. This version will include Ethereum’s Berlin upgrade capabilities, according to Stevan Lohja, developer relations manager for Mantis, a client, and wallet for Ethereum Classic.
After breaking over a month-long trend line, Ethereum Classic is currently trading at $60. Before the liftoff, ETC hit support at $34.5, as bulls bowed to the market’s recent selling pressure.
200 Simple Moving Averages (SMAs). Before overhead pressure began to build, ETC achieved a weekly high of $62.
Meanwhile, support at the 200 SMA and $54 is required to avoid a trend downturn that may wash out part of the gains. Trading over $62 may push Ethereum Classic above $100, starting a new bull run.
UMA, or Universal Market Access, which is currently hovering around the 10$ mark, is a blockchain-based platform enabling the production of synthetic assets.
In recent times, the decentralized finance (DeFi) network UMA has been collaborating with crypto derivatives protocol Opium to provide insurance and financial derivatives for hedging risks related to SpaceX flights.
Waves, today’s biggest gainer among the top 100 digital assets, currently sits around the $17 mark. It is a blockchain platform that users may use for a variety of purposes, including decentralized applications (DApps) and smart contracts.
Founded in June 2016 due to one of the cryptocurrency industry’s first initial coin offers (ICO), to improve on the original blockchain platforms by boosting speed, usefulness, and user-friendliness.
It is worth noting that Waves coin has increased by more than 1,000% since last year’s trading price.