Altcoins
These dApps Have Made the Most Money in the Past 3 Months
The cryptocurrency industry has become a major part of the economy. According to CoinMarketCap, cryptocurrencies have had a total market cap of over $1 trillion. There are also over 20,000 cryptocurrencies in the world. Each of these coins and tokens are created to generate some cash. In this article, let us look at some of the top dApps that made money in the past 3 months.
OpenSea
OpenSea is a leading player in the NFT industry. It is the biggest NFT ecosystem in the world. It simply makes it possible for people to buy and sell Non-Fungible Tokens (NFT). In the past few years, OpenSea has helped to process NFTs worth billions of dollars.
OpenSea also makes a lot of money. In the past 3 months, it has been the most cash-positive platform in the industry. It had a revenue of over $27 million. In the past 365 days, it has made over $405 million, making it the best-performing dApp in the industry.
dYdX
dYdX is another dApp that makes a lot of money. For starters, dYdX is a leading player in decentralized finance (DeFi). It makes it possible for users to buy cryptocurrencies and trade derivatives like perpetual futures. The network is known for providing some of the lowest fees in the industry.
According to CoinMarketCap, dYdX handled over $1.7 billion in cryptocurrencies in the past 24 hours. This makes it the biggest DEX in the world followed by Uniswap, which handled $1.4 billion. According to TokenTerminal, its revenue was over $19.8 million. Its revenue in the past 365 days was over $115 million.
GMX
GMX is another DEX that provides similar services to dYdX. It is a DEX based on Avalanche and Arbitrum. In the past few months, the network has seen the amount of volume increase. GMX was one of the top beneficiaries of the collapse of FTX since it offers similar services. GMX made over $11.3 million in the past 90 days and over $34 million in the past 365 days.
PancakeSwap
PancakeSwap is a leading DEX built on the BNB Chain ecosystem. It has recently expanded to other blockchains like Aptos and Ethereum. PancakeSwap has a total value locked (TVL) of more than $3.69 billion. In addition to crypto trading, the network makes it possible for users to trade non-fungible tokens (NFTs) and even make predictions. PancakeSwap generated over $9.7 million in the past 3 months and over $87 million in the past 365 days.
Other dApps that have made a lot of money in the past 12 months are Convex Finance, Ethereum Name Service (ENS), MakerDAO, and Synthetix.
Cardano price has faced a great setback in the past few days as the US SEC filed a lawsuit against the cryptocurrency exchange platform, Binance. The altcoin has dipped by more than 8% in the past week and currently trades 2.35% lower at $0.3448. ADA’s total market cap has crashed by more than 2% to $12 billion, while its total volume dropped by 2.48% over the last day.
Catalyst Behind ADA’s Downfall
Cardano price has been in freefall since the start of the week, moving in tandem with the broader cryptocurrency market as the US Securities and Exchange Commission (SEC) target Binance and its CEO, Changpeng Zhao. SEC filed a lawsuit against Binance, the largest cryptocurrency exchange platform, over the alleged mishandling of customers’ funds and the running of illegal operations in the United States.
The regulatory action contributed to a market-wide price decline in the crypto sector, impacting several assets, including Bitcoin and Ethereum, which fell by more than 5% after the announcement on Monday. Cardano price plunged nearly 7% following the regulatory announcement.
In the lawsuit, the Securities and Exchange Commission alleged that Binance had been offering “unregistered securities” since its inception. The SEC mentioned that a slew of popular cryptocurrencies, including Cardano, Solana, and Polygon, were among the unregistered securities. Other cryptocurrency asset securities mentioned in the lawsuit include FIL, ATOM, SAND, COTI, and ALGO, among others.
In its filing, SEC…
Ethereum price jumped on Friday, hovering slightly below the important level of $1,900 as the approval of the US debt ceiling bill increased bullish sentiment in markets. At the time of writing, Ethereum was trading 1.48% higher at $1,888.86, surpassing the 50-day exponential moving average at $1,845. The asset’s total market cap, as well as its total volume, has increased over the last day.
Fundamental Analysis
The crypto market was in the green on Friday as investors digested the latest news on the US debt ceiling bill. The global crypto market cap increased by nearly 1% over the past 24 hours to $1.14 trillion. Even so, the total crypto market volume, as well as Bitcoin’s dominance, inched lower over the same period.
Ethereum price jumped to an intraday high of $1,900 on Friday before pulling back slightly amid increased bullish sentiment and a weaker US dollar. The US Senate passed the bill to suspend the US debt ceiling deal to January 1, 2025, on Thursday, a few days before the US government ran out of cash. The US government will now be able to keep borrowing money to pay its bills.
The dollar index, which measures the greenback’s performance against six major currencies, has dropped by nearly 1% this week, its biggest weekly loss since mid-January. The passage of the US debt ceiling deal removed a pillar of support of the US dollar, which…
XRP price has been in a steady uptrend for five consecutive days despite macroeconomic factors weighing on markets. At the time of writing, XRP was trading slightly higher at $0.4853, with its market cap inching higher for the day. The coin’s volume has also moved higher in the past 24 hours, hinting at a bullish outlook.
Fundamental Analysis
XRP price has staged a significant recovery in the past few days, jumping more than 6% in the past week. The coin has managed to secure a place among the best-performing altcoins in the past week. Its market cap has tilted higher to $25 billion, ranking the asset 6th after USD Coin.
The cryptocurrency market was in the green on Monday, with the global crypto market cap jumping more than 1% over the day to $1.15 trillion. The total cryptocurrency market volume increased by nearly 62% over the same period. The recent rally in the crypto market has been on the back of the finalization of the US debt ceiling deal that has been gnawing on markets for the past few days.
The US dollar shied away from its six-month high on Monday after US President Biden and House Speaker Kevin McCarthy finalized a budget agreement, suspending the $31.4 trillion debt ceiling to 2025. This will allow the US government to continue borrowing money and pay its bills on time. Even so, Congress must pass the deal before June…
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