The cryptocurrency market is dynamic, with continuous developments influencing asset performance. March brings significant updates for several prominent cryptocurrencies, ranging from mainnet launches and hard forks to community events and strategic partnerships. These events can potentially impact their market position and price trajectories. Here’s a curated list of notable cryptocurrencies to monitor this month.
Cardano (ADA)
Current Price: $1.29
Market Cap: $41 billion
Market Rank: #3
Cardano is set to implement the "Mary" hard fork on March 1st. This upgrade allows users to create and distribute tokens on the Cardano blockchain, enhancing its capabilities in non-fungible tokens (NFTs), decentralized finance (DeFi), and stablecoins. Mary is the second of three planned hard forks leading to the Goguen era, which will introduce full smart contract functionality and support for decentralized applications (dApps).
Creator Charles Hoskinson has confirmed that development remains on schedule. Node operators must upgrade by installing the latest version of the Daedalus Flight wallet.
Despite a recent pullback from its all-time high of $1.54 on February 27th, ADA continues to trade above the key $1 resistance level, suggesting a generally bullish medium-term trend.
Theta Network (THETA)
Current Price: $3.20
Market Cap: $3 billion
Market Rank: #27
Theta Network is joining the decentralized exchange (DEX) trend with the release of ThetaSwap v1, the first DEX built on its blockchain. The platform utilizes the Theta wallet, which is easily accessible via Google Chrome and secured by a 12-word seed phrase.
Additionally, Theta plans to launch an NFT marketplace and host its second hackathon later in the first quarter.
After reaching a record high of $4.01 on February 18th, THETA has shown signs of weakening momentum, indicated by a bearish RSI divergence.
IOST (IOST)
Current Price: $0.037
Market Cap: $695 million
Market Rank: #84
IOST is focusing its 2021 strategy on the DeFi sector. A key partnership with Donnie Finance will result in the launch of seven new products this year. A major event for March is an airdrop of the DON token to all IOST holders, distributing 10% of the total DON supply.
Following a rejection just shy of its all-time high, IOST has retreated to a crucial support zone near $0.037. Holding above this level could pave the way for a future rebound.
Hedera Hashgraph (HBAR)
Current Price: $0.11
Market Cap: $889 million
Market Rank: #72
Hedera plans to enhance its consensus service in Q1 2021, aiming to achieve a throughput of at least 10,000 transactions per second. Similar to Theta, it also intends to release a demo application for NFT issuance on its layer-2 network.
Since peaking at $0.165 on February 19th, HBAR has been in a downtrend. It is now testing a significant support level at $0.11, which could serve as a foundation for a price recovery.
Avalanche (AVAX)
Current Price: $25.09
Market Cap: $1.9 billion
Market Rank: #45
Avalanche is an open-source platform for launching highly scalable dApps. A significant development comes from stablecoin issuer E-money, which plans to launch several euro and Swiss franc-pegged stablecoins on the Avalanche blockchain in Q1 2021. The ecosystem already supports assets like TrueUSD (TUSD) and BiLira (TRYB).
AVAX price has declined approximately 60% since its all-time high of $60.20 on February 10th. It is currently trading at the 0.618 Fibonacci retracement level of its previous rally. A failure to hold here could see prices fall toward the next major support near $13.
NEM (XEM)
Current Price: $0.60
Market Cap: $5.4 billion
Market Rank: #16
NEM is scheduled to launch its new "Symbol" mainnet on March 15th. This upgraded blockchain promises improvements in speed, usability, and security over the current NEM network. In a significant event for holders, a snapshot on March 12th will entitle XEM owners to receive XYM (Symbol's native token) on a 1:1 basis.
Despite a strong performance in February, XEM was rejected at the $0.80 resistance level (0.382 Fib) and has since declined to its current price, forming a pronounced upper wick on its monthly candle.
NEAR Protocol (NEAR)
Current Price: $4.06
Market Cap: $1.2 billion
Market Rank: #57
NEAR Protocol is a dApp platform designed to improve the usability of web applications. It offers very low transaction costs, achieved through its unique sharding mechanism called Nightshade. The NEAR team will host a town hall on March 2nd to discuss upcoming marketing initiatives and a brand refresh.
After hitting an all-time high of $5.58 on February 12th, NEAR's price corrected downward. It has since reclaimed the $3.60 support level, a positive sign for buyers.
Crypto.com Coin (CRO)
Current Price: $0.14
Market Cap: $3.4 billion
Market Rank: #22
CRO is the native token of the Crypto.com payment ecosystem. A major step in its journey toward full decentralization is the launch of its new mainnet, scheduled for March 25th. The event is expected to involve hundreds of validators and follows the recent burning of 70 billion CRO tokens.
The token's price has fallen from its February 22nd high of $0.27 and is now trading below the main resistance area of $0.17.
Icon (ICX)
Current Price: $1.55
Market Cap: $923 million
Market Rank: #70
The ICON project aims to build one of the world's largest decentralized networks. Its team will hold an Ask-Me-Anything (AMA) session on March 4th to discuss its 2021 strategy and roadmap. Furthermore, ICON has committed 500,000 ICX to a fund dedicated to auditing smart contracts for approved projects within its ecosystem.
Although ICX has seen positive momentum, it remains far from its all-time high and has struggled to break through the long-standing $2 resistance zone.
Enjin Coin (ENJ)
Current Price: $0.58
Market Cap: $541 million
Market Rank: #90
Enjin Coin is an Ethereum-based cryptocurrency designed for the gaming industry, specifically for tokenizing in-game items. The Enjin team will participate in a Binance-hosted AMA on March 4th, where its Chief Growth Officer will detail new NFT initiatives.
Despite recent price decreases, ENJ continues to trade above its previous all-time high resistance zone of $0.47. The formation of a long lower wick on recent price candles indicates significant buying pressure at that level.
Frequently Asked Questions
What is a hard fork?
A hard fork is a radical change to a blockchain's protocol that makes previously invalid blocks and transactions valid, or vice-versa. It requires all nodes or users to upgrade to the latest version of the protocol software. For a deeper dive into blockchain upgrades, you can explore more strategies for understanding market impacts.
Why are mainnet launches important?
A mainnet launch represents the full deployment of a functional blockchain project. It moves the network from a test environment to a live one, where real transactions occur and the native token derives its value from actual utility, making it a significant milestone for any project.
How do AMAs affect a cryptocurrency's price?
Ask-Me-Anything sessions provide transparency and allow project teams to communicate directly with the community. Positive news, clear roadmaps, and exciting announcements during an AMA can boost investor confidence and potentially lead to short-term price increases.
What is an airdrop in crypto?
An airdrop is a distribution of a cryptocurrency's tokens or coins to numerous wallet addresses, usually for free. Projects use airdrops to promote awareness, reward loyal holders, and encourage decentralization of token ownership.
How can I stay updated on these developments?
The best way to stay informed is to follow official project channels like blogs, Twitter accounts, and Discord servers. Additionally, using reputable crypto news aggregators and market analysis platforms can provide timely updates. For tracking real-time movements, view real-time tools that offer comprehensive market data.
Should I invest based on these events?
While upcoming events can create positive momentum, they are just one factor to consider. Always conduct thorough fundamental and technical analysis, assess the project's long-term viability, and never invest more than you are willing to lose. The crypto market is highly volatile.