Key takeaways:
- With the crypto market growing by roughly $400 billion since the end of September, several tokens have reached new heights
- DYDX, AXS, and LUNA have performed incredibly well and reached their respective ATHs during the last seven days
With Bitcoin reaching $50,000 once again and the overall market sentiment turning bullish, we are taking a look at crypto-assets that have managed to surpass their previous peak valuations and reach new heights.
dYdX enjoys the momentum shifting to decentralized exchange after China’s crypto ban
Centralized cryptocurrency exchanges, such as Huobi, KuCoin, OKEx have been forced to leave the Mainland China market following Beijing’s blanket ban on crypto. While tokens of several centralized trading platforms have been facing increased selling pressure, their decentralized finance (DeFi) counterparts have been surging.
One of the biggest benefactors of the newly established trend has been the dYdX decentralized exchange, both in terms of increased trading volume and the overall performance of its digital token. The DEX’s native token DYDX has seen immense growth since its launch on September 10. In a little less than a month-long period, the DeFi token has managed to almost double in value, and reached an ATH of $27.7 on September 30, before retracing to $21.3 at the time of this writing.
We’ve covered the trend of Chinese traders flocking to DEXes in detail in our latest edition of the Coins to Watch weekly series, which you can find here.
Axie Infinity has announced a native decentralized exchange, AXS surges
The massively popular blockchain gaming company, Axie Infinity has recently announced its plans to launch a DEX and thus expand the functionality of its platform. The company’s growth lead has explained that allowing trading of Axie Infinity’s native assets on the platform is a necessary step to take towards providing a seamless user experience.
Investors have welcomed the announcement with excitement as the price of AXS more than doubled in the span of three days. While the token was trading in the $70 range pre-announcement, it has managed to reach a new ATH of $154 by October 4. According to recent reports, the developing firm behind the hugely successful gaming company Sky Mavis, is valued at $3 billion.
Axie Infinity has been the best performing crypto asset of this year, enjoying a 21,000% price increase. Currently, AXS has a market valuation of $7.49 billion, which is good for 38th place on the list of largest cryptocurrencies.
LUNA rallied after the Columbus-5 upgrade went live on September 30
Terra is an e-commerce payment platform that combines the functionality of stablecoins and its native LUNA tokens in order to provide the stability needed to conduct international transactions. The long-awaited upgrade to the network, named Columbus-5, went online on September 30 and brought token burning mechanics and cross-chain support.
Since the mainnet deployment of the new update, the price of the platform’s native LUNA tokens increased from 33$ to an ATH of 49$ on October 4. Since then, the token’s value has dipped a bit, and is now trading at $41.
Similar to AXS, LUNA has been immensely successful this year. A 6,300% price increase since the beginning of 2021 is enough to place Terra 8th on the list of best-performing assets of this year.
