Altcoins Defy Market Trend: XRP, XLM, CFX, XDC and MASK Post Double-Digit Gains
• Bitcoin’s market dominance increased from 44% to 48% in March, while most altcoins posted negative returns.
• XRP, XLM, CFX, XDC and MASK were the top 5 altcoin gainers of the month.
• Ripple’s legal case against the SEC improved after a judge decided to exclude an expert opinion and Binance’s improper compliance procedures gave XRP holders hope.
Altcoin Performance in March
Bitcoin’s dominance over the crypto market rose steeply in March, with its share of total cryptocurrency market capitalization rising from around 44% to highs of 48%. While Bitcoin’s price increased by 22.7%, most altcoins yielded subpar or negative returns except for a few outlier coins that showed positive momentum.
Ripple’s chances of winning its case against the Securities Exchange Commission (SEC) improved on March 21 when a judge excluded an expert opinion explaining how XRP could be classified as a security. On March 27th, The Commodity Futures Trading Commission (CFTC) charged Binance with improper compliance procedures and market manipulation, which some believe will extend to benefit XRP holders by refuting the SEC’s claim that it is a security.
Conflux Network (CFX)
Conflux Network saw steady growth throughout March as they strengthened their partnerships in China and established grants programs to promote its ecosystem development. The CFX token tested support between $0.10 and $0.20 before continuing its positive run to reach a new yearly high of $0.46 at the end of the month.
Lumens was one of the top performers in March posting double-digit gains as investors continued to put their trust into Stellar-based projects such as AnchorUSD and StrongholdUSD which are both pegged 1:1 with USD fiat currency allowing users to easily send money across borders without any fees or restrictions on movement due to country borders or banking holidays.
Mask Network (MASK)
Mask Network surged ahead in March as well reaching nearly 200% gains thanks in part to their expansion into South Korea where they recently launched their Korean website along with Korean language support for their mobile app allowing Korean users easier access to Mask Network features including decentralized storage, communication services and more .