Here’s why STX, CFX, SSV, AGIX and GRT are the top performing assets in February

The period of February was filled with investors’ anticipation that an earlier-than-expected Federal Reserve argumentation pivot would occur, but this sentiment faded arsenic the ostentation and employment information came successful hotter than expected. While the commencement of the period was bullish for the crypto market, Bitcoin (BTC) retraced 60% of the determination from February’s debased astatine astir $21,500 to the highest of $25,250. 

Nevertheless, immoderate narrative-driven rallies inactive caused important terms maturation successful immoderate altcoins. The starring narratives were Bitcoin NFTs, liquidity staking derivatives (LSDs) connected Ethereum and Artificial Intelligence (AI) projects.

Let’s reappraisal the apical performing coins of the month.

Stacks (STX)

Stacks gained overmuch attraction arsenic the hype implicit Ordinals kicked disconnected astatine the commencement of the month. Gamma, a Stacks-based project, enabled the instauration of Bitcoin Ordinals. However, afloat functionality successful trading and nationalist minting of Ordinals connected Stacks is inactive successful development.

Meanwhile, Stacks faces contention from different blockchains similar Ethereum, wherever developers are moving toward enabling Bitcoin NFT trading connected Ethereum. Yuga Labs, the starring NFT firm, announced a 300-piece generative collection connected Bitcoin connected Feb. 27. The auction (or minting) volition apt beryllium held connected Ethereum owed to the deficiency of infrastructure connected Bitcoin. Thus, arsenic Stacks delays its improvement of making Ordinals accessible, much liquid chains are taking vantage of different solutions.

The fundamentals of the Stacks blockchain bash not corroborate with the terms surge, which suggests that it could beryllium purely speculative fixed the imaginable for Stack's growth. In the abbreviated term, STX risks a pullback from the apical of its trading scope successful some STX/USD and STX/BTC pairs. Nevertheless, if buyers tin conquer absorption astatine $1.02, there's a probability of STX taking a changeable astatine all-time highs of $3.40.

STX/USD play terms chart. Source: TradingView

Conflux (CFX)

Conflux Network received a important boost connected Feb. 15 arsenic the blockchain squad announced a partnership with the 2nd largest Telecom work successful China, China Telecom. The telecom elephantine volition supply blockchain-enabled mobile SIM cards to implicit 200 cardinal users. The SIM paper volition store a nationalist and backstage key, storing transferable idiosyncratic information successful encrypted form. 

Over the years, Conflux has earned the estimation of a Chinese endeavor blockchain with partners successful Oreo China, McDonald's China and Chinese Instagram equivalent Little Red Book. The blockchain besides hosts an RMB-pegged stablecoin successful support with the Chinese government, which is highly encouraging fixed the strict power of the authorities implicit authorities policies.

The Conflux Network deploys some proof-of-work and proof-of-stake mechanisms to summation scalability and decentralization. The web processes betwixt 3,000 to 6,000 transactions per second, which is considerably faster than Ethereum's velocity of 15 tps.

While Conflux has established partnerships with starring Chinese brands, the enactment connected the blockchain has yet to warrant the 500% summation successful CFX's terms successful February. Data shows that the fig of caller Conflux addresses and NFTs minted connected the level has stayed astatine par with erstwhile months with nary evident spike.

This raises concerns astir the sustainability of the hype gathering astir the blockchain. Extensive partnerships successful the blockchain abstraction person often failed owed to a deficiency of real-world integrations.

Number of NFTs minted connected Conflux each month. Source: Conflux Scan

The CFX/USD pair’s vertical rally met with absorption astatine the October 2021 precocious of $0.34. The intelligence levels of $0.20 and $0.10 volition enactment arsenic enactment successful lawsuit of a pullback. 

SSV Network (SSV)

SSV Network benefited from the craze astir the Ethereum Shanghai upgrade, which has fueled the emergence of LSD tokens. SSV Network is an infrastructure supplier that volition apt supply backend enactment for LSD platforms to assistance decentralize the Ethereum network.

The task is moving connected the thought of Distributed Validator Technology (DVT), archetypal projected by Ethereum founder, Vitalik Buterin, successful the Ethereum 2.0 design. It enhances the information and decentralization of the Ethereum PoS web by allowing smaller stakers and validators to usage the SSV Network and tally Ethereum validating nodes.

On Jan. 19, the squad announced a $50 cardinal ecosystem fund to enactment the improvement of the technology. The money is backed by starring crypto task capitalists including Digital Currency Group, Coinbase Ventures, HashKey, NGC, Everstake, GSR and SevenX.

The task gained a batch of attraction arsenic the authoritative sponsor of the ETH Denver Hackathon 2023, wherever the task gave grants to teams processing connected DVT technology. SSV Network shows important imaginable for adoption by LSD protocols arsenic the magnitude of staked Ether increases aft the Shanghai upgrade.

Still, a important information of the 160% gains successful February could beryllium owed to a rotation from the crowded LSD tokens toward different protocols that basal to payment aft the Shanghai upgrade.

Technically, SSV token is successful a terms find mode, making caller all-time highs. Thus, it’s apt that the token continues to surge higher, particularly if starring LSD platforms similar Lido oregon Rocket Pool denote SSV Network integration. 

However, the token tagged the $50 intelligence level connected Feb. 27, which could spot immoderate nett booking from investors. On the downside, the token volition apt find enactment adjacent 2022 highs of $21.

SingularityNET (AGIX)

SingularityNET benefited from the continued hype successful AI-related projects. The protocol’s marketplace invites users to acquisition AI services successful its autochthonal cryptocurrency, AGIX. The token’s terms has jumped astir 12 since the commencement of 2023, from $0.045 to a highest of $0.58.

The latest surge successful SingularityNET tin beryllium attributed to its concern with Cardano. The protocol presently resides connected Ethereum for hosting rudimentary AI bots for representation processing, connection translations and statistical analysis. The migration to Cardano provided a immense boost to the protocol arsenic it started offering ADA staking work and facilitating a decentralized span betwixt Ethereum and Cardano.

AGIX token reversed from its all-time precocious levels astatine $0.63, which could proceed to supply absorption for bulls. As the AI hype subsides, a correction toward $0.33 and $0.15 enactment cannot beryllium ruled out. Nevertheless, if buyers are palmy successful pushing the terms supra the $0.63 absorption level, AGIX tin tally importantly higher.

Graph Protocol (GRT)

Similar to SingularityNET, The Graph protocol has besides benefited from an summation successful the AI narrative. The indexing protocol connected Ethereum and IFPS is dilatory transitioning to an autarkic layer-1 network. It works done coordination betwixt subgraph developers, who make and store an easy accessible database of blockchains, and decentralized exertion developers, who usage this database to make products.

According to a caller study by Messari, The Graph’s gross accrued 66% successful Q4 2022 compared to the erstwhile quarter. The fig of subgraphs connected the web has accrued consistently, with a 12% quarter-on-quarter summation successful gross for web participants.

GRT token has important upside imaginable if the maturation of the web sustains. Technically, the July 2022 breakdown levels astatine $0.33 and 2022 highs of $0.51 volition beryllium the apt targets for bulls, with enactment astatine the intelligence level of $0.1 and the 2023 yearly opening terms of $0.056.

The views, thoughts and opinions expressed present are the authors’ unsocial and bash not needfully bespeak oregon correspond the views and opinions of Cointelegraph.

This nonfiction does not incorporate concern proposal oregon recommendations. Every concern and trading determination involves risk, and readers should behaviour their ain probe erstwhile making a decision.