A quiet yet remarkable surge has been underway in a world where Bitcoin and Ethereum have dominated the cryptocurrency headlines. Mid-cap cryptocurrencies, including $AXS, $MANA, $FTM, $INJ, $MATIC, $DAI, $PEPE, $POWR, $QNT, and $AGIX, have witnessed significant growth in their networks, thanks to a spike in new wallets created.
Data from Santiment, a leading cryptocurrency analytics platform, revealed that these mid-cap coins have experienced substantial increases in the number of new wallets being created, signifying heightened interest and adoption.
📈 As trader focus has been primarily on #Bitcoin & #Ethereum, mid caps have quietly seen big network growth rises. With $AXS, $MANA, $FTM, $INJ, $MATIC, $DAI, $PEPE, $POWR, $QNT, & $AGIX seeing spikes in new wallets created, prices can continue to climb. https://t.co/HHeDRVsc0z pic.twitter.com/RdtSQOeAo3
— Santiment (@santimentfeed) October 25, 2023
One of the standout performers in this rally is $AXS, the native token of Axie Infinity, a blockchain-based game. The price of Axie Infinity (AXS) currently stands at $4.7596, reflecting a 2.64% increase in the past 24 hours. With a market capitalization of $672,589,820, AXS holds the 58th position in the cryptocurrency market.
Decentraland ($MANA), a virtual reality metaverse platform, has also seen a notable uptick in wallet creation. The current price of Decentraland (MANA) stands at $0.3509, reflecting a 1.70% increase over the past 24 hours. With a market capitalization of $664,240,261, MANA ranks 62nd in the cryptocurrency market.
$FTM (Fantom) and $MATIC (Polygon) have also witnessed significant network growth. Fantom, a platform designed for smart cities and enterprises, has been making strides in the blockchain world, while Polygon’s layer-2 scaling solutions for Ethereum have attracted a considerable following.
The current price of Fantom (FTM) is $0.2297, indicating a 1.57% decrease over the past 24 hours. With a market capitalization of $643,963,718, FTM ranks 62nd in the cryptocurrency market. The trading volume in the last 24 hours reached $85,283,970, accounting for 33.73% of its market cap.
Injective Protocol ($INJ) and Quant ($QNT) have been making waves, too, thanks to their unique offerings in the decentralized finance (DeFi) space. $INJ, with its focus on decentralized derivatives, and $QNT, a blockchain operating system, have both generated a surge in wallet creation.
Injective (INJ) is priced at $12.21, reflecting a 2.36% increase over the past 24 hours. With a market capitalization of $1,023,050,929, INJ ranks 44th in the cryptocurrency market. The trading volume for INJ in the last 24 hours amounted to $101,377,767, representing a substantial 41.73% of its market capitalization.
Quant (QNT) has surged by 8.50% over the past 24 hours, with the current price at $106.09. This remarkable increase places QNT in the 41st position within the cryptocurrency market, boasting a market capitalization of $1,280,743,554. The 24-hour trading volume for QNT reached $28,979,630, accounting for 4.28% of its market cap.
Meanwhile, $DAI, the stablecoin issued by MakerDAO, remains a steadfast choice for users seeking stability in the ever-volatile cryptocurrency market. Dai (DAI) is priced at $0.9996, with a minimal 0.01% change in the past 24 hours. DAI holds the 14th position in the cryptocurrency market, with a market capitalization of $5,345,532,173. The trading volume for DAI in the last 24 hours amounted to $167,428,639, representing 28.29% of its market capitalization.
While the cryptocurrency market is known for its volatility, the increasing adoption and network growth of these mid-cap coins indicate a shift in investor interest. The potential for these assets to climb in value must be addressed, and they may offer alternative investment opportunities in a crypto landscape that Bitcoin and Ethereum have long dominated.
