Onyxcoin, a Web3 protocol, is showing a significant rise, securing a spot in the top 100 cryptocurrencies by market capitalization thanks to market speculation.
General Information on Onyxcoin
Currently, the price of Onyxcoin (XCN) hovered above $0.020, which is up 43% from previous days. At the time of writing, the market cap for XCN was $685 million, with a 24-hour trading volume exceeding $81 million—an increase of 213%.
Reasons for XCN Surge
The surge in XCN was noted against the backdrop of general positive developments in the cryptocurrency space. As Bitcoin broke past $122,000 and Ethereum surged above $3,000, Onyxcoin also gained traction, rising more than 16%. This marked the highest level for the token since mid-May.
Outlook and Supporting Factors
Recent interest in Onyxcoin is also linked to the successful implementation of the OIP-60 upgrade on Ethereum, which activates the Onyx Points rewards for stakers. Open interest for XCN contracts has also increased to $21 million, demonstrating growing trader interest. Additionally, XCN benefited from its listing on PancakeSwap and integrations with other platforms.
Amid the significant rise of Onyxcoin and improving market conditions, this token has expanded its positions considerably, allowing for expectations of further growth in the future.
