The cryptocurrency market has lost more than $200 billion in total capitalization over the past few days. This comes on the back of a 7% drop in Bitcoin’s price, which also dragged down most altcoins. Ripple’s XRP is no exception.
XRP Price Shaky Amid Global Uncertainty
At the time of this writing, XRP is trading at around $1.37, down 2.1% on the day and about $7.4% for the past week. With this, its total market capitalization sits at about $84 billion, lining it as the fifth-largest cryptocurrency behind Bitcoin, Ethereum, Tether, and BNB.
The week ahead also seems riddled with interesting economic events that could have a considerable impact on risk-on markets, including crypto. For example, the purchasing managers’ index (PMI) for March will be released on Wednesday. This will provide a key gauge of how the ongoing war in the Middle East has impacted sentiment and business activity.
Altcoins Painted Red but Exceptions Shine
That said, the broader altcoin market is painted almost entirely in red.
This has almost always been the case – whenever Bitcoin’s price is uncertain and moves to the downside, most of the altcoins tend to follow. With that being said, markets like the current one are also known for providing an opportunity to build positions in solid projects with fundamentals that go beyond speculation.
PlayNance, one of the most popular protocols oriented at Web3 gaming and entertainment, has recently launched its native cryptocurrency – GCOIN. Moving past its TGE with flying colors, the cryptocurrency already sits on a fully-diluted valuation of around $80 million, showcasing strong initial interest, but also room for growth.
The protocol was established years ago and currently powers a vibrant ecosystem, which averages more than 1.5 million transactions per day. All of these are executed using GCOIN as their settlement and utility layer.
The token might be trading live for just a ew days, but the ecosystem has been shaped and honed for the past five years and already caters to a multitude of developers and loyal users.
It’s also important to note that over 1.3 billion GCOIN is currently staked, while almost 3.3 billion is locked. This essentially removes close to 15% of the available circulating supply, signaling long-term commitment from its users.
Those interested in getting in early during (still) the first week of trading can take a look at the official page for more information.
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