UMA, Waves, Terra, THORCHain, Anchor: Top performing crypto this week

Highlights

• Tokens, UMA, WAVES, RUNE, ANC & LUNA, were the top 5 gainers in the crypto market.
• The crypto market once again touched the US$2-trillion mark on 3 March.

Cryptocurrencies this week saw good fortunes after being in a bearish phase for the last many weeks. While the likes of Bitcoin, Ethereum performed better than the previous week, they also managed to climb out of the bearish phase and held the rally.

Thanks to the present bull run, the crypto market once again touched the US$2-trillion mark on 3 March, which is perhaps a glimmer of hope for the market participants who have been praying for some bright days. The crypto market had first reached the US$2-trillion mark in August last year. Following which, buoyed by a bull run four months back, it had even touched the US$3 trillion mark in November.

But the recent rebound, which started after the US and EU decided to impose strong sanctions against Russia for attacking Ukraine, has spurred several other tokens to rise.

Let’s look at five Top-100 crypto gainers of the week who made the biggest splash in the market.

UMA (UMA)

Launched in 2018, the UMA crypto is primarily a permissionless protocol that allows users to create and trade digitised derivatives. As a secure platform, UMA due to its smart contracts feature ensures that it is not manipulated. The UMA protocol reduces costs with minimal on-chain transactions.

This week, UMA has already registered gains of over 109%. At the time of writing the token was still enjoying a healthy rally of 24.04% and was trading at US$10.16 with a trading volume of US$945,861,510. UMA’s volume saw a significant hike as it was up by 389.53% on 4 March.

Also read: Why Goldfinch Crypto (GFI) is a unique crypto lending interface?

Waves (WAVES)

Just like UMA, WAVES crypto saw a good week by registering a weekly gain of 95.59%. As a multi-purpose blockchain platform, WAVES supports the use cases including decentralized applications (DApps) and smart contracts. The project was launched in 2016 and brings in features of speed, utility, and user-friendliness.

Another interesting fact about the WAVES protocol is that it was founded by Ukrainian-born scientist Alexander Ivanov. This year, Waves has outperformed Bitcoin. Waves crypto was trading at US$18.97 with a trading volume of $1,422,048,024. The 49^th ranked token was up by 3.17% on 4 March.

Also read: KASTA (KASTA) crypto: How high can it go after its recent rally?

THORCHain (RUNE)

The week couldn’t get any better for THORCHain (RUNE) protocol. After its team announced its integration with the Terra (LUNA), RUNE has been witnessing a good run in the market. As an independent blockchain, THORCHain allows the easy-swapping facility to the users and walks through various permissionless settings.

So far, the THORCHain crypto has already witnessed a gain of 59.52%. At the time of writing, the token was trading at US$5.60 with a trading volume of US$307,129,254. RUNE token was up by 0.23% on 4 March with a volume gain of 54.2%.

Also read: 3 Upcoming Crypto Airdrops to watch out in March         

Anchor Protocol (ANC)

Anchor is a money market maker that allows the UST depositors to earn 20% APY. The Decentralized Finance (DeFi) platform is primarily powered by the Terra blockchain and enables the borrowers to collateralise UST loans using bonded LUNA (bLUNA).

The ANC crypto has registered gains of 41.10% over the past week and at the time of writing, it was trading at US$4.83 with a trading volume of US$259,371,654. ANC witnessed a significant rally of 1.26% on 4 March.

Terra (LUNA)

Terra uses fiat-pegged stablecoins to ensure price stabilisation. As a blockchain network, it combines features of being borderless along with the stability of fiat currencies. Terra offers the holders a swapping facility and for this, it charges a minimal 2% to 3% fee in the form of transaction fees.

LUNA has witnessed a rally of over 35.82% over the past week. At the time of writing, the token was trading at US$89.61 with a trading volume of US$3,681,765,330. Terra may have had a good run this week, but on 4 March it was down by 4.26%.

Conclusion

Many cryptos have done well this week, like Near Protocol, Chillz, Zcash, Monero, etc., the above-listed cryptos just managed to outperform their peers. But at the time of war, crisis, the volatility in the market increases, so investors should be mindful before making any investment decisions.