Top Crypto Performers Today August 29 – Flare, Metaplex, LayerZero
On a day when major cryptos were unable to sustain what had at one point looked like a promising rally on strong US economic data and Nvidia results, investors turned to the altcoin markets for top crypto performers today.
That’s because, whilst Bitcoin (BTC) has erased most of its earlier intra-day gains to trade back in the mid-$59,000s, and other major cryptos have followed suit, some smaller altcoins are experiencing large price pumps.
Take Flare (FLR), for example. The interoperability/data-focused layer-1 protocol is up 6.4% in the past 24-hours Thursday, despite the market’s struggles.
That makes it one of the top crypto performers today, per CoinGecko.
FLR was probing for a breakout above its 50DMA around $0.0175 and the resistance zone around $0.018 on Thursday.
If it can break above here, that could open the door to a swift return to 2024 highs in the $0.050s.
Gains of as much as 3x could be on the cards for FLR, making it potentially the best crypto to buy now.
Flare has a market cap of around $750 million. But some even smaller tokens have seen even bigger price pumps.
$300 million market cap Solana DeFi token Metaplex (MPLX) is up 12% in the past 24 hours, per CoinGecko.
MPLX, one of the top crypto performers today, recently broke to the north of its 50 and 200DMAs into the $0.30s.
But its eyeing a swift push higher towards recent peaks in the $0.43 region.
The final name in the top crypto performers today list worth mentioning is LayerZero (ZRO).
The omnichain interoperability protocol rose over 10% in the past 24 hours, per CoinGecko.
This high potential project has a small market cap of just under $500 million.
But traders should be cautious, as its fully diluted market cap is over $4 billion.
That’s a common problem with some altcoins. Their low market cap/fully diluted market cap ratios means high token inflation.
Even if a project is very promising and successful, this can hurt token price growth.#CryptoMarketMoves
