Phoenix World is the most effective performing cryptocurrency amongst the highest 100 by market cap however might discover it laborious to keep up this degree of efficiency over the approaching days.
The cryptocurrency market has continued its glorious begin to the month, with the overall crypto market cap hitting the $2.9 trillion mark yesterday. Bitcoin continues to be buying and selling above the $62k degree whereas Ether has maintained its value above the $4,500 mark.
Nonetheless, Phoenix World has outperformed each cryptocurrency amongst the highest 100 by market cap. On the time of writing, PHB is up by greater than 3,700% and is buying and selling at $0.9271 per coin. If it maintains its optimistic momentum, then it might rally in direction of the $1 mark over the approaching hours or days.
The rally was brought on by the staking function launched by the Phoenix World workforce. The workforce decreased the variety of PHB tokens in circulation after launching its V2, called Redom. In consequence, the overall variety of PHB tokens in circulation has been decreased.
Lowering the variety of tokens in circulation normally works in favour of a cryptocurrency because it will increase the costs. Over the previous 24 hours, PHB’s value rose quickly from $0.02137 per coin to succeed in a excessive of $1.14 earlier than dropping again to the $0.9 degree
What to anticipate
The PHB/USD chart is at the moment bullish, due to the cryptocurrency including greater than 3,700% to its worth over the previous 24 hours. On the time of writing, PHB is buying and selling above the $0.9 degree and might be set to make a transfer previous the $1 level once more.
PHB rallied to the $1.14 degree a couple of hours in the past and will goal it once more if the bulls are usually not exhausted. Nonetheless, PHB may also retrace after including greater than 3,700% to its worth inside a brief interval.
If that occurs, the bulls could be pressured to defend the help degree above the $0.7 and $0.5 ranges over the subsequent few hours. Having added a lot to its worth over the previous few hours, PHB might retrace as it’d face exhaustion.