Onyxcoin (XCN) Price Performance

Onyxcoin emerged as one of the top performers in the cryptocurrency market this Tuesday. In the last 24 hours, it climbed from a $0.02334 low to a $0.03388 high

Top cryptocurrency performers on Tuesday include Onyxcoin (XCN), which rose by over 45% in the last 24 hours. Commencing the day at a low of $0.02334, the token encountered resistance at $0.03388 before pulling back slightly to trade at around $0.03 as of 6:00 AM (UTC).

Despite the pullback, XCN managed to hold on to more than 21% of its one-day gain. The token is also up by over 1,000% and 2,200% on the one-month and one-year charts, respectively.

The token’s strong performance was accompanied by a 34% increase in trading volume, with $552.48 million of XCN moving across wallet addresses. The latest developments brought the market cap of its 30.79 billion circulating supply to $928.81 million.

However, despite today’s major bounce, XCN remains roughly 82% down from its all-time high of $0.1841 three years ago.

What’s Fueling the XCN Rally Today?

Bitcoin and Crypto Market Recovery

Onyxcoin has no doubt benefited from the recovery of Bitcoin (BTC) and the broader cryptocurrency market following the massive liquidations we saw between Sunday and Monday. As of early Tuesday morning, BTC has rebounded significantly from its dip to $91K yesterday and is now trading between $98K and $102K.

The stability in the market can be largely attributed to Mexico and Canada agreeing to President Donald Trump’s request to secure the northern and southern borders of the US to prevent the passage of illegal aliens and drugs. The US president agreed to pause the imposition of his controversial tariffs after a conversation with the leaders of the neighboring nations.

Onyx XCN Ledger Launch

On its own, Onyxcoin is also making great strides in its ecosystem. As we covered in January, its recent rally was largely driven by the unveiling of its own blockchain, the Onyx XCN Ledger. The Layer 3 (L3) chain promises to unlock financial-grade applications while offering near-instant confirmations, better security, enhanced performance, and low fees for transactions.

The new chain is built on top of Arbitrum Orbit for its scalability and execution. It also utilizes Base, Coinbase’s L2 chain, as its economic and settlement layer.

The platform uses XCN as its native token and burns it using EIP-1559 at every transaction.

Dispute Resolution with HTX Global and Justin Sun

As we reported over a week ago, the Onyx DAO has also announced the resolution of its conflict with HTX Global and Justin Sun. We do not have the exact details of their terms, but the event certainly cleared a key obstacle in XCN’s growth and public perception. Furthermore, it has paved the way for possible future cooperation with the mentioned parties.