Cryptocurrencies To Watch: Week of November 21
Contents
Preserve an Eye on These Cash
Barring just a few exceptions, which we element under, the crypto market continues to drop. Bitcoin briefly fell under the $16,000 mark, leaving traders anxious. The previous few days have revealed extra of the monetary mismanagement at FTX, consequently maintaining traders away from centralized exchanges.
This week we look at ApeCoin (APE), Lido DAO (LDO), THORChain (RUNE), Chiliz (CHZ), and Synthetix (SNX). In choosing these property, we have now thought-about a number of elements, together with, however not restricted to, constructive technical developments, vital information occasions, and noticeable adjustments in worth.
Key Takeaways
- The ApeCoin (APE) token elevated by 16% after it revealed that it didn’t have any property on FTX.
- Lido DAO (LDO)’s worth elevated by 12% upon information of its Ether staking yield crossing 10% yearly.
- THORChain (RUNE)’s market cap elevated by 10% as customers flock to decentralized alternate options after the FTX collapse.
- The Chiliz (CHZ) token elevated by 10% because the FIFA World Cup kicks off. Chiliz has created fan tokens for a lot of soccer golf equipment, and the soccer mania is boosting its worth.
- The Artificial (SNX) token elevated by 10% as customers transfer to decentralized protocols within the wake of the collapse of FTX.
ApeCoin (APE)
ApeCoin (APE) has been one of many largest gainers prior to now seven days, with the APE token rising by 16% and at the moment buying and selling at round $2.99. There are not any specific developments or the like which have spurred this enchancment. The one believable cause behind the bounce in worth is the truth that the undertaking introduced it didn’t have any property on FTX. It revealed that its treasury property have been held in segregated custody accounts through Coinbase Custody.
APE: TradingView.
Lido DAO (LDO)
The Lido DAO (LDO) token skilled a 12% enhance in worth over the course of the week. The possible cause behind the worth bump is the truth that Lido’s staking yield elevated by 10% yearly. That is an all-time excessive since Ethereum’s Merge happened.
Lido DAO gives a liquid staking resolution for the Ethereum community. Customers stake their Ether to safe the community, for which they obtain a minimize of the transaction charges. The LDO token is a governance token that can also be used to reward actions. LDO’s worth is hovering at round $1.10.
LDO: TradingView.
THORChain (RUNE)
The market cap of THORChain (RUNE) jumped up by over 10% to round $395.2 million. THORChain is a decentralized liquidity protocol that permits customers to change property throughout completely different networks. RUNE is the native token that has governance functions. The token is at the moment priced at round $1.13.
The truth that FTX has spurred customers to change to decentralized alternate options is what is probably going behind the expansion. RUNE can also be anticipated to launch on Belief Pockets in just a few days.
RUNE: TradingView.
Chiliz (CHZ)
The Chiliz (CHZ) token is among the largest gainers final week, with its worth up by 10%. It’s clear why CHZ is so well-liked in the meanwhile, because the FIFA World Cup is occurring.
The fan-token-based undertaking is lapping up the soccer mania, which has created tokens for golf equipment prior to now. Moreover, the undertaking is setting apart a complete of 38 million CHZ to surrender to $10,000 to those that had CHZ on FTX. The CHZ token is at the moment priced at round $0.196.
CHZ: TradingView.
Synthetix (SNX)
The Synthetix (SNX) token elevated by 10% over the week, and the explanations are the identical as for ThorChain. The FTX incident has spooked traders away from centralized exchanges to decentralized alternate options. SNX is at the moment buying and selling at round $1.62.
Synthetix is a decentralized derivatives liquidity protocol that helps artificial property, together with commodities reminiscent of valuable metals, cryptocurrency indexes, fiat currencies, and different property. The SNX token is used to create these artificial property, as they’re used as collateral.
SNX: TradingView.
Investing in cryptocurrencies and different preliminary coin choices (ICOs) is very dangerous and speculative, and this text shouldn’t be a suggestion by Investopedia or the author to put money into cryptocurrencies or different ICOs. As a result of every particular person’s scenario is exclusive, a certified skilled ought to all the time be consulted earlier than making any monetary choices. Investopedia makes no representations or warranties as to the accuracy or timeliness of the knowledge contained herein. As of the date when this text was written, the writer doesn’t personal the cryptocurrencies talked about above.
