Cryptocurrencies To Watch: Week of November 7

Hold an Eye on These Cash

The predictions that the crypto market would decide up towards the top of the 12 months are coming true, because the asset class exhibits tentative indicators of restoration. Bitcoin and the remainder of the market confirmed constructive value actions over the weekend, although main crypto property nonetheless hover at their help ranges.

On this week’s column, we study Arweave (AR), Chiliz (CHZ), Algorand (ALGO), Polygon (MATIC), and Litecoin (LTC). In choosing these property, we’ve got thought of a number of components, together with constructive technical developments, important information occasions, and noticeable adjustments in value.

Key Takeaways

  • The worth of Arweave’s AR coin elevated by greater than 30% after Meta mentioned it will combine it to retailer digital collectibles.
  • The Chiliz (CHZ) token’s worth rose by 22% forward of the FIFA World Cup, beginning Nov. 20, 2022. Chiliz is a fan token undertaking concerned in soccer/soccer.
  • Algorand (ALGO) additionally gained due to the upcoming FIFA World Cup. Because the official blockchain platform of the sports activities occasion, ALGO’s worth elevated by 18%.
  • Polygon (MATIC)’s token jumped 32% in worth, reflecting current partnerships and integrations with Meta, JPMorgan Chase, and Reddit.
  • Litecoin (LTC) went up by 30% on information of an improved hash fee, and MoneyGram introduced that customers might purchase LTC via its app.

Arweave (AR)

Decentralized storage supplier Arweave is that this week’s major matter of debate, with its AR coin up greater than 30% within the final 24 hours. During the last seven days, the token has almost doubled in value.

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Arweave has skilled this value bump as a result of it introduced an integration with social media big Meta. Arweave offers blockchain-based knowledge storage, and Meta said that it will use this to retailer digital collectibles. AR began final week at $10 and is now at round $14.01 (see chart beneath).


Chiliz (CHZ)

Fan token community Chiliz’s CHZ token rose by 22% in worth within the newest week. The undertaking, in tandem with the platform, offers sports activities golf equipment with fan tokens, which can be utilized to have interaction with followers and supply perks. It has collaborated with many soccer groups world wide, together with Barcelona and Juventus.

The Chiliz token may very well be rising due to the upcoming FIFA World Cup, which begins Nov. 20. The added shopping for stress by whales—a time period for people or entities that maintain giant quantities of cryptocurrency—may very well be boosting the value, mixed with Chiliz’s historical past within the soccer world and the cryptocurrency market. The token was buying and selling at round 26 cents on Nov. 7 (see chart beneath).


Algorand (ALGO)

The Algorand undertaking had a busy week, leading to ALGO rising in worth by 18%. The coin has been concerned in a number of developments, resulting in progress throughout numerous of its metrics. ALGO was buying and selling at round 42 cents on Nov. 7 (see chart beneath).

The provision of ALGO on the Cardano community is a big current improvement for the token. Nonetheless, the FIFA World Cup is probably going the largest contributor to its current rise. The undertaking introduced a partnership with world soccer governing physique FIFA earlier this 12 months to grow to be the group’s official blockchain platform. Whole worth locked (TVL) within the crypto ecosystem additionally elevated significantly in current weeks, which could have triggered the rise in ALGO’s value.


Polygon (MATIC)

Polygon was additionally one of many greatest gainers final week, with the worth of the MATIC coin spiking 32%. The undertaking has introduced main partnerships and high-profile makes use of lately. MATIC started final week at 90 cents and is now priced at round $1.20 (see chart beneath).

For instance, Meta partnered with Polygon to permit customers to mint, showcase, and promote NFTs on Instagram. A partnership with Reddit additionally has benefited Reddit’s Avatars assortment, accessible on Polygon. In the meantime, JPMorgan Chase used Polygon for its first decentralized finance cross-border transaction.

Matic: TradingView.

Litecoin (LTC)

Litecoin had a powerful week as properly, with LTC leaping by 30%. One of many market’s older tokens, Litecoin underwent a number of developments final week that helped enhance its value, which is presently buying and selling at round $70.82 (see chart beneath).

The primary is that MoneyGram introduced a brand new service that allow customers purchase, commerce, and retailer LTC and different crypto property utilizing its app. The LTC community additionally introduced its hash fee surged. The latter improvement is a measure of how sturdy a community is, because it determines how a lot computational energy is required to course of transactions.

Litecoin: TradingView.

Investing in cryptocurrencies and different preliminary coin choices (ICOs) is very dangerous and speculative, and this text isn’t a advice by Investopedia or the author to spend money on cryptocurrencies or different ICOs. As a result of every particular person’s state of affairs is exclusive, a certified skilled ought to at all times be consulted earlier than making any monetary selections. 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 creator doesn’t personal the cryptocurrencies talked about above.