Cryptocurrencies To Watch: Week of October 17

Maintain An Eye On These Cash

The crypto market has had a reasonably low-key October. Whereas the value of Bitcoin dipped briefly under $19,000, it continues to carry round that help stage. Some buyers imagine that the market has bottomed out and that the one option to transfer is up.

The diminished volatility has some buyers considering that now’s the time to enter the market. We study 5 cryptocurrencies which have proven value actions and exercise over the previous week: Huobi Token (HT), Arweave (AR), KuCoin Token (KCS), Hedera (HBAR), and Maker (MKR). In deciding on these belongings, we now have thought-about a number of components, together with, however not restricted to, constructive technical developments, important information occasions, and noticeable modifications in value.

Key Takeaways

  • Huobi Token (HT) skilled a value surge of 60% on account of information that Justin Solar, a Chinese language entrepreneur best-known for his key function within the TRON blockchain venture, would function an advisor.
  • Arweave (AR) elevated by 15%, due to a $30 million funding spherical for native software program improvement firm Group Labs.
  • KuCoin Token (KCS) introduced zero buying and selling charges for Bitcoin and Ether buying and selling pairs, resulting in a value enhance of 12% for that token.
  • The Hedera (HBAR) venture’s market capitalization rose by 7% to $1.4 billion on account of a partnership and cryptocurrency alternate OKX’s help for HBAR staking.
  • The market cap of Maker (MKR) expanded by 12% to $980 million following a governance proposal by Gemini digital alternate founder and crypto investor Tyler Winklevoss.
See also  Canada Pension Plan (CPP) vs. U.S. Social Security: What's the Difference?

Huobi Token (HT)

The Huobi Token and Huobi alternate have been on the coronary heart of one of the vital incessantly mentioned tales of the previous week. The HT token rose by a large 60% over the previous seven days, probably due to the stories of TRON founder Justin Solar allegedly being concerned of their acquisition.

Whereas Solar has denied being concerned in such an acquisition, he acknowledges he’s working as an advisor to Huobi. This helped enhance the HT token’s value significantly. The worth of HT is now round $6.88, up from round $4.31 final week.

Huobi Token (HT).

Arweave (AR)

Arweave (AR) has jumped by 15% over the previous week and is now sitting at round $10. The probably motive for that is the announcement in September of a $30 million funding spherical for Arweave’s native software program improvement firm, Group Labs. The funds shall be used for supporting Arweave adoption, ecosystem development, and protocol improvement.

Arweave is a venture centered on establishing sustainable on-chain knowledge storage. The venture has additionally taken steps ahead when it comes to its improvement progress. This features a testnet launch and the launch of a paper on forks and decentralized autonomous organizations (DAOs), amongst different issues. Arweave additionally has enabled its everlasting storage characteristic on the Polygon community.

Arweave (AR).

KuCoin Token (KCS)

Huobi Token just isn’t the one alternate token to point out robust upward motion not too long ago. The KuCoin Token (KCS) can be up by a considerable quantity, rising 12% over the previous week.

The KuCoin alternate not too long ago introduced that there could be zero buying and selling charges for Bitcoin and Ether buying and selling pairs. This variation in coverage most likely contributed to KuCoin’s enhance in value. The KCS token is presently buying and selling round $9.80.

Hedera (HBAR)

The Hedera venture’s market cap not too long ago elevated by 7% to $1.49 billion, with the HBAR coin presently priced at round 6 cents.

There may very well be a couple of causes for the venture’s enhance in market cap. OKX introduced that it was supporting HBAR staking, whereas the venture additionally introduced a partnership with fund administration big Abrdn. Coinbase additionally stated that it could re-enable withdrawals and deposits for HBAR.

Maker (MKR)

The market cap of the MKR token has shot up by 12% to greater than $1 billion. The token is presently priced at round $1,070. It’s a bit of more durable to pinpoint the rationale behind this enhance, however a brand new governance proposal may be the impetus. 

The proposal was created by Gemini alternate Co-Founder Tyler Winklevoss. It principally requested for the Gemini greenback (GUSD), that alternate’s stablecoin, to run on the protocol’s ecosystem. A portion equal to 1.25% of the alternate’s GUSD could be contributed to the protocol. The market cap for MKR was $878.3 million final week, whereas the present market cap has exceeded $1 billion.

Investing in cryptocurrencies and different preliminary coin choices (ICOs) is extremely dangerous and speculative, and this text just 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 scenario is exclusive, a certified skilled ought to all the time 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 writer doesn’t personal the cryptocurrencies talked about above.