Cryptocurrencies To Watch: Week of October 31

Maintain an Eye on These Cash

Final week was a optimistic one for the crypto market, as bitcoin broke $20,000, and most cryptocurrencies noticed double-digit development. It could seem that the market is coming into a bullish section, however it nonetheless has an extended strategy to go earlier than it reaches its highs.

This week we look at Dogecoin (DOGE), Shiba Inu (SHIB), Ethereum (ETH), Movement (FLOW), and The Sandbox (SAND). The choice is predicated on optimistic developments, vital information occasions, and noticeable value adjustments, amongst different elements.

Key Takeaways

  • DOGE was the most important winner of the previous week, with the token up by over 100% due to Dogecoin fan Elon Musk taking on Twitter.
  • SHIB, one other well-liked meme coin, went up by 22% on account of a excessive burn fee and anticipation for the Shibarium improve.
  • ETH jumped by 23% to $1,636 following remarks by the CFTC Chair that he believes it’s a commodity, not a safety. 
  • The FLOW token elevated by 17% as new instruments for growth on the blockchain had been launched.
  • SAND noticed a 19% leap upon information of a collaboration with Gucci and Binance US itemizing the token.

Dogecoin (DOGE)

One of the best performer during the last week has been Dogecoin (DOGE), which has jumped by greater than 100% and is presently buying and selling round $0.14. DOGE has outperformed all others available in the market and has additionally overtaken Cardano’s ADA when it comes to market cap, with the token now sitting on the eighth place. The rise within the token’s value triggered an enormous wave of liquidations final weekend.

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The large surge in value is because of Elon Musk’s acquisition of Twitter. Musk is understood to be a supporter of DOGE, and Tesla even accepts funds within the crypto. The entrepreneur has just lately hinted that Twitter might combine crypto funds. In the meantime, crypto whales have additionally bought massive stashes of the token, and the crew is engaged on a Layer2 scaling resolution.

DOGE: TradingView.

Shiba Inu (SHIB)

DOGE wasn’t the one meme coin to be a magnet for traders final week. Shiba Inu (SHIB) noticed a 22% value enhance over the previous seven days. Whereas not fairly as spectacular, it nonetheless stands out in comparison with the remainder of the market. SHIB began final week at $0.0000099 and completed at $0.0000121.

There are just a few the reason why this may need occurred. Meme cash are inclined to go hand in hand, and SHIB is the preferred one after DOGE. The token has additionally seen a excessive burn fee, which could have triggered a bullishness. Token burning decreases provide and thus will increase worth. The undertaking’s extremely anticipated Layer 2 scaling resolution Shibarium can be eliciting hopes of a value enhance.

SHIB: TradingView.

Ethereum (ETH)

The most important sensible contract platform, Ethereum, has additionally skilled a big leap, up by 23% from final week. The explanations for why this occurred aren’t as clear because it was with the meme cash.

Nonetheless, CFTC Chair Rostin Behnam mentioned that he thinks ETH is a commodity, and this may need performed a component. Ethereum’s whole worth locked, which is a measure of how a lot funds have been put into DeFi protocols, has additionally been rising. It’s presently at roughly $32 billion. ETH was at $1,328 per week in the past and is now roughly $1,636.

ETHER: TradingView.

Movement (FLOW)

NFT and gaming-focused blockchain Movement additionally had a powerful week, with the FLOW coin rising by 17%. The token’s development is prone to be attributed to a number of technological developments.

New instruments for constructing on Movement and utilizing its sensible contract language have been launched. Known as Cadence, it was created by the DZone developer group. Movement additionally now helps NFT Tweet Tiles, which present details about NFTs extra clearly on Twitter. The coin is buying and selling at round $1.72.

FLOW: TradingView.

The Sandbox (SAND)

The Sandbox is one other well-known gaming-focused blockchain platform, with its metaverse well-liked amongst celebrities. The SAND token noticed a value enhance of 19%, which can make those that imagine strongly that the long run will contain metaverses joyful. At present, the buying and selling is priced at round $0.73.

The undertaking is now collaborating with Gucci to launch the GucciVault in its metaverse. Binance US additionally introduced an inventory of the SAND token.

SAND: TradingView.

Investing in cryptocurrencies and different preliminary coin choices (ICOs) is very dangerous and speculative, and this text is just not a suggestion 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 at all times be consulted earlier than making any monetary choices. Investopedia makes no representations or warranties as to the accuracy or timeliness of the data contained herein. As of the date when this text was written, the writer doesn’t personal the cryptocurrencies talked about above.