Cryptocurrencies To Watch: Week of October 10 – Investopedia
The last week in the crypto market continued the theme of the past quarter, namely of most assets holding just above their support levels. The asset class is hoping that there will be a reason for it to break out of its slump, and some coins are at least showing positive signs in the near term.
This week, we look at the near-term prospects of Ethereum Name Service (ENS), Casper Network (CSPR), Elrond (EGLD), Polygon (MATIC), and 1inch Network (INCH). In selecting these assets, we have considered several factors, including, but not limited to, positive technical developments, significant news events, and noticeable changes in price.
Ethereum Name Service (ENS) has had a strong week as the token jumped by approximately 18% over the course of the last seven days. It’s been one of the biggest weeks for a token that is strongly involved in the rapidly growing Web3 space.
The price jump is likely due to the number of registrations and renewals hitting an all-time high last month. Thirty-nine thousand new users joined in September, with the number of total users crossing 1 million. The ENS token began its week with a price of $14.6 and currently sits at $17.5.
Casper Network (CSPR) was another major gainer this week, with the CSPR coin increasing by roughly 22% in the last seven days.
There are a few possible reasons for this, including the fact that Casper's team has been making appearances at several conferences and expos. Furthermore, the team noted the fact that it introduced an enterprise-grade NFT standard through the release of its CEP-78 protocol. CSPR is currently valued at $0.035, having started the week at $0.028.
Elrond (EGLD) was another one of the major gainers this week, with the EGLD coin spiking by 15% over the past seven days. The project is one that has existed for years and appears to be picking up the pace.
There’s one clear reason for the increase in value: Elrond's founder and CEO revealed that a new mainnet upgrade had been successfully activated. The upgrade brings a feature de-sync for NFTs and meta ESDTs. The coin is currently valued at $56.7, with a 2.6% increase over the past 24 hours.
Polygon Network is one of the most notable projects on the market, and MATIC is the largest one on this list. The market cap of MATIC increased by 7% to $7.23 billion in the past week.
There could be several reasons behind the jump. One factor is the fact that the number of unique addresses on Polygon has increased, while daily active addresses remain at over 266,000. The project also announced a partnership with Alpha Venture DAO and Icetea Labs to launch an accelerator program for blockchain startups. MATIC is currently trading at $0.83.
Decentralize exchange 1inch Network has also had a strong week, with the 1inch token seeing its market cap jump by 9% over the past week. The market cap is currently $360 million.
One of the reasons for this jump is that 1inch Network announced a collaboration with Unstoppable Domains. The partnership will let 1inch wallet users execute transactions more conveniently by using domain names instead of addresses. The 1INCH token is currently priced at $0.60.
Investing in cryptocurrencies and other initial coin offerings (ICOs) is highly risky and speculative, and this article is not a recommendation by Investopedia or the writer to invest in cryptocurrencies or other ICOs. Because each individual’s situation is unique, a qualified professional should always be consulted before making any financial decisions. Investopedia makes no representations or warranties as to the accuracy or timeliness of the information contained herein. As of the date when this article was written, the author does not own the cryptocurrencies mentioned above.
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Business Wire. "Casper Introduces Enterprise-Grade NFT Standard"
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1inch Blog. "1inch Partners With Unstoppable Domains"
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