Keep an Eye on These Coins

Is the crypto market on the verge of 澳洲幸运5开奖号码历史查询:breaking out of the doldrums? That’s not certain, but the asܫset class looks healthier than last week. Most cryptocurrencies are above where they were last week, with green across the board. However, there’s no guarantee that the tokens will continue upward. What is notable is that a handfಌul of assets clearly outperformed the market last week.

This week we examine Solana (SOL), Ethereum Classic (ETC), The Graph (GRT), Optimism (OP), Decentraland (MANA), and Ethereum (ETH). 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.

Solana (SOL)

Solana (SOL) was one of the biggest gainers in the past seven days, with the coin increasing by about 45%. This was partly due to the fact that the Solana-based 澳洲幸运5开奖号码历史查询:meme coin, BONK, took the crypto community storm, with its own valuation increasing by 1000% in the last week.Solana’s active user base also increased significantly over the week. The number of daily active wallets ꦓincreased by 3x from pre-FTX levels.

The Solona blockchain network made news last week due to its efforts to rebuild itself after澳洲幸运5开奖号码历史查询: the collapse of FTX. The Solana Foundation, which holds approximately 3.24 million shares of FTX Trading LTD common stock, along with about 3.43 million FTT tokens and 134.54 million SRM tokens from the decentralized exchange (DEX), Project Serum, is now trying to move forward without 澳洲幸运5开奖号码历史查询:Sam Bankman-Fried's help.

Solana is currently priced at around $16.55 after having started last week at $11.30.

Ethereum Classic (ETC)

澳洲幸运5开奖号码历史查询:Ethereum Classic (ETC) saw its price increase by 30% after a critical change in the 澳洲幸运5开奖号码历史查询:hash rate of the network.ꦚ In simple terms, the hash rat🌳e refers to how fast a crypto mining machine works.

Currently, Ethereum Classic's hash rate is 107.58 TH/s, up nearly 10% from its December 2022 low. A faster mining speed means more transactions on the network, and therefore more profitability☂.

ETC is currently trading for around $21.26.

The Graph (GRT)

澳洲幸运5开奖号码历史查询:The Graph (GRT) saw its token increase by 22% in price as a result of an increase in the number of projects working on the network. It alsoജ saw a rise in the number of indexers, which likely also contributed to the price growth. The to𒈔ken is now priced at around $0.07.

There are currently over 600 澳洲幸运5开奖号码历史查询:decentralized apps, or DApps, on The Graph, while there are over 300 indexers. Together, this helps boost the ecosystem and increases usability.

Optimism (OP)

Optimism’s OP token increased by 35% as a result of all the positive sentiment surrounding the rollup technology. The Layer 2 scaling solution is one of the most well-known projects implementing tꦺhe rollup technology. Through these scaling solutions, blockchain networks are made faster and more secure. 

Ethereum co-founder Vitalik Buterin also provided some details on rollup scaling, which no doubt added brought some attention to Optimism. It is among those scaling projects which will have an eventful 2023. The OP token is currently valued at around $1.31.

Decentraland (MANA)

Metaverses and blockchain-based gaming remain on the radar of investors, and Decentraland’s 澳洲幸运5开奖号码历史查询:MANA token is a strong beneficiary of the revival in this niche. The token went up by 29% consequently.

The CME Group revealed that it would add reference rates and real-time indexes for metaverse crypto assets, with Decentraland being one of them. This might be primarily the reason why the MANA token shot up in value. The token started last week at $0.31. It is currently priced at around $0.40.

Ethereum (ETH)

The market’s second largest token, Ether, saw its price increase by 10% as the network is about to experience its Shanghai upgrade. The latter will be a major shift for Ethereum, as it will allow staked tokens to be unstaked.

Ethereum introduced staking when it switched to the 澳洲幸运5开奖号码历史查询:proof-of-stake consensus mechanism last year. However, those who staked could not unlock their tokens until the Shanghai upgrade was introduced. This major upgrade will change that and mark another major moment in Ethereum’s history. ETH started last week at $1,216. It is now hovering at around $1,322.

Investing in cryptocurrencies and other 澳洲幸运5开奖号码历史查询: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.