Keep an Eye on These Coins
The past week has been another tough one for the crypto market, with no signs of a break above current levels in sight. The FTX collapse continues to dominate headlines, and its effects may not subside for some time.
This week we examine Huobi Token (HT), Curve DAO Token (CRV), Litecoin (LTC), Dash (DASH), and Chainlink (LINK). 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.
- The Huobi Token (HT) has jumped up over 50% following a brand update and the reveal of a new global expansion roadmap.
- The Curve DAO Token (CRV) increased by 30% after whales pulled a short squeeze.
- The price of Litecoin (LTC) shot up by 20% as sharks seem to be accumulating the asset.
- The Dash (DASH) token rallied by 15%, which developers in the ecosystem credited to the coin’s stability and utility.
- Chainlink (LINK) increased by 14% as the team announced the launch of staking in December.
Huobi Token (HT)
The Huobi token (HT) experienced a price increase of over 50% over the past seven days for many reasons. First, Huobi Global issued a press release highlighting that the company would undergo a brand update. The rebranding will focus on renaming the company to just Huobi and giving “full play to the important strategic attributes of HT."
The press release also revealed a global expansion roadmap, which includes creating a presence in the Caribbean region. The company will also increase investments in Southeast Asia and Europe. The expansion will also tackle strategic mergers and acquisitions. The token was trading for $4.25 last week and is now trading at around 6.25.
Curve DAO Token (CRV)
The Curve DAO Token (CRV) increased by 30% after crypto whales conducted a massive short squeeze on exchanges. The crypto community reported that whales massively plotted a massive short of CRV, then borrowed it on the DeFi platform Aave. They continued to borrow CRV as the prices went down.
After borrowing, they took long positions, buying the CRV on exchange and increasing the price. They then allowed the liquidation of their Aave positions, which further increased the CRV price due to limited on-chain liquidity. The token is currently priced at around $0.64.
The price of Litecoin (LTC) went up by 20% as crypto sharks accumulated the token. Addresses holding between $1,000 to $100,000 LTC have collectively accumulated $43.4 million in LTC. These addresses are holding a 7-month-high supply. The network experienced high on-chain activity and is now targeting the $80 market.
Litecoin is priced at $71.85 at the time of publishing, having started last week at $60.4.
Dash (DASH) rallied by 15% in the past seven days, with the coin trading at around $39.5. Developers in the ecosystem have attributed this to the stability and utility of the token.
Dash is a hard fork of Bitcoin, which was initially focused on being a privacy coin. It has since turned its attention to a medium for daily transactions. The project claims that over 159,000 merchants accept the DASH cryptocurrency.
The Chainlink (LINK) token increased by 14% after the team announced that it would launch Chainlink Staking v0.1 on December 6. Staking is an economic security mechanism that secures the network. Stakers commit LINK tokens to secure the network, for which they are rewarded with tokens.
Eligibility for staking is determined by on-chain and off-chain activity. The staking pool will be capped at 25 million LINK in the beta, with the maximum limit being 75 million in due time.
The Chainlink token stands at around $6.8 at the time of publishing. It started last week at $5.6.
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.