Keep An Eye On These Coins
The crypto market has not had a good week, with the entire market suffering in the wake of several incidents. One would think that the market would have seen some boost in price given the likes of landmark occasions like Ethereum’s Merge.
However, that’s not the case, as there is pessimism taking hold of the market—at least in the short term. One of the developments potentially sparking this fall in prices is the fact that the United States Federal Reserve is expected to increase interest rates.
Here, we focus on five coins that, by our estimate, could be worth watching for the week ahead. These tokens are Chiliz (CHZ), Cosmos (ATOM), Ripple (XRP), Compound (COMP), and Litecoin (LTC). We selected these assets based on several factors, including positive technical developments, significant news events, and price changes.
- Chiliz saw a 17% increase in price over the past week. The project announced CHZ 2.0 and a new fan token.
- Cosmos saw projects on the fallen Terra network hop onboard its network.
- The case between Ripple and SEC will conclude soon, and some analysts believe that Ripple will win.
- Compound will launch an institutional lending service.
- Litecoin has seen an increase in mining difficulty and hashrate as miners migrate from Ethereum to other networks.
Chiliz token is a digital currency that lets users trade tokens to show their support for professional sports teams. It has jumped up in price by 17% over the past week, which is impressive when compared to the rest of the market. There are a few reasons for this, including the announcement of CHZ 2.0 and a new fan token. CHZ 2.0 is a native chain and the new fan token MIBR for the Made in Brazil esports team.
Chiliz has grown thanks to collaborations with sports clubs like FC Barcelona, Paris-Saint Germain, Manchester City, and Atlético de Madrid. This has given the project more exposure, while also boosting its price.
The Cosmos network is considered to be the "internet of blockchain," with the goal of building an ecosystem of data-sharing networks. Its native token Cosmos (ATOM) has done well in the past seven days, with its market cap spiking by 12%.
The Cosmos network has been seeing a lot of activity, most notably the fact that projects on the Terra ecosystem are jumping to Cosmos. Earlier in May, Terra sank severely, and since then, there hasn't been much growth. Therefore, the projects are switching to other blockchain networks now.
For instance, a crypto project named Kujira was a part of the Terra ecosystem. Now the project has decided to issue its stablecoin $USK on the Cosmos network. A leading cryptocurrency research firm, Delphi Digital, has also announced that Cosmos will be its primary blockchain.
Ripple has been another cryptocurrency that has done well in the past few days. XRP price saw a 10% increase in the past, jumping from $0.39 to $0.34.
The Ripple and SEC case—which has been going on for years now—could be considered a reason for XRP’s bullish price. Ripple has stood firmly by its side, saying that the asset does not meet the Howey Test for securities. The SEC has been firm on its position that Ripple and some of its team launched an unregistered securities offering. The case is ending, and the general market sentiment is that Ripple will win.
Compound is a blockchain network that lets users lend and borrow cryptocurrency. Its native token is COMP which has seen its market cap jump by over 5% during the past seven days. The likely reason behind this jump is that Compound will launch institutional lending services. Institutions can now borrow from Compound Treasury, using digital assets as collateral. Institutional investors flocking to crypto has always been a bullish trend for the market.
Litecoin and other mining networks have become beneficiaries of the Ethereum Merge because miners have jumped ship to other networks. It’s a network that uses a proof-of-work algorithm. Litecoin’s mining difficulty, an indicator of how difficult it is to mine a block in a blockchain, increased by over 3% during the last week. The network also saw its hashrate increasing by more than 7%.
It is generally considered a good sign when the hash rate increases because it signifies a more secure network. A more secure network also contributes to a higher price of cryptocurrencies in the long run, which makes a token worth watching. Due to a bearish crypto market, however, Litecoin's price couldn't turn green in the past week.