Keep an Eye on These Coins
In the past week, market volatility implied that most tokens failed to achieve the double-digit price increases that we've seen in the previous weeks. $30,000 appears to be the next resistance level for Bitcoin, but investors are generally optimistic about the prospects of the market over the next few months. There are a few tokens, in particular, that are looking like they will have a strong week ahead.
This week, we examine BitTorrent (BTT), Zilliqa (ZIL), UNUS SED LEO (LEO), Toncoin (TON), and TRON (TRX). 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 BitTorrent (BTT) token price increased more than 6%, likely due to an exchange listing and ecosystem developments.
- Zilliqa price increased by over 9%, possibly due to the upcoming release of an Ethereum Virtual Machine (EVM).
- UNUS SED LEO (LEO) rose by over 5%, most likely because token creator Bitfinex received El Salvador’s first-ever digital asset license.
- Toncoin (TON) increased by about 3%, possibly because of the launch of a new token bridge.
- The market cap of TRON (TRX) rose by 3% to $6.07B, most likely because TRON’s stablecoin market share reached an all-time high of 33.9%.
The BitTorrent (BTT) token price increased more than 6%, possibly because cryptocurrency exchange MDEX listed the token. The team behind the project is asking developers to submit their dApps and websites for deployment on Awesome BTFS (BitTorrent File System)—a decentralized file storage system.
This move bodes well for the network as it increases the number of applications and use cases on it. BTT is currently priced at around $0.0000006646, having been at $0.0000006255 last week (see chart below).
Zilliqa (ZIL) was one of the biggest gainers this week, increasing by over 9%, most likely because of an upcoming launch of an Ethereum Virtual Machine (EVM). This launch would allow smart contracts—programs for blockchain networks—written in Ethereum’s Solidity programming language to be deployed natively on Zilliqa.
This would lead to more diverse applications on Zilliqa, as EVMs allow building applications on Ethereum and other protocols that have implemented it. ZIL is currently valued at around $0.034, having been priced at $0.031 a week ago (see chart below).
UNUS SED LEO (LEO)
The price of Bitfinex’s UNUS SED LEO (LEO) token rose by about 5% over the past week, perhaps because the exchange received El Salvador’s first-ever digital assets license. This license allows Bitfinex to issue cryptocurrencies and offer trading within the country.
El Salvador was the first country to adopt Bitcoin as legal tender. LEO is currently trading at around $3.515, up from $3.387 last week (see chart below).
The price of Toncoin’s TON increased by about 3%, likely due to several technical developments on the network. Chief among these is the fact that it launched its own token bridge, allowing ERC-20 tokens to be transferred to its network. Token bridges allow tokens built on different networks to operate on other networks.
Another major reason for the price rise may be because a major Indian exchange CoinDCX announced that it had listed TON. The coin is currently valued at around $2.33, having been priced at $2.26 last week (see chart below).
TRON’s TRX saw its market cap rise by 3% from $5.9 billion to $6.07 billion. The most likely reason for this is the fact that TRON’s stablecoin dominance has increased by over 10% to about 34% of the overall market. Founder Justin Sun has said that the goal is to hit a total of $60 billion by the end of the year. Last month the U.S. Securities and Exchange Commission sued Sun for the sale of unregistered securities.
TRX is currently changing hands at around $0.0668, with the price last week being $0.0663 (see chart below).