Keep an Eye on These Coins
The predictions that the crypto market would pick up toward the end of the year are coming true, as the asset class shows tentative signs of recovery. Bitcoin and the rest of the market showed positive price movements over the weekend, though major crypto assets still hover at their support levels.
In this week’s column, we examine Arweave (AR), Chiliz (CHZ), Algorand (ALGO), Polygon (MATIC), and Litecoin (LTC). In selecting these assets, we have considered several factors, including positive technical developments, significant news events, and noticeable changes in price.
- The value of Arweave’s AR coin increased by more than 30% after Meta said it would integrate it to store digital collectibles.
- The Chiliz (CHZ) token's value rose by 22% ahead of the FIFA World Cup, starting Nov. 20, 2022. Chiliz is a fan token project involved in football/soccer.
- Algorand (ALGO) also gained because of the upcoming FIFA World Cup. As the official blockchain platform of the sports event, ALGO's value increased by 18%.
- Polygon (MATIC)'s token jumped 32% in value, reflecting recent partnerships and integrations with Meta, JPMorgan Chase, and Reddit.
- Litecoin (LTC) went up by 30% on news of an improved hash rate, and MoneyGram announced that users could buy LTC through its app.
Decentralized storage provider Arweave is this week’s main topic of discussion, with its AR coin up more than 30% in the last 24 hours. Over the last seven days, the token has nearly doubled in price.
Arweave has experienced this price bump because it announced an integration with social media giant Meta. Arweave provides blockchain-based data storage, and Meta stated that it would use this to store digital collectibles. AR started last week at $10 and is now at around $14.01 (see chart below).
Fan token network Chiliz's CHZ token rose by 22% in value in the latest week. The project, in tandem with the Socios.com platform, provides sports clubs with fan tokens, which can be used to engage with fans and offer perks. It has collaborated with many football teams around the world, including Barcelona and Juventus.
The Chiliz token could be rising because of the upcoming FIFA World Cup, which begins Nov. 20. The added buying pressure by whales—a term for individuals or entities that hold large amounts of cryptocurrency—could be boosting the price, combined with Chiliz’s history in the football world and the cryptocurrency market. The token was trading at around 26 cents on Nov. 7 (see chart below).
The Algorand project had a busy week, resulting in ALGO increasing in value by 18%. The coin has been involved in multiple developments, leading to growth across various of its metrics. ALGO was trading at around 42 cents on Nov. 7 (see chart below).
The availability of ALGO on the Cardano network is a significant recent development for the token. However, the FIFA World Cup is likely the biggest contributor to its recent rise. The project announced a partnership with world football governing body FIFA earlier this year to become the organization's official blockchain platform. Total value locked (TVL) in the crypto ecosystem also increased considerably in recent weeks, which might have triggered the rise in ALGO's price.
Polygon was also one of the biggest gainers last week, with the value of the MATIC coin spiking 32%. The project has announced major partnerships and high-profile uses recently. MATIC began last week at 90 cents and is now priced at around $1.20 (see chart below).
For example, Meta partnered with Polygon to allow users to mint, showcase, and sell NFTs on Instagram. A partnership with Reddit also has benefited Reddit’s Avatars collection, available on Polygon. Meanwhile, JPMorgan Chase used Polygon for its first decentralized finance cross-border transaction.
Litecoin had a strong week as well, with LTC jumping by 30%. One of the market’s older tokens, Litecoin underwent multiple developments last week that helped boost its price, which is currently trading at around $70.82 (see chart below).
The first is that MoneyGram announced a new service that let users buy, trade, and store LTC and other crypto assets using its app. The LTC network also announced its hash rate surged. The latter development is a measure of how strong a network is, as it determines how much computational power is required to process transactions.
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