Cryptocurrencies are digital or virtual currencies designed to work as a medium of exchange. Cryptocurrencies use decentralized control as opposed to centralized digital currency and central banking systems. The decentralized control of each cryptocurrency works through distributed ledger technology, typically a blockchain, that serves as a public financial transaction database.
Crypto markets have had a relatively quiet October. Despite briefly falling below $19,000, Bitcoin has held around that support level. There are some investors who believe that the market has bottomed out and that the only way forward is upward.
Watch Out For These Coins
Some investors believe now is the right time to enter the market because of the reduced volatility. There have been five cryptocurrencies that have shown price movement and activity over the past week: Hedera (HBAR), Arweave (AR), KuCoin Token (KCS), and Maker (MKR). We have selected these assets based on several factors, including positive technical developments, significant news events, and price changes.
IMPORTANT TAKEAWAYS
- The Huobi Token (HT) price surged by 60% after the announcement that Justin Sun, best known for his role in the TRON blockchain project, would join its advisory board.
- Community Labs’ revenues increased by 30% thanks to a $30 million funding round for Arweave (AR).
- Token KuCoin Token (KCS) announced zero trading fees for Bitcoin and Ether trading pairs, resulting in a 12% price increase.
- As a result of a partnership and OKX’s support for HBAR staking, Hedera’s market capitalization rose by 7% to $1.4 billion.
- Tyler Winklevoss, the founder of Gemini digital exchange and crypto investor, proposed a governance proposal that increased Maker’s market cap by 12% to $980 million.
HT (Huobi Token)
One of the most frequently discussed stories of the past week has involved the Huobi Token and Huobi exchange. Over the past week, HT tokens have increased by 60%, likely due to reports that TRON founder Justin Sun had been involved in the acquisition.
Sun denies involvement in such a deal but acknowledges he is Huobi’s advisor. 1
As a result, the HT token’s price increased considerably. HT is now priced around $6.88, up from $4.31 last week.
Arweave (AR)
Over the past week, Arweave (AR) has jumped by 15% and is now trading around $10. In September, Arweave’s native software development company, Community Labs, announced a $30 million funding round. 2
Funds will be used to support Arweave adoption, ecosystem growth, and protocol development.
Arweave aims to establish sustainable on-chain data storage. The project has also made progress in terms of its development. In addition, a testnet release and a paper on forks and decentralized autonomous organizations (DAOs) will be released. Additionally, Arweave has enabled its permanent storage feature on Polygon. 3
Arweave (AR).
KCS (KuCoin Token)
A number of exchange tokens have shown strong growth recently, not just Huobi Token. Over the past week, KuCoin Token (KCS) is also up substantially, increasing 12%.
KuCoin recently announced that it would not charge fees for trading Bitcoin and Ether. 4
KuCoin’s price may have increased as a result of this change in policy. There is currently a $9.80 price for the KCS token.
(HBAR) Hedera
With the HBAR coin currently valued at around 6 cents, the market cap of the Hedera project has increased by 7% to $1.49 billion.
It is possible that the project’s market cap has increased for a number of reasons. In addition to supporting HBAR staking, OKX announced a partnership with fund management giant Abrdn. 5 6
HBAR withdrawals and deposits will also be re-enabled on Coinbase. 7
MKR (Maker)
MKR token’s market cap has increased by 12% to more than $1 billion. Currently, the token is priced at around $1,070. A new governance proposal might be the impetus behind this increase, though it’s harder to pinpoint.
Tyler Winklevoss, the co-founder of the Gemini exchange, came up with the idea. This protocol basically asks for the Gemini dollar (GUSD), the stablecoin for that exchange. 8
The protocol will receive 1.25% of the exchange’s GUSD. Last week, MKR’s market cap was $878.3 million, but now it exceeds $1 billion.
A cryptocurrency or other initial coin offering (ICO) is a risky and speculative investment, and this article does not recommend investing in cryptocurrencies or other ICOs. A qualified professional should always be consulted before making any financial decisions because each individual’s situation is unique. This information is provided as is without any representations or warranties as to its accuracy or timeliness. The author does not own any of the cryptocurrencies mentioned in this article as of the date it was written.
References:
- Twitter. “I Am Very Honored…Full Sail Ahead.”
- Business Wire. “Community Labs Raises $30 Million To Power Software Development and Venture Studio for Arweave’s Permanent Storage Blockchain Ecosystem.”
- Medium. “Arweave Storage Is Now Natively Available in Polygon.”
- KuCoin. “KuCoin 5th Anniversary Time-Limited Discounts – 0 Fees for Trading BTC & ETH.”
- Hedera. “abrdn plc Joins Hedera Governing Council, Cementing its Vision for Web3 and Client-centric Fund Management.”
- OKX. “Win Up to 72% APY With Hedera (HBAR) Staking.”
- Twitter. “Update: HBAR Deposits and Withdrawals Have Been Re-Enabled.“
- Maker Forum. “GUSD & MakerDAO Partnership Announcement
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