The past week has been another tough week for the crypto market with no signs of a breakout above current levels in sight. Meanwhile, the FTX crash continues to dominate the headlines. Also, its effects will likely continue for a while. However, it is possible that some altcoin projects are still seeing some positive moves, according to analysts.
The first altcoin Huobi Token (HT)
Huobi Token (HT) has seen an increase of over 50% in the last seven days for many reasons. First, Huobi Global issued a press release emphasizing that the company will undergo a brand update. With the rebranding, the company’s name will simply be changed to Huobi. It will also focus on “fulfilling HT’s key strategic attributes”.
The press release also laid out a global expansion roadmap, which includes creating a presence in the Caribbean region. The company will also increase its investments in Southeast Asia and Europe. The expansion will also address strategic mergers and acquisitions. The altcoin was trading at $4.25 last week. It is currently trading around 6.25.
Curve DAO Token (CRV) is also listed
CRV is up 30% after crypto whales hit a big short squeeze on exchanges. The crypto community has reported that whales have closed a massive CRV short. He also later revealed that he borrowed it from DeFi platform Aave. They continued to borrow the CRV as prices fell. Whales took long positions after borrowing. They bought the CRV on the exchange and raised the price. They then allowed the liquidation of Aave positions, which further increased the CRV price due to limited on-chain liquidity. The token is currently trading at around $0.64.
Litecoin (LTC) third altcoin project
The price of Litecoin (LTC) has increased by 20% as crypto sharks accumulate the token. Addresses holding between $1,000 and $100,000 in LTC have collectively accumulated $43.4 million in LTC. These addresses hold the highest supply in 7 months. The network has experienced high activity on-chain and is now targeting the $80 market. Starting at $60.4 last week, Litecoin is currently priced at $71.85 at press time.
Dash (DASH) is also among the analysts’ choice
DASH has risen 15% in the past seven days. Cryptocurrency trading took place at around $39.5. Developers in the ecosystem attribute this to the stability and usefulness of the token. Dash is a hard fork of Bitcoin that initially focused on being a privacy coin. It has since turned its attention to a medium for day-to-day operations. The project claims that over 159,000 traders have accepted the DASH cryptocurrency.
The fifth altcoin project Chainlink (LINK)
The Chainlink (LINK) token rose 14% after the team announced that it will launch Chainlink Staking v0.1 on December 6. Staking is an economical security mechanism that protects 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. Staking pool will be limited to 25 million LINK in beta. Also, the maximum limit on time will be 75 million. LINK is trading at about $6.8 at the time of publication.
3 more altcoins to watch this week
Dogecoin DOGE is the only top 10 crypto in the greens. The token rose as high as 23.2% last week. DOGE’s latest rally is likely due to Elon Musk’s announcement of Twitter 2.0. According to the announcement, a new payment feature is being worked on. Many people expect DOGE to be a part of this payment mechanism. There are also rumors that Musk and Ethereum co-founder Vitalik Buterin may be working to further develop DOGE.
I feel that we’ll all see Vitalik and Elon working together to somehow upgrade $DOGE.
— David Gokhshtein (@davidgokhshtein) November 25, 2022
Celo (CELO) is currently the best performing cryptocurrency in the top 100. The project has risen to 57.5% in the last seven days. It is possible to link CELO’s rally to Curve Finance, which is deployed in Celo in partnership with StakeDAO and Stake Capital.
📢 @CurveFinance, in partnership with @StakeDAOHQ and @StakeCapital, has just deployed on Celo, promoting real-world adoption of crypto assets.
Why it matters: 🧵⬇️ pic.twitter.com/IDUiDbduDE
— Celo 🦇 🌳 (@Celo) November 22, 2022
Shiba Inu (SHIB, ready to debut on a Japanese crypto exchange. The popular dog-themed crypto will be listed on the BitPoint exchange on November 30. The list is significant as SHIB has many influences from Japanese culture. BitPoint is listing the token). It will be the first Japanese crypto exchange.
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