Keep an Eye on These Coins
It’s the last week of the year, and the crypto market is ending 2022 on a slightly weak note, staying true to form. There were brief moments in which the asset class broke into an upward trend, but as it stands, Bitcoin remains just above $16,000 support levels. The market is undergoing a slow recovery, though some tokens are clearly outperforming the general market.
This week we examine Helium (HNT), Cronos (CRO), THORChain (RUNE), Ampleforth (AMPL), and iExec RLC (RLC). In selecting these assets, we have considered several factors, including positive technical developments, significant news events, and noticeable changes in price.
- The Helium (HNT) coin’s market capitalization jumped by about 12%, likely because of its upcoming move to the Solana blockchain in Q1 2023.
- The market cap of the Cronos (CRO) token increased by more than 5% after a routine announcement of project updates and positive ecosystem forecasts.
- The market cap of THORChain (RUNE) experienced a 7% rise in price following increased usage of its savings vaults.
- The Ampleforth (AMPL) token rose by about 21% after a bug bounty program for its SPOT token was introduced in ImmuneFi.
- The value of iExec RLC (RLC) advanced by roughly 17% after it dropped the first set of its Worker Pass non-fungible tokens (NFTs).
The Helium project and its HNT token was one of the big gainers this week. The market cap of HNT went up by over 11% during the last seven days, thanks to the fact that its move to the Solana network is near, scheduled for Q1 2023. The jump may help the project expand its ecosystem.
The move was first announced in September. Helium is a wireless hotspot project that could take advantage of Solana’s mobile phone. The HNT token is now trading at around $1.87 (see chart below).
Crypto.com’s newly rebranded token, Cronos (CRO), also had a positive week. The project’s market cap gained by about 7% after its team held an ecosystem update session that related to BubbleSwap, CroSwap, and Transak.
The CRO token began last week at 5.5 cents and is now priced at around 5.9 cents (see chart below).
The market cap of THORChain’s RUNE token experienced about a 7% increase after its team noted that platform’s savings vaults were receiving significantly greater usage. The fact that crypto users are switching to decentralized platforms after the crash of FTX likely played a role.
Rune was priced at around $1.29 seven days ago and is now approximately $1.39 (see chart below).
Stablecoin project Ampleforth’s AMPL token went up by about 21% after its team introduced a bug bounty program on ImmuneFi for its SPOT token. The latter is a new token that “is a perpetual wrapper that abstracts AMPL’s supply volatility from holders,” according to Ampleforth.
Last week, AMPL was trading at roughly $1.06 and it’s now valued at about $1.28 (see chart below).
iExec RLC (RLC)
The RLC token of iExec RLC increased in value by about 17% after its team dropped the first NFT from the Worker Pass series. The new feature allows users to earn RLC tokens by granting them access to a public Workerpool.
The RLC token was $1.13 last week and is now hovering around $1.32 (see chart below).
Investing in cryptocurrencies and other initial coin offerings (ICOs) is highly risky and speculative, and this article is not a recommendation by Investopedia or the writer to invest in cryptocurrencies or other ICOs. Because each individual’s situation is unique, a qualified professional should always be consulted before making any financial decisions. Investopedia makes no representations or warranties as to the accuracy or timeliness of the information contained herein. As of the date when this article was written, the author does not own the cryptocurrencies mentioned above.