Cryptocurrencies to watch: Week of January 9
Keep an eye on these coins
Is the crypto market on the verge of breaking out of hibernation? It’s not certain, but the asset class looks healthier than last week. Most cryptocurrencies are above where they were last week, with green across the board. However, there is no guarantee that the tokens will continue to rise. What is notable is that a handful of assets outperformed the market last week.
This week we examine Solana (SOL), Ethereum Classic (ETC), The Graph (GRT), Optimism (OP), Decentraland (MANA) and Ethereum (ETH). In selecting these assets, we have considered several factors, including, but not limited to, positive technical developments, important news events and noticeable changes in price.
- The price of Solana (SOL) increased by a whopping 45% in the last week as a result of the popularity of the Solana-based BONK token.
- Ethereum Classic (ETC) saw its token increase by 30% in the last seven days following a favorable turnaround in the network’s hash rate.
- The Graph (GRT) experienced a 22% increase in the last week following the news of the expansion of the ecosystem and the increase in the number of indexers.
- The Optimism (OP) token is up over 35% in a week as a result of bullish sentiment related to the rollbacks.
- Decentraland’s MANA token increased by approximately 29% over the past seven days, thanks to increased interest in gaming and metaverse tokens, as well as being represented in CME’s new benchmark rates.
- Ethereum (ETH) also saw a significant jump of 10% during the week, thanks to the upcoming Shanghai upgrade.
Solana (SOL) was one of the biggest winners in the last seven days, with a coin increase of around 45%. This was partly due to the fact that the Solana-based meme coin, BONK, took the crypto community by storm, with a 1000% increase in value of its own in the past week.Solana’s active user base also increased significantly during the week. The number of daily active wallets increased by 3x from pre-FTX levels.
The Solona blockchain network made news last week due to its efforts to rebuild itself after the collapse of FTX. The Solana Foundation, which holds approximately 3.24 million shares of FTX Trading LTD stock, along with approximately 3.43 million FTT tokens and 134.54 million SRM tokens from the decentralized exchange (DEX), Project Serum, is now seeking to move on without Sam Bankman-Fried’s help.
Solana is currently priced at around $16.55 after starting last week at $11.30.
Ethereum Classic (ETC)
Ethereum Classic (ETC) saw its price increase by 30% after a critical change in the hash rate of the network. Simply put, the hash rate refers to how fast a crypto mining machine works.
Currently, Ethereum Classic’s hashrate is 107.58 TH/s, up nearly 10% from its December 2022 low. A faster mining speed means more transactions on the network, and therefore more profitability.
ETC is currently trading at around $21.26.
The Graph (GRT)
The Graph (GRT) saw its token increase by 22% in price as a result of an increase in the number of projects working on the network. It also saw an increase in the number of indexers, which probably also contributed to the price rise. The token is now priced at around $0.07.
There are currently over 600 decentralized apps, or DApps, on The Graph, while there are over 300 indexers. Together, this helps to increase the ecosystem and increase user-friendliness.
Optimism’s OP token increased by 35% as a result of all the positive sentiment surrounding the rollup technology. The Layer 2 scaling solution is one of the most famous projects implementing the rollup technology. Through these scaling solutions, blockchain networks are made faster and more secure.
Ethereum co-founder Vitalik Buterin also provided some details about rollup scaling, which no doubt added some attention to Optimism. It is among the scaling projects that will have an eventful 2023. The OP token is currently valued at around $1.31.
Decentralized Land (MANA)
Metaverse and blockchain-based gaming remain on the radar of investors, and Decentraland’s MANA token is a strong beneficiary of the revival in this niche. The token went up by 29% accordingly.
CME Group revealed that it would be adding benchmark rates and real-time indices for metaverse cryptoassets, with Decentraland being one of them. This may primarily be the reason why the MANA token increased in value. The token started last week at $0.31. It is currently priced at around $0.40.
The market’s second largest token, Ether, saw its price increase by 10% as the network is about to experience its Shanghai upgrade. The latter will be a big shift for Ethereum, as it will allow for staked tokens.
Ethereum introduced staking when it switched to the proof-of-stake consensus mechanism last year. However, bettors could not unlock tokens until the Shanghai upgrade was introduced. This major upgrade will change that and mark another major moment in Ethereum’s history. ETH started last week at $1,216. It is now hovering around $1,322.
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 author to invest in cryptocurrencies or other ICOs. Because everyone’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 this article was written, the author does not own the cryptocurrencies mentioned above.