Altcoins

Top 3 Coins to Watch October 18 – October 24, 2021

As we move through Q4, a number of projects are moving ahead with continued development, and this week’s choices are set to benefit from significant updates and announcements that should strengthen their market positions and benefit their communities. The news should also result in increased amounts of attention to each respective currency over the coming weeks.   

3. Terra (LUNA) 

LUNA is the second native token of the Terra protocol, developed by Terraform Labs, a South Korean based company that aims to offer an algorithmically-governed, seigniorage share style stablecoin platform called Terra. Users have the option to bond Luna tokens and generate rewards for the elevator and validator it is bonded to, and is considered the same as staking.

Why Terra? Prop 128 Voting Ends on October 20       

After completing their Columbus-5 upgrade on September 30, the Terra team are moving ahead with their plan to fully upgrade to Stargate IBC and enable communications with other Cosmos SDK based blockchain projects. The team have announced that voting on Prop 128 will conclude October 20 at 20:51:38 (PDT), and a positive result will see the Inter-Blockchain Communication (IBC) protocol for interoperability between Terra and other blockchains enabled, and allow for the easy transfer of tokens across Cosmos chain projects such as Thorchain, Band Protocol, Kava, and Injective Protocol. You can vote within the Terra Station Wallet and find out more about Prop 128 here. 

2. Polkadot (DOT) 

Polkadot is a blockchain platform that aims to achieve scalability by making it possible for specialized blockchains called parachains to interoperate. Different types of blockchains, whether they are permissioned or permissionless, can be connected to each other through Polkadot. 

Why Polkadot? Parachain Auction Date Just Announced

The Polkadot network is ready to start its first parachains, and similar to the Kusama auctions started in June, the Polkadot parachain slot auctions will involve projects wanting to deploy a parachain submitting the largest DOT bid to be successful. DOT holders can take part in crowd loans and loan their tokens to projects they wish to support. Once a proposal is passed, the first parachain auctions will start on November 11 and auctions will run into 2022. Crowd loan participants will “bond” their tokens for the duration of each parachain slot lease, and be in line to receive tokens from successful projects. This will lead to a natural appreciation in the price of DOT which jumped by 15% this week with the news, and you can find out more about the slot auctions here.  

1. Bitcoin (BTC) 

Bitcoin (BTC) is regarded as the world’s first decentralized digital currency, and was created in 2009 by a mystical figure named Satoshi Nakamoto. Bitcoin is a deflationary currency whose issuance is capped at a total supply of 21 million coins. Bitcoin is the most popular cryptocurrency and is traded on various exchanges and is also used in peer to peer transactions. 

Why Bitcoin? ETF Futures Approval & ATH Price Near      

After years of speculation it appears that the Securities and Exchange Commission (SEC) is close to approving a Bitcoin futures exchange-traded fund (ETF). ProShares may be the first to launch an ETF next week, and stated in a recent amendment that its filing is expected to launch on October 18. Bitcoin Futures ETF products will track Bitcoin futures as opposed to the daily Bitcoin spot price but will still provide more traditional traders and institutions with easy exposure to Bitcoin. The news proved to be extremely bullish for Bitcoin with the price surpassing $60,000 and BTC looks set to close in on its current all time high price of $64,816 this week.  

How did the coins perform last week?  

The seven day period generally led to mixed results across the market; and IOTX fell by 1% and is currently trading at around $0.06. STX fell by 24% and is currently trading at $2.07, and SOL improved by 7% over the week, and is currently trading at $165. Over the course of the week, the market moved from an overall valuation of $2.28T to $2.51T.   

   

   

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