Last week, the crypto market was on a rollercoaster ride, with Bitcoin plunging from $70,000 to $50,000 before rebounding to $60,000. This week, several macroeconomic factors could influence the market, with inflation data set to be released on Wednesday.
Here are the cryptocurrencies worth watching closely.
Sui is the native cryptocurrency of the SUI Layer-1 blockchain, which is optimized for high transaction speed and the deployment of smart contracts.
The cryptocurrency has surged over 120% in the past week following Grayscale’s announcement of a new SUI fund and the transition of the Sui Name Service to a decentralized protocol. This move is seen as a strong vote of confidence in the future of SUI within Grayscale’s portfolio. Currently, Sui is trading at $1.05.
Toncoin (TON) has experienced a remarkable rally in recent days, with its price surging by 30% in just a week. This spike follows Russia’s recent legalization of crypto mining, which is regarded as a historic decision.
The legalization holds particular significance for Toncoin, given its deep ties to the Russian tech ecosystem. Originally developed by Telegram—a platform founded by the Russian-born Durov brothers—Toncoin was initially designed to serve as the backbone of Telegram’s blockchain ecosystem. Telegram’s association with Russia is likely to boost Toncoin’s appeal among Russian investors. Currently, Sui is trading at $6.56.
Aptos is set to release 11.31 million APT tokens on Monday, a move that could introduce increased volatility into the crypto market. When a large number of tokens are released, it often leads to an increase in supply, which can drive prices down if demand doesn’t keep pace. Moreover, this also presents potential buying opportunities for investors seeking to enter the market at lower prices.
Currently, Aptos is trading at $6.6, with a 45% gain in a week.
Helium (HNT) is a decentralized blockchain-powered network for Internet of Things (IoT) devices, allowing low-powered wireless devices to communicate and send data across a global network of nodes. Helium’s decentralized wireless network is gaining traction, enabling widespread connectivity.
Recently, Helium announced via tweet that two major US carriers have begun testing to route their traffic through the Helium Mobile Network—a significant milestone that highlights the growing support for decentralized networks within the telecom industry.
Currently, Helium is trading at $6.6, with a 75% gain in a week.
Aave is a decentralized crypto lending platform that enables users to borrow and lend digital assets. Despite market volatility, Aave has remained resilient, likely driven by high leverage and increasing open interest. Currently, Aave is trading at $96, reflecting a gain of over 20% in the past week.
