Keep An Eye On These Coins

Last week, the crypto market had a fairly uneventful time. Prices have largely stayed within the same window that they have been for a few weeks, and Bitcoin (BTC) stays under the $20,000 mark. Investors are worried about the near-term future of the market, as fears of a recession and a poor 2023 are high on the minds of many.

Prices of most assets are not at encouraging levels, but investors continue to stick around, keeping an especially watchful eye on some assets. This week, we analyze Reserve Rights (RSR), Quant (QNT), Helium (HNT), XDC Network (XDC), and Maker (MKR).

Reserve Rights (RSR)

The Reserve Rights project has been experiencing a comparatively strong week, with its RSR token going up in price by over 30% in the last seven days. There’s one clear reason for this bump in price, which is the fact that its mainnet is scheduled to launch very soon.

Reserve Rights said that it has nearly seen five audits completed and that the full deployment of the protocol will take place in October. This marks the next phase of the project, and investors are optimistic. The token is currently trading for $0.009.

Quant (QNT)

Quant has also seen its token go up significantly in the last week, with the QNT token increasing in price by 16%, and it is currently trading for $136.31. There may be a few reasons why this price bump is taking place.

Several markers of activity on the network have increased, including volume, daily active addresses, and whale accumulation. Addresses with over $100,000 have accumulated 15.4% more QNT to their holdings in the past five months.

Helium (HNT)

While not noticeable as RSR and QNT, the Helium (HNT) coin has also experienced a noticeable 10% increase in price in the last seven days. There are a few likely reasons for this development, most noticeably a partnership with T-Mobile.

Helium and T-Mobile have partnered on a 5G network initiative, while the network is also migrating to the Solana network after a community vote. HNT is now trading at $4.91.

XDC Network (XDC)

The XDC network has seen its market cap rise by 10% in the last seven days, which is possible because of the upcoming consensus upgrade in the form of XDPoS 2.0.

The market cap of XDC has risen by approximately 10% in the last seven days. The upcoming XDPoS 2.0 upgrade might be a reason, and this is expected in the near future. Furthermore, financial markets infrastructure technology company Securrency has also recently launched its digital asset composer on the network. The XDC coin is trading for $0.03.

Maker (MKR)

Maker (MKR) has been a staple of the DeFi market, and the last week was good for the protocol. The market cap of the MKR token increased by 15% in the past seven days, which is likely due to whale activity.

These investors seem to be moving towards DAI and MKR, as both assets are in the top 10 when it comes to the holdings of whale wallets. A whales leaderboard shows that the top 500 ETH whales are holding $48.6 million in MKR. The token is currently trading for $796.96.

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.