The crypto markets are heating up again with increased volatility and trading volumes. According to The DeFi Investor, there are several top cryptocurrencies worth watching closely this week.
What you'll learn 👉
Bitcoin remains the flagship cryptocurrency to monitor. The SEC has until November 17th to approve any spot Bitcoin ETFs. With the chance of a spot BTC ETF finally getting approved, Bitcoin could see a surge of new institutional investment. Keep an eye on any SEC announcements and how they impact Bitcoin price action.
The project is set to make a major announcement on November 14th. This could bring significant news and developments for Polygon, making MATIC a top altcoin to watch for potential price movement following the announcement.
RUNE, the native token of the Thorchain decentralized exchange, has seen huge growth in trading volume and total value locked recently. As a fast and efficient DEX, Thorchain is gaining more mainstream traction. With RUNE’s parabolic price chart and increased adoption, dips could present good buying opportunities.
Perpetual DEX Tokens
Decentralized perpetual swap exchanges like dYdX and Perpetual Protocol have seen surges in trading volume with the return of volatility. This spike in revenue has not yet been reflected in the prices of their governance tokens. Perpetual DEX tokens could rally in the coming weeks if trading activity remains high.
The Vela Protocol perpetual swap DEX is launching a major trading competition tomorrow with $90k in ARB rewards. As Vela’s biggest trading event yet, the competition could significantly boost VELA trading volume and price action.
PancakeSwap is set to launch an upgrade to its veCAKE tokenomics this month. CAKE holders who lock their tokens will gain more control over CAKE emissions and rewards. This could make locking CAKE more enticing, reducing selling pressure for the popular DEX token.
On November 17th, $22.6 million of locked ApeCoin will become unlocked and claimable by APE founders and contributors. This major influx of sell-side pressure could negatively impact APE price action in the short term. However, the increased circulating supply may also improve ApeCoin’s liquidity long term.
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