JPEX observed events during the first week of November. During the week, Santander UK, a subsidiary of Santander Group in Spain made it known that they have imposed limits on exchange transactions for customers in the United Kingdom.
Due to millions of people falling victim to scams, cryptocurrency firms in the United Kingdom will need to gain the approval of the country’s top regulator, the Financial Conduct Authority (FCA) before they can advertise or engage in promotional activities.
Meta Platforms Inc., the owners of WhatsApp, Facebook, and Instagram announced that in the near future, users of Instagram can create non-fungible tokens (NFTs) on the platform via a partnership with the Polygon Network. This will make Instagram a social media platform that doubles up as an NFT marketplace.
Despite relatively lower prices, miners were rewarded with approximately $590 million in revenue which was higher than September’s value.
The largest NFT marketplace OpenSea reclaimed its position as the biggest platform by monthly volume by generating around $326 million in October.
The aforementioned news came in a week when digital asset prices improved. Within the period of Sunday, October 30 to Saturday, November 5, Fantom (FTM), Polygon (MATIC), Chiliz (CHZ), Dogecoin (DOGE), and Litecoin (LTC) were among the biggest gainers.
JPEX takes a look at the numbers involved in the price spikes of some of the largest digital assets by market capitalization.
Fantom (FTM) Rose by 37%
Fantom is a highly-scalable blockchain platform for decentralized finance (DeFi), and cryptocurrency applications. The Fantom Foundation is the development team behind this project. During the week, it was reported that a former stakeholder of the project Andre Cronje changed his biography on LinkedIn to Memes at Fantom Foundation. His potential return led to a spike in the price of the native asset of the project which is denoted by FTM.
On Sunday, 30th October, FTM opened at $0.2254, reached a weekly high of $0.3089 on Saturday, 5th November, tested a weekly low of $0.2168 on Wednesday, 2nd November, and was exchanging hands for $0.3087 on Saturday, November 5. FTM saw a significant rise in trading volume from $190 million to $436 million, according to data from crypto-asset price tracker CoinMarketCap. Overall, this led to a 37% increase in FTMs price.
Chiliz (CHZ) Soared by 30%
Chiliz is a currency option for blockchain-backed products and services geared toward mainstream consumers. Chiliz provides sports and entertainment entities with blockchain-based tools to help them engage and monetize their audiences.
Chiliz developed Socios.com, a sports fan engagement platform that is built on the Chiliz blockchain infrastructure and uses CHZ, the native asset of the project as its exclusive on-platform currency. Since Socios.com is closely affiliated with the football industry, anticipation for the 2022 QATAR FIFA WORLD CUP which will come off in the third week of November has led to significant demand for CHZ.
On Sunday, 30th October, CHZ opened at $0.19, reached a weekly high of $0.2579 on Saturday, 5th November, tested a weekly low of $0.1944 on Sunday, 30th October, and was exchanging hands for $0.2553, as of writing. Trading volume ranged between $400 million and $800 million. Overall, CHZ brought 30% gains to traders and investors.
Dogecoin (DOGE) Ascended by 29%
Dogecoin is one of the oldest crypto projects in the industry today. The cryptocurrency continues to enjoy extended gains from Elon Musk’s acquisition of Twitter. Due to his strong bond with the Dogecoin project, many analysts believe that should Twitter adopt cryptocurrencies as payments for the accessibility of certain features, DOGE would be one of those digital assets.
DOGE opened at $0.1216, reached a weekly high of $0.1572 on Tuesday, 1st November, tested a weekly low of $0.1129 on Sunday, 30th October, and was trading for a coin at $0.1276 in the afternoon hours of Saturday, 5th November. Trading volume ranged between $2 billion and $8 billion. Overall, there was a 29% rise in DOGE’s price.
Polygon (MATIC) Increased by 26%
Polygon is a decentralized Ethereum scaling platform that enables developers to build scalable user-friendly decentralized applications (dApps) with low transaction fees without ever sacrificing security. During the week, as earlier mentioned in the article, Polygon was mentioned as the platform Instagram will be using to power NFTs on its platform. This news resulted positively in the price of the novel token of the Polygon Network called MATIC.
On Sunday, 30th October, MATIC opened at $0.9338, reached a weekly high of $1.28 on Saturday, 5th November, tested a weekly low of $0.8403 on Wednesday, 2nd November, and traded for a coin at $1.18 in the early morning hours of Saturday, 5th November. MATIC saw a substantial rise in trading volume from $303 million to $2.15 billion. Overall, MATIC soared by 26%.
Litecoin Spiked by 23%
Created by Charlie Lee in 2011, Litecoin is the second-oldest cryptocurrency after Bitcoin. On Tuesday, 1st November, MoneyGram announced that it has created a new crypto service that enables customers to buy, sell, and hold cryptocurrency using the MoneyGram App. This service enables MoneyGram app users the chance to trade and store bitcoin (BTC), ethereum (ETH), and litecoin (LTC). In crypto, some factors drive the price of digital assets. They are staking, exchange listing, and adoption by a mainstream industry. MoneyGram is a powerhouse in cross-border payments and being associated with the company is a positive for the cryptocurrency.
LTC opened on Sunday, 30th October with a trading price of $56.21, tested a weekly high of $69.37 on Friday, 4th November, reached a weekly low of $54.23 on Monday, 31st October, and was exchanging hands for $69.08 on Saturday, 5th November. Trading volume ranged between $400 million and $2.15 billion. Overall, this was a 23% increase in LTCs price which brightened the portfolio of holders.