As we enter the second week of November, top 3 cryptocurrencies are capturing the attention of investors as the ones to keep a close eye on. These coins are seen as having good potential for further recovery if the current positive market sentiment continues.
The cryptocurrency market is buzzing with excitement as people eagerly await the possible approval of spot exchange-traded funds (ETFs) for major cryptocurrencies like Bitcoin and Ethereum. This news has sparked a fresh wave of optimism, hinting at the potential return of a strong upward trend in the market.
Top 3 Cryptocurrencies To Watch This Week
Solana (SOL): Outstanding Achievement
Solana (SOL) has emerged as a standout performer this week, showcasing a significant increase of 36.7% in the week ending on Nov. 12. The majority of these gains occurred on Friday, Nov. 10, with a notable surge of 25.2%. This rise is attributed to the growing focus on projects being developed on the Solana network.
Despite SOL reaching its highest point of $63.97 in 2023 on Nov. 11, it remains below its all-time high (ATH) of $267.52 in November 2021. Nevertheless, the cryptocurrency is positioned for a sustained upward movement, as it has already seen a substantial 79.8% surge in October and is maintaining momentum with a 51.9% increase in November. The ongoing introduction of new projects on the Solana blockchain is expected to further propel its recovery.
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Polygon (MATIC): Surging Amidst Growing Institutional Interest
Polygon (MATIC) is creating a stir in the cryptocurrency realm, experiencing an impressive 3,800% increase in transaction volume surpassing $100,000 in the last 30 days. This surge is attributed to increased demand from both institutional investors and significant players in the crypto industry. As a result, the price of MATIC has surpassed $0.80 for the first time since July. With a 62% rise in market capitalization over the past month and substantial accumulation by wallets holding 100,000 to 10 million MATIC, the future looks positive for Polygon.
Chainlink (LINK): Doubling in a Span of Three Weeks
Chainlink (LINK) has undergone an impressive surge, more than doubling in value within the last three weeks. Currently priced at $13.13, up from $6.14, this upward trend is partly attributed to the broader recovery observed in the cryptocurrency market. Grayscale’s Chainlink Trust (GLINK) has seen a 200% premium compared to the spot LINK markets, indicating increased interest from institutional investors. The future outlook for the cryptocurrency looks optimistic, supported by the growing total value locked in GLINK, which recently doubled to approximately $4 million.
As the momentum in the cryptocurrency market continues to build, Solana, Polygon, and Chainlink emerge as standout cryptocurrencies to monitor this week. Each offers unique strengths and potential for further expansion in the coming weeks.
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