The altcoin market has had a middling week in terms of price. The last week was marked by the decisions taken by the central exchanges in response to the increasing pressure from the US regulators. While the new week is dominated by a rising mood led by Bitcoin, the positive technical developments and important news of 5 altcoins draw attention.
Here are 5 altcoins to watch closely from the week of May 15
First up, Kava (KAVA) was one of the week’s top earners ahead of the upcoming Kava 13 mainnet upgrade. The KAVA price gained around 50% at one point last week. However, the upgrade has been postponed to Wednesday (May 17). This means that investors who buy the news in advance will wait another day.
The Kava 13 mainnet upgrade will bring several improvements, including better performance for participants and improved capacity to send assets between Cosmos and Ethereum networks.
Bitcoin SV (BSV)
Bitcoin SV (BSV), a by-product of Bitcoin, saw a price increase of more than 17% last week. There was no news or technical development behind the BSV price rally. Rather, the reason behind the acceleration was linked to Bitcoin Ordinals. cryptocoin.com At this point, we have included what happened in Bitcoin SV last week in this article.
The Bitcoin network has been congested due to the popularity of Ordinals, a protocol that allows digital goods such as NFT to be registered on a satoshi. Some users are switching to the spin-off Bitcoin SV as a result of this congestion and also because this network offers low transaction fees. BSV, which traded at $30.50 last week, is now around $37.
Lido DAO (LDO)
Lido DAO, a project focused on staking ETH, posted a 13% price increase last week. The price increase was directly linked to the increased trading volume.
Additionally, Lido recorded a significant increase in activity in the first week of May. During this time, it regularly received more than $50 million in daily transactions. The price is currently holding the recently gained strength in the $2.17 region.
Rocket Pool (RPL)
Rocket Pool, an altcoin project focused on staking ETH, was among last week’s winners. RPL price is up more than 11% after Ethereum’s recent Shapella upgrade.
This network upgrade allows ETH stakers to get their ETH back. This was a big move that initially attracted many people to staking. RPL, which started at $47.60 last week, is currently trading at around $50.25. It has lost around 5% in the last 24 hours.
Litecoin (LTC)
Finally, Litecoin is among the high performers of the week. The momentum was linked to the halcing event scheduled for August 4, 2023. LTC price has gained over 10% in the last week.
Halving cuts Litecoin block rewards in half, just like Bitcoin does. The Litecoin mechanism splits the rewards every four years. This reduces the rate at which Litecoins are produced. The current Litecoin block reward is 12.5 LTC; It will drop to 6.25 LTC after halving.
cryptocoin.com As we reported, Binance’s decision to leave the Canadian market was among the main developments last week. You can take a look at the token unlock dates in the coming weeks from this article.
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