The cryptocurrency market has been experiencing significant fluctuations recently, so let’s take a look at the cryptocurrency update for this week. Last week, Bitcoin saw its value drop from $70,000 to $50,000 before recovering to $60,000. This week, the market may have been influenced by several economic factors, including the release of US inflation data on Wednesday.
Cryptocurrency Update:
Toncoin (TON)
Toncoin (TON) is has seen a significant increase in value, rising by 20% in just one week.
This growth is partly due to Russia’s recent decision to make cryptocurrency mining legal. This is particularly important for Toncoin because it has strong connections to the Russian technology world. Toncoin was originally created by Telegram, a messaging app founded by Russian-born brothers. This Russian connection might make Toncoin more appealing to investors in Russia. Right now, one Toncoin is trading at $6.5.
Helium (HNT)
Helium (HNT) is a cryptocurrency that powers a network for Internet of Things (IoT) devices. These are everyday objects that can connect to the internet, like smart home devices. Helium’s network allows these devices to communicate and share data across a worldwide system.
Recently, Helium announced that two major US mobile carriers are testing their network, which is a significant step forward.
This shows that traditional telecommunication companies are becoming more interested in decentralized networks like Helium. One Helium token is currently worth $6.6, having increased by 47% in a week.
Sui (SUI)
Sui (SUI) is the main cryptocurrency of the SUI blockchain, which is designed for fast transactions and running smart contracts (automated agreements). Sui’s value has more than doubled in the past week, rising by over 92%.
This increase came after Grayscale, a major investment company in the crypto world, announced a new fund for SUI. Additionally, the Sui Name Service, which helps manage digital identities on the blockchain, became more decentralized. These developments have made investors more confident in SUI’s future. Currently, one SUI is worth $1.05.
Aptos (APT)
Aptos (APT) is planning to release over 11 million new tokens on August 12. When a large number of new tokens are introduced, it can cause the price to change dramatically. Often, an increase in the number of available tokens can lead to a drop in price if there isn’t enough demand. However, this can also create opportunities for investors to buy tokens at lower prices. Currently, one Aptos token is worth $6.6, having increased by 28% in the past week.
Aave (AAVE)
Aave (AAVE) is a platform that allows people to lend and borrow digital assets without going through a bank or other traditional financial institution. Despite the ups and downs in the crypto market, Aave has remained strong. This might be because many investors are using borrowed money to trade Aave tokens, and there’s a lot of interest in trading contracts based on Aave’s future price. Currently, one Aave token is worth $96, which is a 20% increase from last week.
