Weekly altcoin digest: Avalanche (AVAX), The Sandbox (SAND), Decentraland (MANA), Chiliz (CHZ), Radio Caca (RACA)
Today is Sunday, 21st November, and this is Cointribune’s quick recap of this week’s most promising. You will learn all about their price movements, their causes, and other noteworthy info surrounding them. Off we go!
Avalanche is climbing peaks
As of this writing, Avalanche (AVAX) has reached an all-time high of $137 and its market cap has surpassed that of Shiba Inu (SHIB).
This outcome was largely influenced by the announcement of Ava Labs, the developers of the blockchain Avalanche, of the upcoming partnership with the accounting firm Deloitte (which is part of the “Big Four” audit firms). The market cap of AVAX is $27 billion as of today, and SHIB is at about $25 billion. While the young ecosystems of Avalanche and Shiba Inu are quite similar to each other, AVAX is widely considered a more ‘serious’ blockchain network.
The Sandbox: price up, market cap down
The Sandbox (SAND) surpassed $4 this week, up 87.79%, capturing investor attention. It’s easy to come to this conclusion by analysing the readings of the network, which are off the scale. Obviously, every day a huge number of new investors become owners of SAND.
The correlation between SAND and Bitcoin (BTC) is still negative at 0.5. This means that if the value of BTC rises, the price of The Sandbox token will fall. Investors should monitor this indicator.
Decentraland enters retracement after a breakout
Despite the fact that on Friday and Saturday the Decentraland (MANA) token showed a rapid rise ($4.11 at its highest point), today the price has dropped to $3.75.
Analysts suggest that if the price holds at this level for a long time, crypto traders will have the opportunity to enter a long position. It is likely that after some time the cost of MANA will exceed $5 and stay in this position.
Chiliz is losing ground
Unlike last week, when Chiliz (CHZ) performed well, the token has shown a rapid decline in recent days. At the time of this writing, its price was hovering around $ 0.45.
CHZ is developed by the Socios platform. The company recently signed a partnership with the popular and successful NFL team, the New England Patriots. However, this cooperation is still contributing to an increase in the price of the token.
Radio Caca falls short of investor expectations
Wrapping up our list is Radio Caca (RACA). This token did not live up to investors’ expectations at all, dropping to $0.0071. But the drop affected the sales volume – over the last 24 hours this figure increased by 6.84%.
If the Universal Metaverse (USM) token continues to fall, the virtual 3D planet could lose the bulk of its users.
That’s all we have to tell you about the most interesting altcoins so far. Follow the news on CoinTribune to keep up with trends in the crypto market. See you next week!
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I believe in the bright future of crypto. I have been investing since 2017 and look to share my experience in, and thoughts on, crypto and the blockchain.
The views, thoughts, and opinions expressed in this article belong solely to the author, and should not be taken as investment advice. Do your own research before taking any investment decisions.