BNB Gets #1 Spot Thanks to New Launchpad Token SaleTop 3 Coins to Watch for Nov 28Dec 4
The crypto markets are still in an uncertain position after the collapse of the FTX cryptocurrency exchange. However, weve been seeing some encouraging signs in the market, and leading projects continue to roll out important updates and partnerships. Lets check out three projects that will be especially interesting to follow this week.
3. Litecoin (LTC)
Litecoin is a cryptocurrency that was initially launched in October 2011, making it one of the oldest altcoins on the market. Litecoin is heavily based on Bitcoin, as it started off as essentially a modified version of Bitcoins codebase.
Litecoin has a maximum coin supply of 84 million, which is 4 times larger than that of Bitcoin. Its targeted block time is 2.5 minutes, which is 4 times faster than Bitcoins targeted block time. Just like Bitcoin, Litecoin also uses Proof-of-Work to reach consensus about the state of its Ledger. While Bitcoin uses the SHA-256 hash function, Litecoin uses the scrypt hash function.
Sometimes, Litecoin has been used as a proving ground for technologies that were later implemented into Bitcoin. For example, SegWit was first implemented into Litecoin before it went live on the Bitcoin network. However, Litecoin also has some unique technological aspects to it, most notably its support for MimbleWimble privacy technology.
Litecoin fans often describe Litecoin as the silver to Bitcoins gold. LTC transactions are cheaper and faster than BTC transactions, making Litecoin a more suitable option for everyday payments.
Why Litecoin? LTC shines amid uncertain crypto market conditions
Litecoin surprised many market participants last week by going on a rally while the crypto market as a whole is still reeling from the shocking collapse of the FTX cryptocurrency exchange. LTC outperformed almost all other cryptocurrencies last week.
The LTC price, which was at around $61.70 on November 22, quickly increased to hit a local peak of $80.50 by November 23. While LTC bulls couldnt drive the price any higher, Litecoin was able to sustain most of its gains in the following days.
This week, the Litecoin markets will be very interesting to follow, especially for traders that mostly rely on technical indicators. The recent LTC rally doesnt seem to have been triggered by any particular news. From a longer time frame, LTC holders can look forward to the next Litecoin halving, which is expected to happen in mid-2023.
2. Polygon (MATIC)
Polygon is a Proof-of-Stake blockchain platform thats compatible with Ethereum. It has emerged as one of the most popular Ethereum alternatives after Ethereum started suffering from high transaction fees. Polygons native asset is called MATIC, and it is used for key operations on the network like staking and paying transaction fees.
Polygon is one of the first Ethereum scaling platforms to gain significant adoption, which helped the team launch a number of initiatives to further accelerate growth.
Why Polygon? Polygon continues its streak of significant partnerships
Magic Eden, one of the most popular NFT marketplaces today, announced that it will be integrating support for NFTs on the Polygon blockchain. Since Polygon is one of the most popular options for gaming projects that want to leverage web3 tech, this could help establish Magic Eden as a hub for trading gaming-related NFTs. For Polygon, the partnership means that its blockchain will be supported on the two biggest NFT marketplaces, OpenSea and Magic Eden, which will expose Polygon-based NFTs to a broader audience.
The Polygon team has been impressing with notable partnerships, and they arent showing any signs of slowing down. Earlier in November, Nike revealed that their .SWOOSH platform would be using the Polygon blockchain to launch digital wearables.
The Polygon project is also working with Disney to create a proof-of-concept for digital collectibles, which would be used to recognize Disney employees on special occasions. Polygon has been participating in Disneys accelerator program.
1. BNB (BNB)
BNB is a token that was launched by the Binance cryptocurrency exchange in 2017. BNB serves two primary functions. Holders of the token get access to special benefits when using Binance this includes lower trading fees, access the exchanges Launchpad and Launchpool programs, cashback on Binance Visa card purchases, and more.
The token is also used as the native asset of the BNB Chain blockchain. BNB Chain is a variant of Ethereum that offers significantly lower transaction fees to users, and it allows developers to easily deploy EVM-compatible decentralized applications. Previously known as Binance Coin, BNB has now gone through an extensive rebranding.
Why BNB? Upcoming Binance Launchpad token sale sparks interest in BNB
Last week, Binance Launchpad announced that it will be conducting its first token sale since March. Hooked Protocol, a project thats creating a platform for onboarding users to web3, will be raising funds for development by selling its HOOK tokens on Binance Launchpad.
Since holding a certain amount of BNB is a prerequisite for participating on Binance Launchpad, the news has sparked increased demand for BNB. The token, which was trading at around $265 on November 23, jumped all the way to above $300 by November 24. While the $300 level is providing some resistance, BNB was able to retain most of its gains in the subsequent days.
Another notable development that could reinforce trust in BNB is Binance rolling out its proof of reserves system. The system is currently only limited to Bitcoin and uses a Merkle Tree to allow users to verify that Binance holds the funds they deposited to the exchange.