Bitcoin has been stagnant for a while and appears to be waiting for a catalyst to drive price movements. Meanwhile, the broader crypto market went red last week.
Market conditions could change later this week, but it’s a good time to explore which cryptocurrencies are worth watching for days to come.
Dogecoin is making headlines again as the US Securities and Exchange Commission (SEC) officially grants applications for Grayscale, the asset management company of Spot Dogecoin Exchange-Traded Funds (ETFS). This marks the beginning of a review process that could potentially lead these crypto funds to the market.
The major memo coins cleared the initial regulatory hurdles, but SEC approval is not certain. However, this news could affect Dogecoin’s price in the short term.
Currently, Dogecoin has been trading at $0.25, down 4% over the past week.
XRP is a native token for the XRP ledger, an open source blockchain. It is used by the Ripple Payment Network to promote cross-border transactions and is designed to serve as a bridging currency.
There is speculation that the SEC may soon approve funds (ETFs) traded on XRP Exchange. Last week, the SEC will grant Grayscale XRP Trust’s greyscale submission and begin reviewing it.
Currently, XRP is trading at $2.6, up 5.2% in a week.
Solana is one of the fastest growing major cryptocurrencies. It competes with Ethereum in terms of speed and emerges as a powerful platform for hosting hundreds of distributed applications (DAPP). Additionally, several popular memokines have been developed on Solana’s blockchain, further expanding Solana’s use cases.
After successful launches of Bitcoin and Ether ETFs, there are strong indications that the Solana ETF could soon be released. Several asset management companies have already submitted applications for them.
Solana is currently trading at $169, representing a 15% decline in one week.
Similar to the Grayscale filing with XRP and DogeCoin, the Securities and Exchange Commission (SEC) has granted Canary Capital’s Spot Litecoin (LTC) Exchange-Traded Fund (ETF) application within two weeks of its initial filing . The news led to a massive price surge driven by speculation about growing institutional interest. Due to Litecoin’s functional similarities with Bitcoin, some analysts believe the SEC tends to approve ETFs immediately.
Currently, Litecoin (LTC) is trading at $126, reflecting a 0.9% decline in one week.
Formerly known as Fantom, Sonic is a blockchain network designed to efficiently handle large numbers of transactions. It recently hit a record high for locked totals (TVL) and reached $350 million. In cryptographic spaces, TVL measures the total amount of assets locked on a Decentralized Finance (DEFI) platform and serves as a key indicator of ecosystem health. The rise in TVL is often indicative of increased liquidity, adoption and usability. This is a factor that drives the overall success of the project.
The story continues