Keep an Eye on These Coins

Major cryptocurrencies, including Bitcoin, failed to make significant moves in the latest week. Bitcoin remains just above $27,000, recovering from a dip below $26,000 on May 24. Despite this, certain tokens 𒉰outperformed the market considerably in the last week.

This week, we examine NEO (NEO), SingularityNET (AGIX), IOTA (MIOTA), Conflux (CFX), and Arbitrum (ARB). In selecting these assets, we have considered several factors, including positive technical developments, significant news events, and noticeable changes in price.

Neo (NEO)

Blockchain platform Neo's NEO coin jumped 21% following disclosure of a partnership with Alchemy Pay. The network, which offers a range of features including native oracles and decentralized storage, will have easy on- and off-ramping payments, thanks to the partnership. Blockchain oracles connect blockchains to external systems, allowing 澳洲幸运5开奖号码历史查询:smart contracts to be executed based upon inputs and outputs from the real world.

The project has also been conducting a ChatGPT competition, which may have contributed to the price increase. NEO is trading at around $11.28, having been priced at about $9.65 last week (see chart below).

SingularityNET (AGIX)

Amid growing interest in AI, SingularityNET (AGIX)'s token price increased by 16%, possibly in connection with the heightened interest in this technology. The project offers a decentralized market for AI solutions and genꦏerally has been gai♐ning more attention since ChatGPT took off.

Just as AI interest has helped boost 澳洲幸运5开奖号码历史查询:Nvidia’s stock recently, crypto tokens working on AI are seeing jumps in price. AGIX is changing hands at around 31 cents, having traded at 26 cents last week (see chart below).

IOTA (MIOTA)

IOTA (MIOTA) increased by 13% after the testnet trials for its Shimmer EVM seemed to have gone well. An EVM is a computation engine that acts like a decentralized computer with millions of executable projects. It acts as the virtual machine that underlies Ethereum’s operating structure.

Another possible reason for the token's price rise may be because founder Dominik Schiener recently held a conversation about IOTA's role in the UAE’s economy with that country's minister of foreign trade.

IOTA is a crypto project that is unique because its network uses what is called a 澳洲幸运5开奖号码历史查询:Directed Acyclic Graph, as opposed to a blockchain. This offers potentially higher scalability. MIOTA is priced at around 20.4 cents, having been valued at about 17.9 cents last week (see chart below).

Conflux (CFX)

The Conflux (CFX) token also rose by 13%, possibly because of news of a partnership with another blockchain project, Tenet, which is a liquid staking Layer-1 blockchain built on the Cosmos network. The fact that Hong Kong has been 澳洲幸运5开奖号码历史查询:opening up to the crypto industry may have also helped. The price of Conflux's cryptocurrency, part of an Asia-focused blockchain some are calling the “Chinese Ethereum,” spiked earlier after Hong Kong decided to let retail investors trade crypto, which might fuel an influx of capital from Chinese investors.

The Tenet partnership will focus on exposing the Conflux project further in the Chinese market, where it is already popular. It will specifically focus on 澳洲幸运5开奖号码历史查询:liquid staking, the process of allowing users to stake tokens that can still be used elsewhere. CFX is trading at around 32 cents, having started last week at about 29 cents (see chart below).

Arbitrum (ARB)

The Arbitrum (ARB) token increased 10%, most likely because of integration with hardware wallet manufacturer Ledger. Users can now receive 100 tokens on the Arbitrum network directly via Ledger’s software Ledger Live.

Arbitrum also has been gaining liquidity, hitting a record daily outflow level on May 25, according to DefiLlama data. Overalꦕl volume for ARB also has been high, hitting $1.72 billion in the last seven days, as shown on DefiLlama. ARB is changing hands at around $1.25, having been valued at $1.12 last week (see chart beಌlow).

As of the date this article was written, the author does not own any of the assets discussed here.

The comments, opinions, and analyses expressed on Investopedia are for informational purposes online. Read our 澳洲幸运5开奖号码历史查询:warranty and liability disclaimer for more info.