November is historically one of the best months for crypto. Combine this with the early stages of a bull run. This combination can put some coins on fire. And that’s exactly what happened during the 2nd November week.
So, we’re going to take a closer look at the top 3 coins of the top 100 by market cap. They show some impressive gains.
1) Celestia (TIA)
Celestia is the undisputed leader during this 2nd November week. The TIA token is up by 155.6% during this timeframe. Celestia is a modular blockchain. It also boasts of being the first data availability chain in the world.
Celestia, one of the pioneers of the modular blockchain model, is now live with their mainnet.
Celestia's data availability layer has the ability to reduce costs and increase throughput for rollups by orders of magnitude.
Here's a high level overview of what Celestia is
: pic.twitter.com/EYD2QVc93h
— cygaar (@0xCygaar) November 2, 2023
Modular chains only manage specific tasks. All other tasks, they delegate to separate layers. For instance, Celestia has a consensus, settlement, and execution layer. The chain has its home in the Cosmos Hub. So, it is part of the IBC and is one of the Cosmos Hub zones. Out of the current 69 zones, it already takes spot #6 measured in IBC volume.
In other big news, their mainnet launched on 31st October. With that, they also released an airdrop of 141 million TIA tokens. Those are currently the only circulating tokens. All other tokens have a vesting schedule. The first unlock is next year in November.
Modular Blockchain is undeniably powerful as the chains are interconnected in one way or the other.
Since Celestia went live on Mainnet, a new era was born. pic.twitter.com/w0jXgHBlqG
— DeFI Saint
(@TheDeFISaint) November 11, 2023
The current TIA price is $6.17. It’s up 12.2% in the last 24 hours. However, during the last 7 and 14 days, it is up respectively by 157.4% and 169.6%. It has a market cap of $839 million. The total supply is 1 billion TIA tokens and 141 million circulate. The following picture shows Celestia on the map of zones.
2) THORChain (RUNE)
THORChain comes in at 2nd spot in this week’s list of coins. During the last seven days, it grew by 62.9%. That’s impressive, but is not even half of TIA’s growth during the same period. Nonetheless, it’s on a fantastic run.
The block explorer of choice for many THORChads – @viewblock – has released a new interface: RuneScan
Check it out below & report bugs to the team
https://t.co/0UhyGvn7UD
— THORChain (@THORChain) November 14, 2023
Like Celestia and third-placed dYdX, its home is the Cosmos Hub. It is a DEX with a few unique features. For example, it allows cross-chain swaps, but without wrapping. It swaps native assets. That is because, in all its pools, it positioned its native RUNE token. So, this allows it to work with various chains. For example, it’s the only protocol that offers APY for BTC in a decentralized way.
It has an ever-expanding ecosystem with various products. For example, wallets, exchanges, explorers, NFTs, analytical tools, and more. You can find, for instance, apps like XDEFI, THORSwap, Ledger, and RocketX. Or how about Nansen’s portfolio tracker?
Since the release of THORChain Mainnet in April 2021, devs have shipped:
– Asymmetric liquidity provision
– THORNames
– Delayed outbound transactions
– Automatic solvency checker
– Synthetic assets
– ERC20 token whitelists
– Affiliate fees
– Add Dogecoin
– Create Stagenet for…— THORChain (@THORChain) November 14, 2023
The current RUNE price is $5.81. It has a market cap of $1.7 billion. The max and total supply are 500 million RUNE tokens. Out of these, 300 million already circulate. But look at this, the percentage increase over 7, 14, and 30 days are respectively, 73.1%, 95%, and 237.3%. Over one year, the price increase is 374.7%.
3) dYdX (DYDX)
Beaten by THORChain to the third spot by a nose length, is dYdX. It’s up by 62.6%, only 0.3% less than THORChain. Once more, all three coins are Cosmos Hub-based. It completed the move from Ethereum to Cosmos only a few weeks ago. One of the projects that had enough slow and expensive transactions. They sought alternatives and chose the Cosmos Hub.
The next generation of the dYdX protocol and the next version of the DYDX Token
Decentralized, the community is in control
All fees distributed to Validators and Stakers
Validating is permissionless
Seamlessly transition to the dYdX Chain
Fully Open Source pic.twitter.com/G570MH2a52
— dYdX Foundation
(@dydxfoundation) October 30, 2023
Currently, the chain is in full migration mode for its DYDX token. There’s a bridge between Ethereum and Cosmos for this purpose. You can bridge your ethDYDX to DYDX. But, first things first, time to explain what dYdX is all about.
dYdX is a perpetual DEX. So, you can trade with leverage. Now, leverage can be very lucrative. However, be careful to use it, I can only advise using it if you understand leverage. Yes, profits can be huge, but so can losses. Either way, their V4 trading platform is now available on Cosmos, in a beta version.
Don’t miss the Weekly Recaps, with the @dydx_ops_subdao recently announcing the start of the Beta Stage it’s important to stay up to date
Last week and every week is packed with highlights from the dYdX Ecosystem.
— dYdX Foundation
The current ethDYDX price is $3.91. Its market cap is $707 million. It has a 1 billion max and total supply of DYDX tokens. Almost 180 million tokens have already circulated. Over 7, 14, and 30 days it went up by 62.3%, 72.2%, and 107.7%. Over 1 year, it’s up by 59.8%
Conclusion
The current crypto market is buzzing with excitement. November is usually the best crypto month of the year. Accordingly, Bitcoin started a rally. The bear market is in its last stages, or has the bull market already started? So, we look at the top three performing coins during the 2nd week of November.
Disclaimer
The information discussed by Altcoin Buzz is not financial advice. This is for educational, entertainment, and informational purposes only. Any information or strategies are thoughts and opinions relevant to the accepted levels of risk tolerance of the writer/reviewers, and their risk tolerance may be different from yours.
We are not responsible for any losses that you may incur as a result of any investments directly or indirectly related to the information provided. Bitcoin and other cryptocurrencies are high-risk investments, so please do your due diligence.
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