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The crypto industry is experiencing a wave of positive developments, from the SEC dropping cases against Coinbase and Robinhood to crypto ETFs edging closer to approval. Yet, the market remains in the red, adopting a wait-and-see approach as it anticipates a major catalyst for movement.
Here are the cryptocurrencies worth watching:
XRP
XRP continued to be worth watching as the Securities and Exchange Commission has officially begun reviewing the proposed XRP exchange-traded fund (ETF), which means soon investors will know whether it will be a new crypto ETF or not.
XRP is the native token of the XRP Ledger, an open-source blockchain. It is used by the Ripple payment network to facilitate cross-border transactions and is designed to act as a bridge currency.
Currently, XRP is trading at $2.4, representing a decline of 10% in a week.
Mantra
Mantra is a specialized blockchain network dedicated to the issuance, trading, and secure management of tokenized real-world assets (RWAs). By enabling the tokenization of these tangible assets, Mantra is bridging the gap between traditional finance and blockchain technology.
Recently, Mantra obtained a Virtual Asset Service Provider (VASP) license from Dubai’s Virtual Assets Regulatory Authority (VARA), enabling expansion across the United Arab Emirates and the wider Middle East and North Africa (MENA) region. With this license, it is authorized to operate as a digital asset exchange and offer broker-dealer, management, and investment services.
Earlier this year, Mantra entered into a significant $1 billion agreement with DAMAC Group, a Dubai-based property conglomerate, to tokenize at least $1 billion of its assets in the UAE.
The native token of Mantra, OM, is on the rise and is currently trading at $8.04, reflecting an 8% increase in one week.
Solana
Solana is one of the fastest-growing major cryptocurrencies. It competes with Ethereum in terms of speed and has emerged as a strong platform for hosting hundreds of decentralized applications (dApps).
The cryptocurrency market is declining as Wintermute, a crypto market maker, recently withdrew nearly $40 million worth of Solana from Binance. While the reason behind the withdrawal is not known, some observers in the crypto industry are concerned that the token unlock may lead to significant selling pressure for Solana.
Currently, Solana is trading at $152, representing a decline of 16% in a week.
Bittensor
Bittensor seeks to decentralize machine learning and artificial intelligence by creating a marketplace where AI functions as a tradable commodity. While some industry experts remain skeptical, labeling Bittensor as a “memecoin” capitalizing on the current AI hype, its recent performance suggests growing interest.