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Top 3 Coins to Watch November 08 - November 14, 2021


coincodex.com 08 November 2021 10:10, UTC
Reading time: ~3 m

As we move through Q4, a number of projects are moving ahead with continued development, and this week’s choices are set to benefit from significant updates and announcements that should strengthen their market positions and benefit their communities. The news should also result in increased amounts of attention to each respective currency over the coming weeks.      

3. OMG Network (OMG) 

The OMG Network is an Ethereum-based financial technology that enables real-time, peer-to-peer value exchange and payment. OMG aims at helping users to transfer their ETH and ERC20 tokens at a cheaper and faster rate than methods currently being used. Bot ETH and ERC20 tokens can also be used to pay for fees when making transactions across the OMG network.

Why OMG Network? BOBA Airdrop Snapshot on November 12    

The OMG Foundation is launching the BOBA token that acts as the native token of the BOBA Network which runs on OMG. The BOBA Network is a Layer 2, EVM (Ethereum Virtual Machine) compatible project using Optimistic Rollups that helps to improve speeds, while keeping costs low and helping smart contracts scale. The team have confirmed that a snapshot will take place on November 12 and the BOBA token will be airdropped to OMG token holders on November 19 on a 1:1 basis. The airdrop is being supported by exchanges including FTX, Huobi, and Gate.io and you can find out more about the airdrop here.

2. Polkadot (DOT) 

Polkadot is a blockchain platform that aims to achieve scalability by making it possible for specialized blockchains called parachains to interoperate. Different types of blockchains, whether they are permissioned or permissionless, can be connected to each other through Polkadot. 

Why Polkadot? Parachain Auctions Start on November 11     

The Polkadot Parachain auctions require prior approval, and the team have announced that Motion 118 which consists of 2 batch calls has been submitted to Polkadot Council which will result in auctions commencing on November 11. As a result, we can expect the first parachain auctions to start on November 11 and allow crowd loan participants to “bond” their tokens for the duration of each parachain slot lease, and receive tokens from successful projects. The first batch of 5 auctions will take place every week on November 11, 18, 25, December 2, and 9 and you can find out more and keep track of Motion 118 on Polkassembly. 

1. Bitcoin (BTC) 

Bitcoin (BTC) is regarded as the world’s first decentralized digital currency, and was created in 2009 by a mystical figure named Satoshi Nakamoto. Bitcoin is a deflationary currency whose issuance is capped at a total supply of 21 million coins. Bitcoin is the most popular cryptocurrency and is traded on various exchanges and is also used in peer to peer transactions. 

Why Bitcoin? Taproot Activation This Week       

The highly anticipated Taproot upgrade is set to activate this week when Bitcoin reaches the 709,632 block height. This is estimated to occur on November 15, after the upgrade achieved 90% consensus among Bitcoin miners. Taproot represents Bitcoin’s first major upgrade since Segregated Witness (SegWit) in August 2017, and will bring Merkelized Abstract Syntax Trees (MAST), which allow both the sender and receiver to sign off on transaction settlements together. Taproot will also bring Schnorr Signatures which will allow users to aggregate multiple signatures into a single transaction. This improves privacy and security by reducing the visible difference between regular and multi-sig transactions, and by allowing public and private keys to be modified in order to help with the verification and confirmation of the legitimacy of each transaction. Next week looks bullish for Bitcoin with the price surpassing $60,000 and looking to trend upwards once again.   

How did the coins perform last week?  

The seven day period generally led to positive results across the market; however ZEC fell by 8% and is currently trading at around $162. SCRT jumped by 23% and is currently trading at $10.10, and CRO made a huge 66% gain over the week, and is currently trading at $0.34. Over the course of the week, the market moved from an overall valuation of $2.67T to $2.84T. 

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