Top 3 weekly: XRP, Litecoin on-chain activity climbs, Vodafone plans Cardano NFTs, Hong Kong regulates crypto
- XRP and Litecoin blockchains observed a spike in on-chain activity on their networks, leading LTC price past $100 bullish target.
- Vodafone’s German arm snubbed Ethereum and picked Cardano to roll out an NFT collection.
- Hong Kong continues to make strides in cryptocurrency regulation, with the US lagging far behind.
Altcoin prices recovered and wiped out losses from the Securities and Exchange Commission’s (SEC) clampdown this week. Based on data from crypto intelligence tracker Santiment, a spike in on-chain activity, daily active addresses and trade volume, was noted in XRP and Litecoin.
Bullish on-chain activity pushed Litecoin price past its $100 target.
Cardano continued to see rising adoption, with telecom giant Vodafone’s German arm snubbing Ethereum for its NFT collection.
While the US continued its clampdown on cryptocurrencies, Hong Kong opened doors to crypto regulation, launching a virtual asset index and urging banking institutions to meet the needs of licensed crypto exchanges.
Also read: XRP on-chain activity fuels hope for price rally as SEC vs. Ripple verdict looms
XRP and Litecoin on-chain activity rises
Rising on-chain activity is an indicator of higher adoption of an asset. It is typically considered a bullish indicator. According to Santiment, XRP and Litecoin witnessed a rise in daily active addresses, transaction volume and social dominance over the past week.
With rising activity, there was a spike in Litecoin price, pushing LTC past its $100 psychological barrier early on Friday.
Find out more here.
Vodafone Germany chooses Cardano over Ethereum for its NFT collection
Vodafone Germany, a major telecom giant, announced plans to launch a series of Cardano-based NFTs earlier this week. On its Discord channel, Vodafone revealed plans to release an NFT collection. The giant’s plans are still in early stages, and Vodafone is yet to make decisions on what utility the NFTs will carry for their holders.
Find out more about Cardano price action here.
Hong Kong welcomes crypto exchanges while US SEC continues clampdown
Hong Kong, China’s Special Administrative Region (SAR), welcomed cryptocurrency exchanges while the SEC continued its crackdown. A non-government body released the Hong Kong Virtual Asset Index, where assets listed as securities by the SEC were recognized as crypto assets and non-securities.
Find out more about Hong Kong’s pro-crypto moves here.
Like this article? Help us with some feedback by answering this survey:
Author
Ekta Mourya
FXStreet
Ekta Mourya has extensive experience in fundamental and on-chain analysis, particularly focused on impact of macroeconomics and central bank policies on cryptocurrencies.
