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Top Three Coins to Watch for the Week: BTC, DOT & OMG

The digital currency industry maintained a healthy price cycle over the past weekend, with the global crypto market capitalization holding the $2.47 trillion to $2.5 trillion range, respectively.

While several meme coins topped the charts in terms of percentage gains, the bulk of the price amount was contributed by the top 10 digital assets, including Bitcoin (BTC), Ethereum (ETH), and Binance Coin (BNB).

Based on prospective ecosystem activities, here are the top three coins to watch out for this week.

Bitcoin (BTC)

Bitcoin remains a favourite to upturn the broader market trend, either positively or negatively. The premier digital currency remains the favourite of institutional buyers and hedge funds, which may further pump in liquidity to catch on to the potential bullish trend that often characterizes year-end in the crypto markets.

Bitcoin performed fairly well in the past week, growing by 2.97% in the trailing seven days during which its price grew from a low of $59,695.18 to a high of $64,242.79. Despite changing hands below its newly printed All-Time High (ATH) of $66,930.39, Bitcoin is still trading above its major psychological support.

More price upshoot is billed to be recorded in the coming week should the ongoing buyup be intensified.

Polkadot (DOT)

Polkadot also recorded its best week in the past seven days as it hit a new ATH of $55 atop a growing sentiment in the utility of the DOT token in the coming days. Polkadot is billed to see parachains launch on the network as the network’s governing council approved the auction-based system for parachain launch.

The Parachains auction model requires a large accumulation of DOT tokens to win the auction. With many parachains set to be floated in the near future, the demand for the coins is billed to skyrocket and spur a corresponding price increase. DOT is up 21.70% for the week at the time of writing and was trading at $52.24, 5.24% below its ATH.

OMG Network

OMG Network is also on the watchlist of coins to watch as the network is billed to support the emergence of Boba Network, a Decentralized Autonomous Organization (DAO) affiliated with the OMG Network. The BOBA Tokens will be airdropped based on the snapshot of OMG tokens scheduled for later this week. This 1:1 airdrop is billed to fuel the accumulation of OMG tokens, which may help retest the previous ATH of $28.35.

OMG Token is currently up 24.09% for the week and is changing hands at $16.55 at the time of writing.

Astar, Kabocha Lead in Polkadot and Kusama Auctions

Bill Laboon, the Head of Education and Grants at Web3 Foundation, has provided critical updates on the ongoing parachain lease auctions for Polkadot ($DOT) and Kusama ($KSM) networks. In a Twitter thread dated August 31, 2023, Laboon shed light on the leading projects and upcoming changes within these ecosystems.

Astar’s Dominance in Polkadot Auctions

With just half a day left in the current Polkadot parachain lease auction, Astar has been in the lead for the majority of the Ending Period. Laboon’s tweet, which has garnered 8,934 views, 12 reposts, and 61 likes, confirms Astar’s strong position.

Astar is Japan’s top smart contract platform and supports EVM and WebAssembly environments, enabling interoperability through a Cross-Virtual Machine. It’s user-friendly, utilizing familiar tools and languages, and part of the Polkadot network, contributing to blockchain ecosystem and driving web3 technology adoption.

Kabocha’s Unwavering Lead in Kusama Auctions

On the Kusama network, Kabocha has maintained its lead throughout the entire Ending Period of the current parachain lease auction. With three and a half days remaining, the project has already attracted significant attention.

The Growing Importance of “Blockspace”

Laboon also touched upon the increasing discussions around “blockspace” within the Polkadot ecosystem. He directed followers to an article by Rob Habermeier, titled “Blockspace over Blockchains,” for an in-depth understanding of the subject.

Educational Opportunities and Grant Programs

For developers interested in the Polkadot and Substrate platforms, Laboon highlighted a free on-demand course offered by the Blockchain Training Alliance. Additionally, the Web3 Foundation’s Grants Program aims to encourage innovation within the Polkadot ecosystem.

Implications and Future Developments

The parachain lease auctions are a pivotal element for both Polkadot and Kusama networks, as they allow projects to secure a slot on the respective blockchains for a specific duration. The strong performance by Astar and Kabocha indicates robust community interest and investment.

The early leads by these projects could set the stage for their increased influence within their respective ecosystems. Moreover, the ongoing discussions about “blockspace” suggest that Polkadot is actively working to optimize its infrastructure, which could have broader implications for the crypto community.