The cryptocurrency market faced pressure last week, with major coins like Bitcoin, Ethereum, and Ripple dropping by double digits amid declining open interest and a slipping fear and greed index. Investors should monitor Avalanche, Cronos, and LayerZero this week due to upcoming upgrades and token unlocks. These developments could influence their prices in a volatile environment.
The broader crypto market experienced a downturn last week, as Bitcoin, Ethereum, and Ripple (XRP) each fell by double digits. This decline coincided with a pullback in total open interest and a drop in the fear and greed index, signaling heightened caution among traders.
Avalanche (AVAX) is drawing attention ahead of its Granite upgrade. The AVAX token has declined from a September high of $36.43 to a low of $15.25. The upgrade introduces cross-chain messaging enhancements, biometric authentication, and dynamic block times. Supporting this, Avalanche's network activity has surged, with transactions increasing 96% to 63.3 million in the last 30 days, according to Nansen data. Its total value locked in real-world assets rose over 65% in the same period, while user numbers grew 8.8% to 730,000. The network has also continued burning tokens, reducing circulation.
Cronos (CRO), tied to Crypto.com, has plunged over 70% from its year-to-date high, despite links to Trump Media. Ecosystem growth has stalled, with total value locked falling 22% to $650 million in the last 30 days and stablecoin market cap trending downward. This week, Cronos faces a major token unlock of 1.17 billion tokens, valued at over $135 million, which could add selling pressure.
LayerZero (ZRO), a key player in cross-chain communication for secure data transfers between blockchains, saw bridged volume hit a record $15.9 billion in October, up from $13.9 billion previously, and stands at $6.35 billion this month per DeFi Llama. An upcoming unlock on November 20 will release 32.61 million tokens worth $48 million, bringing total unlocked tokens to about 38%. Other projects with unlocks this week include Merlin Chain, Plume, OG, Lombard, and Aster.