Instagram integration drives 30% gains for Polygon
As Bitcoin climbs above $20K, bullish headlines are driving big altcoin rallies.
Most of the crypto market gains followed Friday’s release of US jobs data, which showed a robust employment market and a slower pace of hiring for the US economy. This upswing was supported by adoption news from some of the biggest banks and tech companies: Instagram announced the introduction of collectible NFTs on Polygon, US megabank JPMorgan executed it’s first ever DeFi trade, and Goldman Sachs said it will release a data service that seeks to classify cryptoassets.
These catalysts, among others, sparked rallies across the altcoin market. Polygon popped 30% on its integration with Instagram, while soccer-themed token Chiliz scored 20% on World Cup fever. On the flipside, Dogecoin dropped 2% as excitement about Elon Musk’s Twitter purchase faded, and gaming token Gala plunged 15% on fears of a billion-dollar hack.
This Week’s Highlights
– Instagram integration boosts Polygon and Web3 Tokens
– Chiliz and Algorand score double-digit gains on World Cup fever
Instagram integration boosts Polygon and Web3 Tokens
In one of the biggest crypto headlines of the year, social media platform Meta has revealed plans to enable Instagram users to mint, buy and sell NFTs through an integration with Polygon .
The move, which follows similar adoption efforts from Reddit and Twitter, made Polygon one of the best-performing cryptoassets last week, and also spurred gains for other web3 assets. While Polygon added 34%, decentralized storage platforms Filecoin and Storj both gained around 9% on Web3 adoption tailwinds.
Chiliz and Algorand score double-digit gains on World Cup fever
Soccer-themed altcoins are flying high as preparations kick off for the World Cup, which will take place in Qatar from November 20th.
Chiliz, the native asset of the sports tokenization platform, added 20% last week, although the gains could also have been driven by the upcoming Chiliz 2.0 upgrade.
In addition, Algorand is also feeling the benefit of the coming World Cup. The token rose 15% last week, which could be attributed to excitement around the Algorand-based NFT platform that will turn the best moments from the tournament into digital collectibles.
Week ahead
Potential market-moving events in the week ahead include the US midterm elections and the release of US inflation data.
US voters are heading to the ballot-box on Tuesday, and the outcome could play an important role in determining how crypto regulation takes shape over the next couple of years.
Then on Thursday, inflation data for October will be released in the form of the Consumer Price Index (CPI). This is a key data point that could influence whether the Federal Reserve will consider more rate hikes.