Welcome to “Top 5 Cryptocurrency Movers” where I look at all the major crypto coins on the market and choose the five that made the biggest move (either positive or negative) on this day, explaining my thoughts why the move happened, as well as the historical significance of the particular crypto. Here are my top five cryptocurrency movers for January 11, 2021:
#5: Bitcoin (BTC) ($33,988.19, -8.72%)
Today was the most brutal day for cryptocurrency since March 2020, as just about every single crypto coin was negative, following Bitcoin’s big selloff. Investors decided this was the day to take most of their profits, as panic selling swept across all the crypto markets. Once the smoke was settled, news came out of the UK that regulators warned cryptocurrency investors that they could lose all their money. BTC fell to a day-low of $30,800 before recovering late.
#4: Ethereum (ETH) ($1,051.49, -12.96%)
Ethereum was impacted heavily from the massive selloff as well, but recovered nicely from lows of $920. ETH had great news on the day, announcing a partnership with global payments giant Visa, but was overshadowed by the negative selling. Visa will connect its global payments network to the U.S. Dollar Coin (USDC), a digital coin on the Ethereum blockchain, giving access to the coin to over 60 million merchants around the world.
#3: Blockstack (STX) ($0.5037, +10.8%)
One of the few cryptocurrencies in the positive today was Blockstack, rising ten percent on news that their Stacks 2.0 blockchain that will be launched in a few days is set to go live on Mainnet. This blockchain uses Bitcoin as a secure base where developers can build secure apps and smart contract on BTC. It will revolutionize the way that people can earn Bitcoin, using a novel Proof-of-Transfer (PoX) mining mechanism.
#2: Litecoin (LTC) ($133.87, -19.27%)
Litecoin was one of the hardest hit altcoins to the Bitcoin fall today, which is not surprising, since LTC was created from a copy of BTC, but with faster block generation time and increased maximum coin supply. After reaching a high of $180 two days ago, Litecoin fell to $120 at its low point, but has since recovered into the $130’s. LTC is still expected to have smart contracts via the Flare Network in the next few months.
#1: Bitcoin Cash (BCH) ($463.48, -20.38%)
Bitcoin Cash, the first fork of Bitcoin back in 2017, fell 20 percent, making it the worst performer of the major crypto coins on this day. BCH had been riding high just one day ago, reaching $600 for the first time since 2018. Good news could be around the corner for Bitcoin Cash, as Kim Dotcom officially joined the BCH movement and will lead the efforts to make it the leading electronic cash solution.
Note that these prices are as of 9:00 PM EST/6:00 PM PST on the given day, and might not reflect the current price of the coin at the time of viewing this post.
