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 5, 2021:
#5: Loopring (LRC) ($0.4894, +10.75%)
Loopring continues to surge in value, with the price per LRC having gone up over 175% in the last week alone, due to the increased Ethereum price and the outrageous gas fees per transaction. For those still out of the “loop”, LRC is an ETH scaling solution that utilizes its technology on the second layer, meaning users can conduct trades and swaps of ETH tokens without paying the high gas fees, since the transactions are routed through Layer-2 solution.
#4: Bitcoin (BTC) ($33,886.23, +3.29%)
Bitcoin is nearing all-time highs again after news came out that investment bank JPMorgan Chase believes that BTC has the potential to reach $146,000 USD per coin in the long term, and can compete with gold as one of the major assets in the world. As volatile as Bitcoin and other cryptocurrencies are, this value is not expected to be reached this year, and it could take five years or longer to see BTC at six figures.
#3: Cardano (ADA) ($0.2677, +20.31%)
The seventh-largest cryptocurrency ADA has been quietly growing in value for the past month, before breaking out today with a 20% increase and reaching an $8 billion market cap. Cardano is a decentralized computing and smart contracts platform that uses proof-of-stake protocol with rigorous security guarantees. While ADA is still a long way from its high, the crypto did improve over 600% from January 2019 and is thought to currently be at an affordable price.
#2: VeChain (VET) ($0.0294, +16.21%)
VeChain, the world’s leading blockchain application platform that is designed to enhance supply chain management processes, went up in value sixteen percent because of multiple positive headlines today. In the first, a Cyprus hospital is using the VeChain blockchain to track and verify COVID-19 vaccinations, and in the second, VET is expected to welcome a new Proof-of-Authority (PoA) 2.0, with a launch date expected later this year.
#1: Avalanche (AVAX) ($4.34, +16.74%)
Reef Finance is integrating with the Avalanche blockchain, leading to the latter climbing to a three-month high. The partnership will allow users to access decentralized finance apps in the Avalanche ecosystem directly from the Reef platform. While no exact date has yet to be given, initial features are planning to start in a month or two (quarter one 2021). AVAX is an open-source ecosystem for decentralized applications and enterprise blockchain deployments.
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.
