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 7, 2021:
#5: Ripple (XRP) ($0.3225, +23.52%)
With the SEC lawsuit still looming for Ripple, XRP had a great trading day, increasing in price by more than 20 percent. Ripple continues to position their XRP currency as a “bridge asset” between Central Bank Digital Currencies (CBDC), despite their uncertain future. Uphold, the digital money platform, also announced they will not follow the lead of most cryptocurrency exchanges and will not halt or delist XRP until courts have declared it a security.
#4: Bitcoin (BTC) ($38,630.58, +4.51%)
Another monumental milestone has been reached for Bitcoin, as the most popular cryptocurrency hit a price target of $40,000 for the first time today! This parabolic momentum for crypto coins have grown the collective cryptocurrency market cap over the $1 trillion mark. Bitcoin is gaining more mainstream attention as a possible long-lasting asset like gold, and not a speculative bubble that many previously assumed.
#3: Solana (SOL) ($2.26, +4.72%)
Solana, marketed as “the most ambitious and powerful blockchain in the world”, gained nearly five percent on major developments with their SOL tokens. First, Solana announced a partnership with USD Coin (USDC), a stablecoin which is fully backed by US Dollars held in reserve. Second, Solana unlocked millions of SOL tokens into circulation, with two million being deposited to Binance. Solana builds its architecture on Proof of History (PoH), which verifies orders and passage of time between events.
#2: The Graph (GRT) ($0.3309, -9.64%)
One major cryptocurrency that has not been having the same success as many other crypto coins during this amazing bull run is The Graph. GRT has lost more than 20 percent in the last two weeks, when other major cryptocurrencies have gained, about 30 to 50 percent, on average. While being on the market for less than a month, The Graph, an indexing protocol for organizing blockchain data on the Ethereum network, caught the attention of investors immediately, entering the top 100 major coins within a few days but has been in a slump recently.
#1: Nano (NANO) ($3.66, +34.29%)
For the second consecutive day, Nano is one of the top gainers of the day, this time going up 34 percent! To say that NANO is on a meteoric rise would be an understatement, as the crypto has more than doubled in the last 36 hours and rocketed over 260% in the last week. The main reason why investors are attracted to Nano are the no transaction fees, the opposite of the huge fees that Bitcoin and Ethereum investors currently are facing when trying to take their profits.
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.
