In these days of high crypto volatility, anything can happen. Yesterday, the market surprised us all with the majors all dropping like a rock from a loose overhang. Only Tether was up among the top 10, and Tether shot up like a rocket. Today’s story isn’t much different.
There are only four gainers in the top 100 as of 2:40 p.m. EST: Crypterium, Metaverse ETP, STASIS EURO, and Dai. Interestingly, starting with Dai, the bottom five of the top eight gainers today are all stablecoins, and Dai is the only gainer among them. This could be a signal that the market is shifting, and we’re either staring another bull run in the face or the entire market is about to fall again.
Another interesting tidbit is today’s top gainer is Crypterium, a cryptocurrency designed to take on the features of traditional banking. Crypterium wants to be the bank for cryptocurrencies.
Crypto’s Biggest Losers Today
To speak of the top 100’s biggest losers is almost a joke since the entire market is down. Only four gainers is hardly worth mentioning. But there is something interesting to note about the bottom five. Again, no surprises since anything goes in an age of hyper-volatility. Still, Energi is at the bottom of the heap with a down moment of 29.14 percent.
Energi isn’t very well known, for good reason. It’s a fork of Dash. It’s aim is to be the “digital currency for world adoption.” In other words, like every other crypto project, they want to bring cryptocurrencies to the masses. They might as well hang a sign up that reads “we’re an also ran that walks.”
At the top of the bottom five pile is Algorand.
Algorand is interesting because it’s chief aim is to solve the blockchain trilemma. That’s no easy task and the fact that they’re even going there is itself notable. Another notable is the team leader, an MIT professor and co-inventor of several key cryptocurrency features such as probabilistic encryption, Zero-Knowledge Proofs, and Verifiable Random Functions. Silvio Micali is also a winner of the Turing Award. Algorand is at a crypto to keep your eye on.
Crypto News Makers
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Kik, fighting a lawsuit with the U.S. Securities and Exchange Commission over its initial coin offering last year for the cryptocurrency Kin, is laying off most of its staff. Bummer.
Binance US is adding five new altcoins to list for traders. This includes Cardano, Stellar, Ethereum Classic, Basic Attention Token, and 0x.
Ethereum expands its blockchain capacity by 25 percent. This should increase the number of transactions per block. That’s an upside, but the downside could mean increased congestion as more transactions are processed. Analysts believe Tether’s recent migration to the Ethereum blockchain is the culprit behind the increased transaction volume. It would not surprise me to see additional consolidation in the cryptosphere where other coins and tokens leave one blockchain to join another, major, blockchain. If that happens, we’ll see Ethereum grow even more.
There’s the big news for the day.
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