Welcome to “Top 5 Cryptocurrency Movers” where I look at all the major crypto coins on the market and choose five that made the biggest move (either positive or negative) on this day, explaining in my thoughts why the move happened, as well as the historical significance of the particular crypto. Here are my top five cryptocurrency movers for December 21, 2020:
#5: Bitcoin (BTC) ($22,777.12, -4.00%)
For the first time in two weeks, Bitcoin had a major loss in price, falling 4%. While there wasn’t any bad news coming out on the crypto, there could be a number of reasons for the drop, including investors taking profits after the incredible rise of the last two weeks, that saw BTC go from $17,000 to $24,000 and a new all-time high. Bitcoin is currently in a correction phase, and it will be interesting to see what direction it goes in the next few days.
#4: Ripple (XRP) ($0.5236, -8.10%)
The decline of Bitcoin had an effect on all the other major crypto coins, including Ripple. For those unfamiliar, XRP is a digital currency that is decentralized and is known for its speed, settling transactions in a matter of seconds, as well as being able to process thousands of transactions per second. Despite the setback today, XRP is still up over 160% on the year.
#3: Bitcoin Cash (BCH) ($321.18, -9.63%)
Bitcoin Cash was hit the hardest today of all the major altcoins, losing over 9% of its value. As a result of a “hard fork” in August 2017, Bitcoin Cash was introduced as a cryptocurrency and grew in popularity, due to faster processing times than BTC and lower transaction processing fees. Bitcoin Cash is still synonymous with Bitcoin, so BCH will almost always react to the price of BTC.
#2: Elrond (EGLD) ($26.65, +1.63%)
While most cryptocurrencies were negative on the day, Elrond increased by more than 1.5% on news that the Elrond network is launching its digital wallet, as well as a global payments app by end of January. The app called Maiar will provide all the same features as PayPal or Venmo without collecting personal information and the fees will be fixed and at a lower rate than competitors.
#1: Chiliz (CHZ) ($0.0203, +27.44%)
Chiliz might not be a well-known cryptocurrency but it was one of the biggest gainers on the day, rising more than 27% in the last 24 hours. CHZ is marketed as the world’s first tokenized sports exchange, where sports fans are rewarded Chiliz based on fan engagement and using their app. The reason for the rise in price was because of an announced partnership with Binance and Upbit, as well as deals with the Juventus and Paris Saint-Germain (PSG) sport clubs.
Please note that these prices are as of 2:00 PM EST/11:00 AM PST on the given day, and might not reflect the current price of the coin at the time of viewing this post.
