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 December 22, 2020:
#5: Ripple (XRP) ($0.4708, -9.05%)
Ripple continues to fall this week on news that the United States Securities and Exchange Commission (SEC) is preparing to file a lawsuit against the cryptocurrency for selling unlicensed securities in the form of XRP tokens. Ripple is different from other coins, as it is highly centralized, compared to the decentralized nature of others. XRP has grown to be one of the biggest cryptocurrencies in the world, with a market cap of over $21 billion, only behind Ethereum and Bitcoin.
#4: Cardano (ADA) ($0.1572, +4.10%)
Cardano continues to innovate and adapt, recently announcing a partnership with computational knowledge engine Wolfram Alpha to create new type of oracles, as well as rolling out a new Ethereum Devnet virtual machine. ADA is a proof-of-stake decentralized blockchain platform run for smart contracts that is completely open-source.
#3: Synthetix (SNX) ($6.77, +17.17%)
Synthetix Network Token rose by over 17% on news of a brand new decentralized app for staking. SNX might not be well known but it is basically a software that allows users to mint crypto assets, using their specialized token, which can then be bet or traded. Sytnthetix is a token or derivatives trading platform built on the Ethereum network.
#2: Filecoin (FIL) ($25.03, -4.37%)
One cryptocurrency that had unfortunate news today was Filecoin, leading to a decrease in price. The Filecoin network was hit with a temporary outage that lasted four hours, due to a bug. The outage put mining at a standstill, until the problem was resolved. Filecoin is a decentralized peer-to-peer data storage network, allowing users to buy and sell unused storage on an open market.
#1: Theta Network (THETA) ($1.04, +15.61%)
Theta Network was today’s biggest winner on the cryptocurrency market, increasing more than 15% and reaching a new all-time high. THETA is a decentralized streaming network, allowing users to make money by sharing bandwidth on a peer-to-peer basis. The newest addition and cause of the price spike was the launch of native non-fungible tokens for content creators to mint, as well as share them with their audience.
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.
