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 29, 2020:
#5: Ripple (XRP) ($0.2376, -16.3%)
In a week that Ripple would like to forget, the cryptocurrency got even more bad news, as OKCoin and Coinbase, two of the largest crypto exchanges in the world have decided to temporarily suspend all trading of XRP from January 2021, in response to the SEC lawsuit that Ripple Labs acquired over $1.3 billion illegally for selling unregistered securities. In the last seven days, XRP has lost over 65% of its value.
#4: Tron (TRX) ($0.0275, -7.7%)
With the bad news coming out of Ripple, many other crypto coins fell on the possibility of being next on the United States Securities and Exchange Commissions list, including Tron (TRX), which lost 7% on the day. Tron and its founder Justin Sun have already faced a lawsuit from 2017 that claimed it misled investors and illegally sold them unregistered tokens in an initial coin offering.
#3: The Graph (GRT) ($0.3637, -11.1%)
One of the newest cryptocurrencies on the market, The Graph soared to an increase of over 400% in its first official week, but has given up some of the gains in the last few days, entering a correction phase. GRT is an Ethereum token that powers The Graph ecosystem, an indexing protocol for querying networks, helping users build next level decentralized apps.
#2: Cardano (ADA) ($0.1864, +9.4%)
The day wasn’t completely negative for all cryptocurrencies, as Cardano gained nine percent on news that they will join Bitcoin and Ethereum by integrating into Wolfram Alpha’s Computational Intelligence Engine. This will allow data to be transported from a variety of sources into the blockchain and new ways for developers to integrate advanced external information into their smart contracts. ADA, a proof-of-stake cryptocurrency continues to surge (up 440% in 2020) on improving fundamentals.
#1: Binance Coin (BNB) ($38.34, +7.7%)
Binance Coin, the token that powers the leading crypto exchange, Binance, reached a brand new all-time high in trading today after news that European-style Bitcoin options are now available on the exchange site. BNB is an ERC20 token built on the Ethereum network, and an incentive given to users of Binance, in getting a rebate on trading fees. By using BNB instead of other crypto, you get a 50% discount on fees for the entire first year.
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.
Starting January 1, 2021, the timing of these daily posts will change to 9:00 PM EST/6:00 PM PST to better reflect the crypto market trading day.
