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 6, 2021:
#5: Bitcoin (BTC) ($36,929.61, +9.07%)
More milestones were hit and records were broken for Bitcoin, as it reached a brand new all-time high of $37,300! The bull run looks to have no end in sight, with the latest BTC news coming from former Federal Reserve Governor Kevin Warsh, who has completely changed his tune on the cryptocurrency. Once the biggest Bitcoin skeptic, Warsh now believes that investing in Bitcoin makes sense as part of a portfolio in today’s environment.
#4: Matic Network (MATIC) ($0.0360, +50.10%)
The recent astronomical rise of Ethereum and their enormous gas fees to make a transaction have led investors to look into other cryptocurrencies to take out their ETH profits. One of these crypto coins is MATIC, which is a layer-2 scaling solution that addresses the scalability issues that ETH faces, utilizing sidechains for off-chain computation, allowing fast and secure transactions for a fraction of the normal fee.
#3: Maker (MKR) ($1,089.99, +45.40%)
Maker, the Ethereum-based governance token that is backed by Ether, rather than fiat currency, made a two-year high, as a result of the recent Ethereum price boom and the rapid growth of their decentralized finance (DeFi) division. The reason for the increase in price for MKR also has to do with the recent excitement and optimism for Ethereum and what they have in store for 2021, including ETH 2.0.
#2: Nano (NANO) ($2.72, +75.60%)
Another cryptocurrency affected positively by the Ethereum gas fees is Nano, which is up 75% on the day and over 155% on the week! NANO is an attractive option for many because of the absolute zero fees per transaction, a welcome sight to anyone that had to pay huge Bitcoin or Ethereum fees recently. The way that Nano can allow no fees to be taken is by running minimally on a low-latency platform, with every address having its own blockchain, and does not need miners to add blocks, so no incentive (fee) is needed.
#1: Stellar (XLM) ($0.3745, +74.19%)
Stellar has been skyrocketing these past few days, and today was their best day yet, surging 74 percent! Apart from this epic bull run that all cryptocurrencies have been experiencing the last month, XLM has received additional good news when Ukraine’s Ministry of Digital Transformation announced a partnership with the crypto a few days ago, and more recently the U.S. Office of the Comptroller of the Currency (OCC) issued a letter that banks in the United States are allowed to conduct payments through blockchain networks and stablecoins, a big victory for Stellar.
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.