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 8, 2021:
#5: Bitcoin (BTC) ($40,001.89, +3.38%)
What seems to be the never-ending bull run continued yet again today for crypto with Bitcoin hitting another fresh all-time high, reaching $41,900 at its peak, before settling to its current level, up 3% on the day! There are many reasons that Bitcoin continues to reach new highs every day, including high demands and low supplies, major institutions positive involvement, investors holding on to the cryptocurrencies for the long-term, and everyone’s fear of missing out and wanting to buy right now.
#4: Litecoin (LTC) ($168.15, +1.49%)
Litecoin will soon introduce smart contracts to their platform, after announcing a deal with Flare Networks. When this feature debuts in Q2 (April-June) 2021, LTC will have application and developmental capabilities, much like Ethereum does now. Therefore, Litecoin developers will be able to develop and create decentralized applications (dApps). On top of this news, Flare Networks will also airdrop 5 billion FLR tokens to Litecoin holders.
#3: Band Protocol (BAND) ($10.88, +30.53%)
Band Protocol gained 30% after being listed on FTX earlier today, one of the leading cryptocurrency derivative exchanges. BAND is a cross-chain decentralized oracle network that is secure and scalable, and connects smart contracts to real-world data and application programming interfaces. A few days ago, Band Protocol formalized a new partnership with CoinGecko to provide accurate price feeds for crypto assets. BAND has grown an outstanding 4600% in one year from 23 cents a coin to over $10!
#2: Yearn.finance (YFI) ($34,585.59, +7.94%)
The Amazon of Decentralized Finance (DeFi), Yearn Finance is categorized as an automated yield farming protocol on Ethereum that finds the best returns on DeFi. YFI has already merged with Pickle Finance, Hegic, CREAM, SushiSwap, Akropolis, and today announced its latest collaboration, offering leverage with Alpha Homora. Those interested can get 90x leverage on stablecoins and 80x leverage with Ethereum.
#1: Hedera Hashgraph (HBAR) ($0.0525, +24.94%)
Hedera Hashgraph, a public distributed ledger that was built on the hashgraph consensus algorithm and its native cryptocurrency HBAR surged in today’s trading, increasing almost 25 percent! The hashgraph algorithm is a faster and more secure alternative to standard blockchain mechanisms and makes token transfers done faster (settled in seconds) and fees are a fraction of a penny. HBAR has already partnered with big-name companies, such as Google, IBM, and Tata Communications.
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.