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 9, 2021:
#5: Ethereum (ETH) ($1,322.29, +10.31%)
The Ethereum bullish momentum continued today, resulting in a gain of ten percent in trading. The all-time high of $1440 hit in January 2018 now within reach. Bitcoin is not the only cryptocurrency that people are talking about, as Ethereum hit a record number of Google searches in December 2020, as well as the highest monthly volume for Ethereum future options at over $250 billion. On top of this, over $300 million (2.2 million ETH) has been staked in Ethereum 2.0 and big things are expected in 2021.
#4: Maker (MKR) ($1,727.19, +64.30%)
Maker, the largest decentralized finance token in terms of total value, is also flirting with a new all-time high, after a huge surge today saw it increase 64 percent! MKR is an ETH-based governance cryptocurrency that is backed by Ethereum, rather than fiat (USD) money. The two functions of MKR is governance and recapitalization, where token holders can vote for proposals in the Maker protocol. The increase in Maker is due to the rapid growth of the DeFi sector, with more people investing in Ethereum than ever before.
#3: 0x Protocol (ZRX) ($0.5556, +29.45%)
The third cryptocurrency mover of the day is yet another Ethereum-based token, the 0x Protocol, which involves smart contracts to offer a decentralized exchange on the Ethereum blockchain platform. The ZRX token is used by users to pay relayers the trading fees on the protocol exchange. While ZRX has not had the same growth as other Ethereum crypto coins the last year, 0x went up today on news that Version 4 of the decentralized exchange protocol is set to be released imminently, with gas efficiency being a major improvement.
#2: Bitcoin Cash (BCH) ($567.82, +31.56%)
While the price of Bitcoin stayed mostly unchanged around the $40,000 mark all day, the same could not be said about Bitcoin Cash, which soared over 30 percent. BCH made its debut in August 2017 as the first hard fork of Bitcoin and many prefer the cryptocurrency over BTC because of quicker transactions and smaller fees. Roger Ver, one of the earliest investors and promoters of Bitcoin, expects to see Bitcoin Cash hit $100,000 by 2030!
#1: Bitcoin SV (BSV) ($283.83, +59.06%)
Bitcoin SV was one of the biggest winners of all the major cryptocurrencies today, rising 59% to its highest level in 11 months! Investors seem to be purchasing altcoins in the market today, especially Bitcoin related. Bitcoin Gold (BTG), the second hard fork of Bitcoin, also posted a 25% gain today. BSV, standing for Bitcoin Satoshi Vision, is different from its predecessors by having an unbounded block size cap, meaning the cryptocurrency can make thousands of transactions per second, compared to an average of 5 per second for BTC, and 150 per second for BCH.
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.