on the crypto
Several prominent cryptocurrencies gained very little this morning, while the total market cap gained around 2,5%. But Bitcoin (BTC) continues to hover around the $ 30.000 mark. In fact, the leading cryptocurrency recorded eight weeks in the red - its lowest consecutive loss streak ever. Furthermore, the fear and greed index continues to register extreme fear. However, several cryptocurrencies have recorded double-digit gains in the past 24 hours. Read on to learn more about today's top earnings.
Bitcoin Gold (BTG) - over 40% upside
Bitcoin Gold is the biggest rise today, but it's hard to see what drove its over 40% rise overnight. According to data from CoinMarketCap, BTG has gone from one quotation about 20 to 29 dollars in a few hours. Bitcoin Gold says it wants to make Bitcoin decentralized again by changing mining models. The idea is that people can mine Bitcoin Gold using the graphics processing units (GPUs) of regular computers, instead of having to buy expensive hardware.
The strange thing is that there is no major news for the currency born as a hard fork of Bitcoin in 2017. The Bitcoin Gold blog has not been updated since last May. His Twitter feed is also out of date, and the only recent comments on the Reddit forum are about cryptocurrency promotions. As an investor, a lack of up-to-date information is a major red flag. Additionally, BTG is not available on many of the major US cryptocurrency exchanges.
Loopring (LRC) - up nearly 30%
The Level 2 blockchain, designed to make Ethereum (ETH) transactions faster and cheaper, rose 28% in 24 hours. The most likely reason for this leap is the launch of GameStop's new cryptocurrency wallet, which will use Loopring to execute transactions. Users will be able to store, send and receive both cryptocurrencies and NFTs in the new non-custodial wallet, available as a browser extension in the Chrome store. GameStop claims the wallet will also work with its NFT market.
Fantom (FTM) - up 20%
The smart contract cryptocurrency Fantom is one of the many alternatives to Ethereum that have seen a surge in the past year. Today it is on the rise thanks to speculation that Andre Cronje, a major player in the world of decentralized finance (DeFi), could return to the project. Cronje founded the Yearn Finance DeFi protocol and was a technical advisor to the Fantom Foundation. Fantom has had a hard time in recent months, partly due to Cronje's unexpected departure and also because his DEI stablecoin lost its peg in the stablecoin shock that accompanied the collapse of Terra.
Conclusions
Today's top three gains are a strange illustration of the currents that can move the waters of cryptocurrencies - there is one that rose for an unknown reason, another on a solid news announcement, and a third on the basis of speculation. Sometimes we can figure out exactly what is going on, but other times it can be days before we find out.
