As we move through the final month of the year, a number of projects are moving ahead with continued development, and this week’s choices are set to benefit from significant updates and announcements that should strengthen their market positions and benefit their communities. The news should also result in increased amounts of attention to each respective currency over the coming weeks.
3. Algorand (ALGO)
Algorand is a blockchain built with the purpose of creating a scalable cryptocurrency that facilitates efficient and safe value exchange. Algorand facilitates fast transactions, performance simplicity and adoption and was founded by cryptography expert and MIT professor Silvio Micali. The project uses a unique consensus mechanism called Pure Proof-of-Stake (PPOS) in an attempt to address the main problems faced by Proof-of-Work and existing Proof-of-Stake mechanisms.
Why Algorand? European Blockchain Convention on December 13
The European Blockchain Convention takes place over December 13 to 16 and brings together some of Europe’s top blockchain and crypto experts. Sean Lee, CEO of the Algorand Foundation will present at the virtual conference that will also include presentations from members of the European Parliament and European Commission as well as representatives from multinationals including Telefonica and Carrefour as banks such as Banco Santander and Société Générale. The conference is one of the most influential blockchain events in Europe and could play host to significant announcements from Algorand which continues to do well with attracting institutional adoption. ALGO holders should keep an eye on developments and you can find out more about the European Blockchain Convention here.
2. Terra (LUNA)
LUNA is the second native token of the Terra protocol, developed by Terraform Labs, a South Korean based company that aims to offer an algorithmically-governed, seigniorage share style stablecoin platform called Terra. Users have the option to bond Luna tokens and generate rewards for the elevator and validator it is bonded to, and is considered the same as staking.
Why Terra? LUNA Approaching New ATHs
After recently completing the Columbus 5 upgrades and the Orion Money ORION token airdrops for LUNA stakers and Orion Money validator delegators, LUNA continues to perform strongly. One of the key features of Columbus 5 was the introduction of a LUNA burn function in relation to network activity. As home to both LUNA and the UST stablecoin, the Terra network has been able to withstand the recent market dip and go on to record new all time high prices. With a collection of new DeFi projects set to launch and various opportunities for LUNA holders to earn more LUNA via staking, farming, and providing liquidity across the Terra ecosystem, LUNA may break new all time prices this week.
1. Bitcoin (BTC)
Bitcoin (BTC) is regarded as the world’s first decentralized digital currency, and was created in 2009 by a mystical figure named Satoshi Nakamoto. Bitcoin is a deflationary currency whose issuance is capped at a total supply of 21 million coins. Bitcoin is the most popular cryptocurrency and is traded on various exchanges and is also used in peer to peer transactions.
Why Bitcoin? All Eyes on Bitcoin This Week
Bitcoin drew a lot of attention recently due to recent Taproot upgrade in November which was the first major Bitcoin upgrade since Segregated Witness (SegWit) in August 2017. However, the flash crash just days ago saw Bitcoin suddenly lose over $10k in value and fall from over $57k to around $47k in just hours. The price drop led to a flood of liquidations as the total market cap fell from $2.7T to 2.2T, wiping out $500B in value from the market. As a result, all eyes will be on the price of Bitcoin this week with a number of key analysts highlighting the importance of the $50,000 price mark as Bitcoin and the rest of the market look to stabilise and maintain a positive trend once again.
How did the coins perform last week?
The seven day period generally led to negative results across the market; and EFI fell by 34.50% and is currently trading at around $1.24. ADA fell by 7.47% and is currently trading at $1.34, and BNB fell by 4.14% over the week, and is currently trading at $555.65. Over the course of the week, the market moved from an overall valuation of $2.51T to $2.30T, a drop of 8.36%.
Andrew is a writer that does most of his work on cryptocurrency-related topics. While he’s primarily interested in Bitcoin, he also follows major altcoins and the innovative ideas that new cryptocurrency and blockchain projects are bringing to the table.