Chainlink and ICP Dominate Weekly Top Amid Cryptocurrencies Slump – CVBJ

Key facts:

Chainlink is among the cryptocurrencies with positive signals on Twitter, according to Cointrendz data.

The Internet Computer (ICP) has activated a new bridge connecting the network to the Ethereum blockchain.

From January 3-9, 2022, the market had red balances, a trend that exacerbated after the Bitcoin price drop on January 6. About 99% of cryptocurrencies lost their value in this period, while the few altcoins that recorded gains saw increases of more than 30%, according to Live Coin Watch statistics.

Heading the Top Cryptocurrency link chain (link), which has been, for several days, at the top of the cryptocurrency with the highest mentions on Twitter.

follow him Internet Computer (IPC)which recently activated a new mechanism that acts as a bridge between chains; and cosmos (ATOM), which also created a bridge to interact with the Ethereum virtual machine.

The most underrated list of the week ends with dash (dash), which is likely to interest investors given the growth of its workers through 2021.

Bitcoin (BTC) price has mostly remained sideways in the early days of 2022, swinging in a range that was around $47,000. However, this support remained in place until the leading cryptocurrency saw a significant drop between January 6 and 7, with a value above $42,000.

AndThe average weekly loss for BTC is estimated at 12%. The correction is linked to the low hash rate caused by protests in recent days in Kazakhstan, the second country focused on the largest processing power of the Bitcoin network.

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As reported in CriptoNoticias, the political struggles of the Asian nation It cut off the internetEssential for blockchain miners to power their machines.

Ether (ETH), the cryptocurrency for Ethereum, It also lost its value amid the widespread downturn in the marketWith an average weekly loss of 18%.

The cryptocurrency traded between $3,025 and just over $3,800, after a public close. Where Ethereum users were paying high commission fees. This, despite the fact that it was expected to decline with the improvement proposal EIP-1559, which last August introduced a new fee payment scheme.

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Faced with this situation, many users of different decentralized applications have turned their eyes to other blockchains. Although they are not known for being decentralized, Binance Smart Chain and Solana, for example, have monopolized a large portion of the market for decentralized finance, NFTs, and games to win cryptocurrency, as explained in a post for this medium.

Other related cryptocurrencies by market cap as well They recorded low prices in the first week of January.

Cardano (ADA), Litecoin (LTC), and XRP are down over 12% in value; While Polkadot (DOT) stock is down 17%, and Dogecoin (DOGE) is down 11%. On the other hand, the avalanche rate (AVAX) was more than 23%.

According to statistics published by Cointrendz, a web platform that monitors the cryptocurrency market, Chainlink has been listed several times in the list of “Top 10 Signals” on Twitter.

According to the various tops presented by the platform, over the past week LINK is found in the list of most mentioned cryptocurrencies. Data published on the Cointrendz Twitter account, for example, indicates that by January 5th, it had received 2,157 positive signals in tweets.

The signals multiplied after being published by Chainlink co-founder Sergey Nazarov, who highlighted in a presentation at the beginning of the year that the project To secure more than $75 billion in total value through 2021.

The presentation also focused on their plans for cross-chain interoperability, the upcoming launch of staking, and the use of Chainlink as an abstraction layer by Web 2.0 and companies.

In a year-end update, Chainlink also claimed that its ecosystem We have grown to more than 1000 projects It has served 2.5 million off-chain computing requests.

The cryptocurrency LINK saw various corrections throughout the week. Came to me It is up about 30% in seven days, after peaking at $27.89 on January 9. The market capitalization is $13,336 million and the daily trading volume is $2,504 million.

LINK has seen ups and downs throughout the week. It peaked at over $27 on January 9. Source: Live Coin Watch.

Internet Computer launches a new communication bridge with Ethereum

At the end of December, a bridge for interaction between blockchains was launched, which connects the Ethereum network with Dfinity’s Internet computer, the project behind the development of the Crypto Internet Computer (ICP).

The bridge named Terabethi . allows ERC-20 tokens are originally located on the Dfinity Network. It also facilitates the iteration of assets and transfers across different block chains. The developers explained to Coindesk that it is based on a forked version of Ethereum’s scaling tool, StarkWare.

Internet Computer is a blockchain created by the Dfinity Foundation and launched in May 2021 with the purpose of Facilitate the creation of a decentralized layer of the web infrastructure. It is backed by leading mutual funds, including Andreessen Horowitz, a16z and Polychain Capital.

protocol Try to tackle the congestion issue on Ethereum and high gas rates, turning an Internet computer into a two-meter solution. The original cryptocurrency, ICP, started to raise its price significantly from the first days of January, on a steady rise going back to the last days of 2021.

The continued rise in ICP brought its value to $37.5 on January 5, with a weekly growth rate of more than 30%. This is a huge rise in crypto assets, having lost nearly 90% of their value at the end of last year.

As of the time of publication of this report, ICP’s market capitalization is US$6.97 billion and daily trade volume is US$569 million.

The ICP price peaked at $37.5 on January 5th. Source: Live Coin Watch.

Cosmos targets cross-chain communication through a bridge to EVM

Kosmos, with its cryptocurrency ATOM, is another project – like the ICP – that had a bullish start in 2022 due to its interest in facilitating connectivity between blockchains.

This week Cosmos launched a bridge between the chains that make The Ethereum Virtual Machine (EVM) protocol is compatible with your network.

As explained in a Twitter message, the new bridge is called Evmos and consists of a protocol that allows assets and projects running on the Ethereum network. Migration to the Cosmos ecosystem.

The team is also preparing for the upcoming Theta update, which is scheduled on the 31st of next March. With that, they plan to expand the ecosystem of Cosmos apps that can be connected to Ethereum through Evmos.

The project, which calls itself the “Internet of Blocks,” was created in 2016 and seeks to facilitate the development of a decentralized, interconnected economy.

mid launch of Evmos, ATOM, the network’s cryptocurrency, recorded an average increase of more than 5%. It peaked at $43.6 on January 7. The market capitalization is 8,778 million US dollars, and the daily trade volume is 1.610 million US dollars.

TRX price reached highs of $0.093 and $0.094 on different days of the week with a growth of more than 7%. Source: Live Coin Watch.

Dash price rebound amid widespread altcoin drop

Amidst a large-scale market crash this week, following the BTC slump at the start of the year, cryptocurrency DASH It was one of the few cryptocurrencies that surged on January 7th Until a maximum of 147 was reached on the ninth day.

Some analysts point out that one possible reason for the rally’s rally is the fact that it was among the crypto assets that rose the least during 2021.

They see that this fact attracts the attention of investors, taking into account this in the low time It was possible to create a strong pillow for pregnant women Who hoarded the cryptocurrency because of its low prices. It is believed that many of these holders will be in a position to sell in the high season.

the Dash’s progress in 2021 was just over 50%, in data from CoinGecko. This year’s high was $417 and the lowest was $105. Cryptocurrency is one of the few digital currencies created in the last year It did not break its all-time high in December 2017, A significant growth time for most currencies in the market. That year his ATH was $1,642.

The Dash is up over 2% in these seven days. The market capitalization is $1,526 million and the daily trading volume is $293 million.

DASH was one of the few cryptocurrencies that quickly regained its value after the massive market crash with the BTC crash on January 7. Source: Live Coin Watch.