Which are the four biggest movers in cryptocurrency today?

Highlights

  • Algorand (ALGO) was priced at US$1.05 at 10:00 pm IST. The YTD return is 221.58%.
  • Cardano (ADA) was trading at US$2.17, up 4.06% at 10.08 pm IST. Its YTD return is 1078.91%.
  • Polkadot (DOT) was priced at US$25.42, up 2.13%, at 10.19 pm IST. Its YTD return is 252.40%.

Many companies have shown interest in cryptocurrencies of late. For example, Walmart was looking for an individual to lead its cryptocurrency project, although it has withdrawn the post lately. The crypto world has been in the news for different reasons for some time. However, the recent US$600 million theft from the Poly network platform grabbed major headlines.

Besides, the US government is mulling to introduce tax rules for the crypto market and closely scrutinize its activities. Amid these developments, cryptocurrencies saw notable gains in recent days. Here we discuss the four biggest gainers in the last 24 hours as per CoinDesk 20.

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Algorand (ALGO) was priced at US$1.05 at 10:00 pm IST. It rose 13.90% in the past 24 hours. The YTD returns are 221.58%. ALGO is a proof-of-stake blockchain. Under its protocol Pure PoS, users are randomly and secretly chosen to propose blocks. The random selection is made to limit the users’ influence in choosing a new block. 

The Algorand platform was founded in 2019 by MIT professor Silvio Micali to provide a blockchain free of governance issues. Its market cap is US$5.92 billion. ALGO’s all-time high price is US$3.56. Its total supply is 5.68 billion, and the total exchange volume is US$183.21 million. ALGO can be bought on Coinbase, OKEx, Kraken, Binance, and Huobi.

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Cardano (ADA) was trading at US$2.17, up 4.06%, at 10.08 pm IST. Its YTD return is 1078.91%. 

Cardano has a market cap of US$70.14 billion. Its trade volume was US$4.50 billion in the past 24 hours. Its all-time high price is US$2.47. The total supply of the crypto software platform is 32.30 billion. The transaction count in the past 24 hours is 40,224. 

Cardano was launched in 2017. This blockchain provides a decentralized, secure, efficient, and scalable platform. The exchanges to buy Cardano are Binance, FTX, CoinTiger, OKEx, and Tokocrypto.

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Polkadot (DOT) was priced at US$25.42, up 2.13% at 10.19 pm IST. Its YTD return is 252.40%. 

Its market cap is US$27.56 billion. Its trading volume in the past 24 hours was US$1.68 billion. DOT’s highest price to date is US$49.80. Its total supply is 1.09 billion. The total transaction count in the last 24 hours is 139,448. 

It is a multichain protocol to transfer data or asset types, enabling various blockchain interoperability. The exchanges for trading in Polkadot are Binance, OKEx, CoinTiger, Tokocrypto, and FTX.  

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Source – pixabay

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USD Coin (USDC) was trading at US$1.00, up 0.02%, at 10.34 pm IST. USDC gave 0.07% return year-to-date. Its market cap is US$26.45 billion. Its past 24-hour trading volume was US$2.81 billion. Its highest price to date is US$1.19. The total supply of stablecoin is 26.45 billion. 

The coin saw a total transaction of 59,030 in the last 24 hours. 

The US dollar chain was launched in 2018. It is an Ethereum-based stablecoin. A consortium called CENTRE manages the stablecoin, which can be purchased with fiat or government money. It can be purchased at Binance, CoinTiger, Coinbase Exchange, OKEx, and Huobi Global.

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Bottomline

The cryptocurrency market is still ambiguous, with no clearly defined rules. Moreover, the digital currency concept is new. Also, the absence of a comprehensive policy framework and its ability to expand beyond geographical borders quickly may seem risky for some investors.

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