In this article, we’ll look at the top moves in Litecoin (LTC), Ethereum (ETH), Dogecoin (DOGE), and XRP (XRP). As a reminder, these are just a few of the cryptocurrencies that have made waves this week. The cryptocurrency market is always a whirlwind, but one day, the tide will turn and your investment may be worth a lot less than you’d originally expected.
Litecoin (LTC)
One of the biggest stories on May 23 involved stablecoins. Stablecoins are currencies that are pegged to a single asset, such as the U.S. dollar. They are designed to offer price stability, and are often used as a safe haven for investors by reducing the risk associated with the currency. Bitcoin remains the most popular cryptocurrency, but it suffers from high volatility. In April 2021, it increased in value from $4000 to more than $65,000 before plummeting more than 50%. Bitcoin often moves more than 10% in a day.
Ethereum (ETH)
Bitcoin is the most popular cryptocurrency, with its prices fluctuating from $30 to $50. But there is no corresponding historical data to guide analysts. Michael Novogratz, co-founder of Terraform Labs, dissolved his South Korean locations and warned against large gains by the end of 2022 when the Fed raises interest rates. The decentralized network has also spawned a variety of offshoots. While some regulatory bodies view cryptocurrencies as dangerous, others see their growth as an opportunity and are developing stablecoins to offset the volatility of their prices.
Dogecoin (DOGE)
The booming popularity of Dogecoin has led to increased investment in cryptocurrency, but it’s still early days. While it was possible to mine Doge with just about any computer, competition for the coins has increased. While a graphics processor unit can still be used to mine Doge, a more specialized computer, known as an ASIC, is likely required to earn money from mining. In addition, many companies and organizations have begun accepting Dogecoin as payment.
Also Read:Three Possible Causes of the Crypto Crash
XRP (XRP)
The most significant news that happened to cryptocurrencies on May 23 was Ripple’s decision to win against the S.E.C. Many analysts project that Ripple will prevail, and that this win could trigger a rally later on this year. The excitement that would follow a win for Ripple could trigger a rally in XRP as well. In fact, in 2021, XRP had already seen a pump, fueled by the S.E.C. action.
TerraUSD (UST)
While Bitcoin and Ethereum were the first to see a bull market, investors were soon left scratching their heads and wondering why a stable coin was so valuable. In a recent article, the Financial Times reported on the TerraUSD (UST), an algorithmic stable coin that pegs the US dollar. While the currency was trading at $118 a month ago, it is now virtually worthless. As a result, the cryptocurrency has been wiped from the accounts of many investors, particularly those in India. And the creator of this unstable coin is now under investigation in South Korea, which is a step toward reining in these controversial assets.
XRP’s association with Ripple
XRP’s primary function is to facilitate cross-border payments and currency exchange. In its initial launch, XRP powered Ripple’s cross-border payment network, though it has since been updated to include more features. The cryptocurrency is also known for its speed, with transactions settling in seconds, compared to hours or days in most other cryptocurrencies. Unlike other cryptocurrencies, XRP doesn’t use the proof-of-work algorithm, which slows down processing. Instead, it uses a centralized infrastructure and a network of validators to confirm transactions.
XRP’s price drop
Investors are holding back on committing massive amounts of capital to XRP positions, which is one of the biggest reasons for the currency’s price drop. Ripple may need to pay a large fine if it loses the case. If this happens, it could lead to a substantial amount of fines for both Ripple Labs. The two parties are hoping to come to a settlement, but if not, the case could go to trial in 2022.
Shiba Inu (SHIB)
The Shiba Inu coin is one of the hottest coins on the crypto market, but what is it all about? The popularity of dog-themed meme tokens have helped it become one of the top cryptocurrency news stories on May 23. This article will cover Shiba Inu’s price rise and price decline over the last few days. Here are some of the reasons why this cryptocurrency has been gaining so much momentum.