Your Crypto Focus: 8th – 14th January
In a week that was marred by heavy selling on most of the top 20, you might wonder if there were any strong coins this week. Before we get to our focus let’s look at a few of the reasons that contributed to heavy selling this week. The Fed came out hawkish, and that surprised the market. Balance sheet adjustment sent traders away from risk markets and back into safe havens. Current political unrest in Kazakhstan was another factor as this was another high volume Bitcoin mining country due to its cheap electricity costs. The government conducted a backout of the countries internet, shutting down mining operations. While this is a blow to Bitcoin discovery, it’s a tiny issue compared to the current suffering that its citizens are going through due to the massive civil unrest.
Heavy selling continued on Friday, continuing this week’s substantial losses. Bitcoin traded over 10% lower, and Etherum shed close to 17%. It wasn’t all about selling.
COSMOS ATOM saw a third straight week of amazing gains as buyers came to a whisker away from hitting new all-time records. Keep an eye on price as if momentum continues new records may have been reached. Just over 18% was added up until Friday’s high of 44.63. In the last three weeks, over 49% has been added to its value taking the coin to 21st by market cap, moving past LiteCoin and Bitcoin Cash.
ATOM aims to offer an ecosystem of connected blockchains. It also tries to reduce the complexity of blockchain technology and make things easier for developers due to a modular framework that demystifies decentralised apps. What’s helping drive price, the launch of a cross-chain bridge, which makes the protocol Ethereum Virtual Machine compatible and the upcoming Theta upgrade. The ecosystem’s expansion to 28 live, interconnected chains that total more than $68 billion in total value!
With so much happening for ATOM, we’ll be keeping an eye on whether it will reach a new all-time high.
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