Bitcoin has finally broken through a strong resistance of $23,500 and has just crossed the $24,000 price mark. In a previous article, we predicted that Bitcoin prices would correct in the short term before rising again. This article is all about the top 5 cryptocurrencies that displayed good performance in the last seven days. Let’s take a look at it in more detail.
5. Top 5 Cryptocurrencies of the week: Lido DAO (LDO) +30.83%
Lido DAO is an Ethereum-based decentralized autonomous organization (DAO). It offers a staking solution for Ethereum 2.0 (ETH2) that enables consumers to stake their ETH and earn rewards for network security without having to manage their own infrastructure or fulfill the high minimum staking prerequisites.
Users’ ETH are converted into a token called stETH, which represents their staked ETH plus any rewards earned, as part of Lido’s staking solution. While still earning rewards, stETH can be traded or used in other DeFi protocols. Users can stake any amount of ETH, even as little as 0.00001 ETH, and the conversion process is designed to be seamless. The LDO token has recently seen significant growth, with a price increase of +30.83% in the last 7 days, putting it among the top-performing cryptocurrencies.
4. Top 5 Cryptocurrencies of the week: Klaytn (KLAY) +40.23%
Klaytn (KLAY) is a blockchain platform developed by Ground X, a South Korean tech company that is a subsidiary of the South Korean internet giant, Kakao. Klaytn is intended to be a simple and scalable platform for developing and deploying decentralized applications (dApps).
Klaytn’s architecture is built on a hybrid model of permissioned and permissionless blockchains, enabling faster and more efficient transaction processing while maintaining decentralization. The network’s permissioned section is known as the “Byzantine Fault Tolerance” (BFT) consensus layer, and it is designed to achieve high throughput and low latency. The network’s permissionless layer is known as the “Service Chain,” and it is based on a Proof-of-Stake (PoS) consensus mechanism that provides the security and decentralization required for public blockchains. The KLAY token has recently seen significant growth, with a price increase of +40.23% in the last 7 days, putting it among the top-performing cryptocurrencies.
3. Top 5 Cryptocurrencies of the week: Internet Computer (ICP) +51.88%
The DFINITY Foundation created the Internet Computer (ICP), a decentralized blockchain network. Its goal is to provide a safe and scalable platform for developing and deploying decentralized applications (dApps) that can run directly on the internet without the use of traditional web servers or cloud computing services.
ICP is intended to be a completely decentralized blockchain network with no centralized authority or controlling entity. The network employs a novel consensus mechanism known as the “Threshold Relay,” which enables high-speed transaction processing and the secure and efficient handling of large-scale computations. This mechanism also enables the network to scale horizontally by adding nodes rather than vertically by increasing the capacity of individual nodes. The ICP token has recently seen significant growth, with a price increase of +51.88% in the last 7 days, putting it among the top-performing cryptocurrencies.
2. Top 5 Cryptocurrencies of the week: Stacks (STX) +53%
Stacks (STX) is a cryptocurrency that powers the Stacks blockchain, a decentralized computing network that aims to bring smart contracts and decentralized applications (dApps) to the Bitcoin ecosystem. Stacks’ goal is to provide a more secure and scalable platform for developing decentralized apps that can take advantage of Bitcoin’s security and network effects, while also allowing users to earn Bitcoin by participating in the network.
To validate transactions on the Stacks network, Stacks employs a novel consensus mechanism known as “Proof of Transfer” (PoX), which leverages Bitcoin’s security and mining infrastructure. Participants in the Stacks network can use PoX to lock up their STX and earn Bitcoin rewards for helping to validate transactions and secure the network. The STX token has recently seen significant growth, with a price increase of +53% in the last 7 days, putting it among the top-performing cryptocurrencies.
1. Top 5 Cryptocurrencies of the week: Filecoin (FIL) +75.05%
Filecoin (FIL) is a decentralized storage network that allows users to securely store, retrieve, and share data. The InterPlanetary File System (IPFS), a peer-to-peer file-sharing protocol that enables the creation of a decentralized web, powers the Filecoin network.
The Filecoin network rewards users with FIL tokens for providing storage space on their computers and servers. This creates a decentralized network of storage providers, allowing users to securely and efficiently store and retrieve data without relying on centralized cloud storage providers. The FIL token has recently seen significant growth, with a price increase of +75.05% in the last 7 days, putting it among the top-performing cryptocurrencies.
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Source: https://cryptoticker.io/en/top-5-cryptocurrencies-week-7/