A pair of Ethereum tokens, Global Awards Token (GAT) and Chainlink (LINK), smart asset blockchain company NEM (XEM), and a pair of stablecoins, TrueUSD (TUSD) and the Paxos Standard Token (PAX), made the biggest cryptocurrency price moves this week. Here’s why.
The following is for educational purposes. It is not investment advice.
Market Cap: $185,658,297
7 Day Increase: 23.8%
Chainlink (LINK) is an ERC20 token that for the Chainlink network, which provides a bridge between blockchain smart contracts and off-network applications. Users, or “oracles,” find and verify real-world data streams and send them to the blockchain. In return, oracles receive LINK.
Global Awards Token (GAT)
Market Cap: $2,016,433
7 Day Increase: 17.2%
The Global Awards Token (GAT) is an ERC20 token that facilitates micro-transactions in the rewards and loyalty industries. GAT is in the middle of a trading competition on Kucoin, one of the crypto exchanges with the lowest fees, no doubt contributing to the token’s price increase.
Market Cap: $847,001,378
7 Day Increase: 16.4%
NEM, and its native cryptocurrency XEM, is a smart asset blockchain company that is building its own enterprise-grade blockchain system from the ground up. The NEM (XEM) platform aims to provide a broad range of services and dApps for businesses.
Market Cap: $160,899,723
7 Day Increase: 14.6%
It may be surprising to see a stablecoin on a list of the week’s biggest crypto price moves. Indeed, stablecoins are by definition pegged in a 1:1, stable relationship with a fiat currency, in this case, the U.S. dollar.
But that peg doesn’t preclude an increase in the coin’s value. For example, TrueUSD (TUSD), an independent stablecoin, broke its peg by one cent. Its value relative to Bitcoin increased 14.6% over 7 days.
This could be due to recent interest in stablecoins.
Paxos Standard Token (PAX)
Market Cap: $131,998,208
7 Day Increase: 14.4%
The Paxos Standard Token (PAX) is another stablecoin whose price moved more than 14% relative to BTC while breaking its peg upward one cent. On the Ethereum network, PAX can settle any transaction and convert to fiat to bring funds off chain. The company behind it explains that it combines USD stability with blockchain’s speed.
Cryptocurrency Prices This Week
From ERC20 tokens like Chainlink (LINK) to stablecoins like TUSD, the week’s biggest price moves represent a diverse assortment of cryptocurrencies.
Absent from the list is Cryptowave (CWV), which is up 1533% over 7 days, which could potentially indicate a pump and dump. CWV is building its own amalgam of consensus mechanisms and hash algorithms to develop a high-performance blockchain for DApps.