Chainlink and ICP Dominate Weekly Top Amid Cryptocurrencies Slump

Key facts:

Chainlink is among the cryptocurrencies with positive mentions on Twitter, in Cointrendz data.

Internet computer (ICP) activated a new bridge that connects the network with the Ethereum blockchain.

From January 3 to 9, 2022, the market has red balances, a trend that was exacerbated after the fall in the price of bitcoin on January 6. About 99% of cryptocurrencies lost value in this period, while the few altcoins that register gains have seen increases of more than 30%, according to Live Coin Watch statistics.

The top cryptocurrencies is headed by chainlink (LINK), which has been, for several days, at the top of the cryptocurrencies with the highest mentions on Twitter.

They follow him internet computer (IPC), which recently activated a new mechanism that serves as a bridge between chains; and cosmos (ATOM), which also created a bridge to interact with the Ethereum virtual machine.

The list of the most appreciated of the week closes with dash (DASH), which is possibly sparking investor interest given the growth of its hodlers during 2021.

The price of bitcoin (BTC) remained mostly lateralized in the first days of this 2022, oscillating in a range that was around USD 47,000. However, this support remained in force until the pioneering cryptocurrency experienced a major drop between January 6 and 7 that took its value above $ 42,000.

ANDThe average weekly loss of BTC is estimated at 12%. The correction is related to the drop in the hash rate generated by the protests that occurred in recent days in Kazakhstan, the second country that concentrates the greatest processing power of the Bitcoin network.

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As reported in CriptoNoticias, the political conflicts in the Asian country led to the cut off of Internet service, essential for blockchain miners to operate their equipment.

Ether (ETH), the cryptocurrency of Ethereum, it also lost value amid the widespread market downturn, with an average weekly loss of 18%.

The cryptocurrency traded between $ 3,025 and just over $ 3,800, after closing a year in which users of the Ethereum network were paying high commission fees. This, despite the fact that they were expected to decrease with the improvement proposal EIP-1559, which last August introduced a new scheme for the payment of fees.

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Faced with this situation, many users of various dApps turned their eyes to other blockchains. Although they are not known for their decentralization, the Binance Smart Chain and Solana, for example, monopolized a large part of the market for decentralized finance, NFTs and games to win cryptocurrencies, as explained in a publication of this medium.

Other relevant cryptocurrencies by market capitalization too they register low prices this first week of January.

Cardano (ADA), litecoin (LTC) and XRP depreciated by more than 12%; while polkadot (DOT) fell 17%, and dogecoin (DOGE) fell 11%. On the other hand, the avalanche fall (AVAX) was more than 23%.

Chainlink on Twitter’s Most Mentioned Cryptocurrency List

According to the statistics published by Cointrendz, a web platform that monitors the cryptocurrency market, Chainlink was included several times in the list of the “10 highest mentions” of Twitter.

According to the different tops presented by the platform, in the course of the last week LINK has been found on the list of most mentioned cryptocurrencies. The data published on the Cointrendz Twitter account indicates, for example, that by January 5 it had received 2,157 positive mentions in tweets.

The mentions have multiplied after a publication by Chainlink co-founder Sergey Nazarov, who in a presentation at the beginning of the year highlighted that the project had gone on to insure more than $ 75 billion in total value during 2021.

The presentation also focused on their plans for cross-chain interoperability, the upcoming launch of staking, and the use of Chainlink as an abstraction layer by Web 2.0 and businesses.

In a year-end update, Chainlink also claimed that its ecosystem had grown to over 1000 projects and it had served 2.5 million off-chain computing requests.

The LINK cryptocurrency experienced varied corrections throughout the week. Came to increase around 30% in seven days, after reaching peaks of USD 27.89 on January 9. The market capitalization is USD 13,336 million and the daily trade volume is USD 2,504 million.

LINK experienced ups and downs throughout the week. It peaked at more than $ 27 on January 9. Source: Live Coin Watch.

Internet Computer launches new connection bridge with Ethereum

At the end of December, a bridge for the interaction between blockchains was launched, which connects the Ethereum network with the Internet computer of Dfinity, the project behind the development of the cryptocurrency internet computer (ICP).

The bridge, called Terabethi, allows ERC-20 tokens exist natively on the Dfinity network. It also facilitates asset duplication and transfers across different blockchains. It is based on a forked version of Ethereum’s scaling tool, StarkWare, the developers explained to Coindesk.

Internet Computer is a blockchain built by the Dfinity Foundation and launched in May 2021 for the purpose of facilitate the creation of a decentralized layer of web infrastructure. It is backed by leading mutual funds, including Andreessen Horowitz, a16z, and Polychain Capital.

The protocol try to address the congestion problem on Ethereum and high gas rates, turning the internet computer into a layer two scale solution. The native cryptocurrency, ICP, began to raise its price substantially from the first days of January, in a constant rise that dates back to the last days of 2021.

The continued rise of ICP took its value to a high of $ 37.5 on January 5, for a weekly growth of more than 30%. This is a significant rise for the crypto asset, after having lost almost 90% of its value at the end of last year.

As of press time, ICP’s market capitalization is $ 6.97 billion and daily trade volume is $ 569 million.

The price of ICP peaked at $ 37.5 on January 5. Source: Live Coin Watch.

Cosmos targets cross-chain communication with a bridge to EVM

Cosmos, with its cryptocurrency ATOM, is another of the few projects that –like ICP– has had a bullish start in 2022 due to its interest in facilitating communication between blockchains.

This week Cosmos launched a bridge between chains that makes the Ethereum Virtual Machine (EVM) protocol is compatible with your network.

As explained in a message on Twitter, the new bridge is called Evmos and consists of a protocol that will allow assets and projects that operate on the Ethereum network migrate to the Cosmos ecosystem.

The team also prepares an upcoming Theta update, which is scheduled for next March 31st. With it, they plan to expand the ecosystem of Cosmos applications that can be connected with Ethereum through Evmos.

The project, which calls itself “the Internet of blockchains,” was created in 2016 and seeks to facilitate the development of an interconnected decentralized economy.

The middle of the Evmos launch, ATOM, the network’s cryptocurrency, posted an average rise of more than 5%. It peaked at $ 43.6 on January 7. The market capitalization is USD 8,778 million and the daily trade volume is USD 1,610 million.

TRX price reached highs of $ 0.093 and 0.094 on various days of the week and its growth was more than 7%. Source: Live Coin Watch.

Dash price rebounds amid widespread altcoin decline

Amid the widespread market crash this week, following the BTC slump at the start of the year, the cryptocurrency DASH was one of the few altcoins that rallied on January 7 until reaching a maximum of 147 on the 9th.

Some analysts point out that one of the possible reasons for the rise in dash is the fact that it was among the crypto assets that rose the least throughout 2021.

They consider that this fact is attracting the attention of investors, taking into account that in the low time a strong cushion of holders could have been created who hoarded the cryptocurrency for its low prices. It is believed that many of these holders would be in a position to sell in a rising season.

The DASH progress in 2021 was just over 50%, in data from CoinGecko. Its highest price of the year was USD 417 and the lowest of USD 105. The cryptocurrency is one of the few altcoins that last year did not break the all-time high reached in December 2017, a time of great growth for most currencies on the market. In that year his ATH was USD 1,642.

DASH has appreciated by more than 2% in these seven days. The market capitalization is USD 1,526 million and the daily trade volume is USD 293 million.

DASH was one of the few cryptocurrencies that quickly regained its value after the widespread market crash with the January 7 BTC crash. Source: Live Coin Watch.