Cryptocurrency

Top Five Cryptos with the Biggest Price Jump in 2021

Published

3 years ago

September 29, 2021

After a rough start in the second quarter of the year, caused by the crypto price crash and regulatory concerns in China, the global crypto market recovered significantly in the second half of the year. The world’s leading crypto coins continued growing rapidly in the last three months, with some of them reaching record valuations.

According to data presented by BlockArabia, some digital coins witnessed almost thirty times bigger price growth than the world’s leading cryptos, Bitcoin or Ethereum. Here is the complete list of the cryptocurrencies with the most significant price increase since the beginning of 2021.

Solana, Dogecoin, and Cardano the Only Cryptos with a Four-Digit YTD Price Growth

The CoinMarketCap data showed Solana was the fastest growing digital coin in the crypto space this year. Between January and September, the price of the cryptocurrency soared by a staggering 9,087% to $147 this week, which is 28 times the growth rate of Ethereum or 185 times more than the growth of Bitcoin in this period. In the last three months only, the price of the Ethereum competitor surged by a massive 318%, ranking it as the seventh-largest crypto coin by market cap.

Dogecoin follows Solana when it comes to price increase in 2021. In January, a single Dogecoin was worth $0.0052. Since then, the value of the world’s tenth-largest crypto soared by 3,867%, reaching $0.2063. Although this is significantly less than its all-time high of $0.73 in May, Dogecoin still climbed high on the list of the most popular crypto investments, with an impressive investment return. For example, statistics show a $1,000 investment in Dogecoin a year ago would be worth nearly $78,000 today.

Cardano ranked third on the list of cryptos with the biggest YTD price growth. During the last nine months, the valuation of the digital coin soared by an impressive 1,127% to $2.23, driving its market cap to over $70bn and ranking it as the third-largest crypto globally. Also, Cardano was the seventh most-traded crypto in August, with a monthly trading volume of $166.4bn.

Binance Coin’s Price Jumped by 812% YTD, the Fourth-Largest Increase in Crypto Space

Compared to the leading cryptocurrencies, Binance Coin also has a significantly lower price. However, the world’s fifth-largest digital coin with a market cap of $58.5bn follows Cardano’s price growth. Statistics show Binance Coin’s valuation jumped by 812% year-to-date, reaching $350.5 this week.

Ethereum witnessed the fifth-largest price jump this year. After an outstanding performance throughout the last year, the price of the world’s second-largest crypto exploded in 2021. In the first five months only, it soared by nearly 485% and hit an all-time high of $4,300. Although this value more than halved after the crypto price crash in May, Ethereum quickly bounced back. Statistics show a single Ethereum coin was priced at $3,107 as of this week, showing a massive 322% jump since the beginning of the year.

The CoinMarketCap data showed the world’s most expensive digital currency, Bitcoin, witnessed the smallest price increase among the top ten cryptos. Bitcoin’s price rallied over 100% in five months of 2021, helping its market cap hit $1.1trn at the beginning of May. However, by the end of the month, the flagship cryptocurrency fell to more than three-month lows, dropping to about $30,000 at one point.

The unexpected pullback in Bitcoin and other cryptocurrencies came as a flurry of negative headlines and catalysts, from Tesla CEO Elon Musk to a new round of regulations by the Chinese government. Nevertheless, statistics show that Bitcoin’s price hit close to $44,000 this week, a 49% increase YTD.

Up Next

Binance to Ban Singapore Users from Accessing its Platform on October 26, 2021

Don't Miss

DeFi Market Size Soared by 335% YoY to $85B, Despite the 13% Drop in September

Samed Olukoya

Is the CEO/Founder of Investors King Limited. A proven foreign exchange research analyst and a published author on Yahoo Finance, Businessinsider, Nasdaq, Entrepreneur.com, Investorplace, and many more. He has over two decades of experience in global financial markets.

Comments

Cryptocurrency

Dogecoin, Shiba Inu, NEAR Protocol Soar 5%-10% in Cryptocurrency Rebound

Published

17 hours ago

May 4, 2024

Samed Olukoya

Dogecoin, Shiba Inu, and NEAR Protocol have seen impressive gains ranging from 5% to 10%, igniting optimism among investors after a period of volatility.

Dogecoin, the meme-inspired digital currency, surged by 5% to add to its recent momentum while Shiba Inu, another popular meme coin, followed suit with a 10% jump.

NEAR Protocol, a blockchain platform focusing on decentralized applications, also joined the rally with a solid 5% increase.

This surge comes on the heels of Bitcoin’s resurgence, which saw a nearly 5% gain to briefly break the $62,000 price level.

Ethereum, the second-largest cryptocurrency by market capitalization, reclaimed the $3,000 level, further bolstering confidence in the market.

The rally was spurred by the release of the U.S. April jobs report, which showed the addition of 175,000 jobs, falling short of the expected 245,000.

This unexpected development eased concerns about higher interest rates, prompting a positive response from cryptocurrency investors.

Market analysts pointed out that the softer-than-expected jobs data led to an increase in the likelihood of at least one rate cut by September, according to CME FedWatch data.

This dovish sentiment, coupled with the Federal Reserve’s indication of no immediate interest in cutting rates, contributed to a more favorable environment for cryptocurrencies.

Moreover, Coinbase analysts highlighted the recent Federal Open Market Committee (FOMC) meeting, where policymakers tapered the pace of the central bank’s balance sheet runoff, signaling a more dovish stance.

This move was interpreted as a positive signal for both fiat and cryptocurrency markets.

Arthur Hayes, former CEO of BitMEX, expressed confidence in Bitcoin’s recent performance, suggesting that it may have bottomed out at $56,000.

However, he cautioned investors to expect a gradual recovery rather than a swift ascent to previous highs.

Hayes forecasted a period of range-bound price action between $60,000 and $70,000 until August.

As the cryptocurrency market continues to navigate through fluctuations, the recent rebound in Dogecoin, Shiba Inu, and NEAR Protocol reflects a renewed sense of optimism among traders, fueled by positive developments in the broader financial landscape.

Cryptocurrency

Binance Boss Behind Bars: CZ Sentenced to Four Months for Crypto Exchange Failures

Published

4 days ago

May 1, 2024

Samed Olukoya

Binance founder Changpeng Zhao, widely known as CZ, has been sentenced to four months in prison for his role in security failures that enabled cybercriminals and terrorist groups to exploit the Binance platform.

The verdict, delivered by US District Judge Richard Jones in Seattle, is the first time a chief executive officer of a major cryptocurrency exchange has been incarcerated for breaching banking secrecy laws.

The courtroom, packed with onlookers and CZ’s legal team, witnessed the billionaire entrepreneur, clad in a dark suit and light blue tie, receive his sentence stoically.

Despite fervent pleas from prosecutors for a three-year sentence to set a precedent in the crypto industry, Judge Jones opted for a shorter term.

In his statement, Judge Jones emphasized that no individual, regardless of wealth or status, is exempt from accountability under the law.

The case against CZ stemmed from a protracted investigation by the US Department of Justice, casting a long shadow over Binance, one of the world’s largest cryptocurrency exchanges, and its high-profile leader.

Prosecutors argued that CZ’s failure to implement adequate money laundering safeguards facilitated illicit transactions, enabling cybercriminals and even terrorist groups like Hamas to operate freely on the platform.

The sentencing also comes on the heels of similar crackdowns within the cryptocurrency space, including the recent conviction of Sam Bankman-Fried, a former crypto titan who received a 25-year prison sentence for defrauding FTX customers of billions of dollars.

CZ’s defense team, however, contended that he should be spared imprisonment due to his non-US citizenship, which they argued put him at heightened risk in a US detention facility.

Nevertheless, Judge Jones emphasized the gravity of CZ’s offenses, terming them “unprecedented” in scale and impact.

In a post-sentencing statement on social media, CZ expressed acceptance of his fate, vowing to “do his time” and focus on education and philanthropy upon his release.

Despite his impending incarceration, CZ affirmed his commitment to the cryptocurrency sector as a passive investor.

The implications of CZ’s sentencing extend beyond his personal fate, raising questions about regulatory oversight and accountability within the burgeoning crypto industry.

Federal prosecutor Kevin Mosley underscored the deliberate nature of CZ’s violations, arguing that they were not mere oversights but intentional breaches of US law.

As CZ prepares to serve his prison term at Seattle’s Federal Detention Center, SeaTac, the crypto community grapples with the repercussions of his downfall.

The episode serves as a stark reminder that, despite the decentralized ethos of cryptocurrencies, regulatory scrutiny and legal accountability remain paramount in an increasingly interconnected financial landscape.

Cryptocurrency

U.S. Prosecutors Recommend 36-Month Prison Term for Binance Founder Changpeng Zhao

Published

2 weeks ago

April 24, 2024

Samed Olukoya

In a significant development in the legal saga surrounding Binance, the world’s largest cryptocurrency exchange, U.S. prosecutors have recommended a 36-month prison term for its founder, Changpeng Zhao.

The recommendation follows Zhao’s guilty plea to violating laws against money laundering, a pivotal moment in the ongoing legal battle between Binance and U.S. authorities.

Zhao, commonly known as CZ, stepped down as Binance’s chief last November, simultaneously admitting to the violations alongside the exchange.

The firm agreed to a hefty penalty of $4.32 billion as part of the settlement with prosecutors.

According to court filings submitted to the U.S. district court for the western district of Washington, prosecutors argued that the magnitude of Zhao’s willful violation of U.S. law warranted an above-guidelines sentence.

While federal sentencing guidelines set a maximum term of 18 months in prison for Zhao, prosecutors emphasized the severity of the violations and their consequences in advocating for the extended sentence.

The legal scrutiny surrounding Binance stems from allegations that the exchange failed to report over 100,000 suspicious transactions involving designated terrorist groups such as Hamas, al Qaeda, and ISIS.

Furthermore, prosecutors alleged that Binance’s platform facilitated the sale of child sexual abuse materials and served as a recipient of a significant portion of ransomware proceeds.

As part of the settlement, Zhao agreed to pay a $50 million fine and disengage from any involvement with Binance, the platform he founded in 2017.

The penalties imposed on Binance included a staggering $1.81 billion criminal fine and restitution of $2.51 billion.

The recommendation for a 36-month prison term underscores the seriousness with which U.S. authorities are addressing violations within the cryptocurrency industry.

The outcome of Zhao’s sentencing, scheduled for April 30 in Seattle, will likely have far-reaching implications for both Binance and the broader cryptocurrency ecosystem.

As regulatory scrutiny intensifies, stakeholders across the industry are closely monitoring developments to gauge their impact on the future of cryptocurrency exchanges and their founders.