Regardless of what’s happening the crypto asset markets, blockchain and crypto projects never sleep. Let’s take a look at 3 projects that will be especially interesting to follow in the next 7 days thanks to upcoming developments.
3. Bitcoin (BTC)
Bitcoin was the first cryptocurrency ever invented, and remains the most valuable crypto asset on the market to this day. Bitcoin has a fixed supply limit of 21 million coins, and new coins enter circulation in a predictable manner – for this reason, some investors regard Bitcoin as a digital alternative to gold. The Bitcoin network is maintained by “miners” that deploy their computer hardware to solve computationally-intensive mathematical problems and compete with each other to add the next block to the Bitcoin blockchain.
Bitcoin pioneered blockchain technology and provides a censorship-resistant and highly secure network that allows users to send value to each other worldwide on a 24/7 basis. The network has been operating successfully since its launch in early 2009.
Why Bitcoin? BTC is likely to determine the direction of the cryptocurrency market
With the cryptocurrency markets in an uncertain position, it’s reasonable to expect that the action in the Bitcoin market will dictate where most other cryptocurrencies will head next. April was overall a bad month for the BTC market, as the world’s most valuable cryptocurrency tumbled from $47,400 towards the $40,000 mark. Towards the end of the month, the BTC price slipped under the psychological $40,000 price level for a longer period of time, introducing some additional uncertainty into the market.
Regardless of the price action, there have been some exciting developments for Bitcoin recently. In the United States, financial services giant Fidelity Investments announced a product that will allow employers to offer Bitcoin investing to their employees as part of their 401(k) investment plans.
The Central African Republic (CAR) also approved Bitcoin as legal tender in the country, becoming the second country in the world to do so. Even though its unlikely a large portion of the population in CAR will be able to use BTC (only about 4% of people had access to the internet as of 2019), the move shows that Bitcoin is still making progress as a currency.
2. Kava (KAVA)
Kava is a blockchain platform that is focused on decentralized finance (DeFi) applications. On Kava, users can lend cryptocurrency to earn interest, mint stablecoins, and swap between different tokens in a decentralized manner. DeFi apps built on Kava can support assets that are native to the Kava blockchain, as well as representations of popular cryptocurrencies like Bitcoin and BNB. One of the most important goals of the Kava project is to facilitate interoperability between the Ethereum and Cosmos ecosystems.
Why Kava? Upcoming Kava 10 upgrade represents a major jump for the project
On May 10, Kava will be going live with Kava 10, one of the most important upgrades in the Kava project’s history. The upgrade will include the launch of the Kava Network, a layer 1 blockchain platform that supports the Ethereum Virtual Machine (EVM) while boasting the interoperability offered by the Cosmos SDK. The previous Kava blockchain will transform into a Cosmos Co-Chain on the new Kava Network, and will be joined by an Ethereum Co-Chain. The two blockchains will feature strong interoperability with each other, providing a lot of flexibility to both users and developers. The network will use the Tendermint consensus engine. The project will be celebrating the launch of Kava 10 with a launch giveaway featuring two prize pools.
1. Dogecoin (DOGE)
Dogecoin is a cryptocurrency that was launched in 2013 as a parody of the speculation surrounding Bitcoin and other cryptocurrencies. Despite its humorous origins, Dogecoin has stood the test of time in the rapidly evolving cryptocurrency market and still maintains a strong community of enthusiasts. Dogecoin received a lot of attention during the cryptocurrency market bull run of 2021, which propelled the coin towards the top of the cryptocurrency market cap rankings. One of the biggest reasons why Dogecoin went viral were frequent mentions and endorsements by Elon Musk, the CEO of Tesla and SpaceX. Dogecoin’s success has also spurred the creation of many copycat “meme coins”, most notably Shiba Inu (SHIB).
Dogecoin uses the same Proof-of-Work algorithm as Litecoin, allowing miners to “merge mine” both Dogecoin and Litecoin at the same time. While Dogecoin was once seen as a “byproduct” of Litecoin mining, DOGE has actually managed to surpass LTC in terms of market capitalization. Unlike most Proof-of-Work cryptocurrencies, which have a cap on their maximum supply, the maximum supply of DOGE is theoretically unlimited. The DOGE supply expands by 5 billion coins every year.
Why Dogecoin? Elon Musk’s Twitter acquisition deal has revived interest in DOGE
Tesla and SpaceX CEO Elon Musk made headlines last week after Twitter’s board of directors approved his bid to buy the company for around $44 billion. Although the acquisition hasn’t actually happened yet, many users are speculating that Twitter could introduce additional cryptocurrency-friendly features under Musk’s ownership. Elon Musk has of course been the most high-profile advocate for Dogecoin, so the Twitter acquisition news could be a boon for DOGE if the story develops further.
After the news of Elon Musk’s acquisition offer being approved began circulating, the Dogecoin network started seeing an increased amount of large transactions with a value of over $100,000.
#Dogecoin | The number of large transactions on the $DOGE network with a value greater than $100,000 just reached a four-month high at 2,400 transactions.
Such market behavior can act as a proxy for whales’ activity, suggesting how they may be positioning for a big price move. pic.twitter.com/K49QfXFVYb
— Ali Martinez (@ali_charts) April 26, 2022
Dogecoin’s price has retraced about 80% from the all-time highs achieved in May of 2021, but the recent attention the coin has been receiving thanks to Musk’s highly-publicized acquisition offer could be exactly what was needed to breathe some life into the DOGE markets.