The new year has arrived, but it does not appear that the Cryptocurrencies market has the energy to shake itself out of its funk. However, given the volatility of the crypto market, investors may find themselves in a better position sooner than expected in 2023.
We look at BitDAO (BIT), OKB (OKB), Litecoin (LTC), Lido DAO (LDO), and Algorand this week (ALGO). We chose these assets based on a number of factors, including positive technical developments, significant news events, and price changes.
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KEY LESSONS
The price of BitDAO’s BIT token increased by 30% after the project announced a $100 million buyback and an L2 scaling solution.
The OKB token has also increased by about 30%, most likely due to integration with NEST.
Litecoin (LTC) prices increased by about 7% as “whales,” or individuals or entities who hold large amounts of cryptocurrency, appear to be accumulating the token.
The market capitalization of Lido DAO’s LDO token increased by about 5% after its team revealed how it resolved a rewards distribution issue in mid-November.
Algorand’s (ALGO) market capitalization increased by about 4% after the company launched an incubator called Algorand Ventures.
BitDAO (BIT)
BitDAO, a Web3-focused platform, was one of the biggest gainers this week. The project’s BIT token increased by about 30% after the project announced a $100 million buyback of its BIT token following successful proposal voting.
BitDAO also revealed Mantle, a Layer 2 scaling solution that will be released later in January. On the Ethereum network, it will provide quick and cheap transactions. BitDAO began trading last week at around 28 cents and is currently worth around 37 cents (see chart below).
OKB (OKB)
The OKB token gained about 30% this week after announcing a partnership with the NEST Protocol. The collaboration will enable OKX wallet users to directly access the NEST Protocol’s Futures, Options, Swap, and non-fungible token (NFT) functions.
OKB has had a decent few weeks, which bodes well for the exchange. At the start of the first month of 2023, the token’s price is still rising. OKB is currently trading near $30. (see chart below).
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Litecoin (LTC)
Litecoin (LTC) was a surprise gainer this week, rising nearly 7% to around $75 by January 2nd (see chart below).
Whales, or large crypto market participants, appear to be flocking to the coin, accumulating it at an unusually high rate.
With over 50 million unique wallet addresses registered, Litecoin had an eventful 2022. The ecosystem for this Bitcoin alternative appears to be growing, and it could have a strong 2023.
Lido DAO, the project behind Ethereum’s liquid staking solution, saw its LDO token’s market cap rise by about 5%. The project experienced a “slight disruption” in rewards distribution between Nov. 9 and 11, but said the problem was fully resolved on Nov. 13 and that “neither user funds nor accrued rewards were at risk or otherwise affected.”
On November 11, the large crypto exchange FTX filed for Chapter 11 bankruptcy, causing ripple effects across many Cryptocurrencies platforms.
Users can use liquid staking to stake tokens but also unstake them without enabling transactions. In the last 18 months, Lido DAO has emerged as the premier liquid-staking option. LDO was worth 98 cents last week and is now worth around $1.20. (see chart below).
Following the announcement of Algorand Ventures, the market cap of the Algorand (ALGO) project increased by around 4%. It is an incubator “dedicated to providing funding and launch support to the best builders and investors in the Algorand ecosystem,” according to a tweet from the project on December 30.
Algorand received a lot of attention in December as the official blockchain partner for the FIFA World Cup, which was held at the time. This sponsorship and technical partnership, first announced in May 2022, has heightened interest in the project. ALGO is currently trading at around 18 cents per share (see chart below).
ALGO (TradingView)
Investing in cryptocurrencies and other initial coin offerings (ICOs) is extremely risky and speculative, and this article is not a recommendation by Investopedia or the author to do so. Because each person’s situation is unique, it is always best to consult with a qualified professional before making any financial decisions. Investopedia makes no representations or warranties about the accuracy or timeliness of the information provided on this site. The author does not own any of the cryptocurrencies mentioned above as of the date this article was written.
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