- Looking back over the past week, Bitcoin SV, Dash and Chainlink have recorded the highest gains.
- While Bitcoin SV was able to benefit from the hype surrounding the Tulip Trust III, Chainlink apparently continues to rally by expanding its ecosystem.
In our weekly review, we look back at the biggest winners of the top 50 cryptocurrencies by market capitalisation and examine the factors that have had a significant impact on their price. Bitcoin SV (BSV) and Dash (DASH) posted by far the highest price gains over the past seven days, with over 42% and 41% respectively. Chainlink achieved a smaller, but still significant increase of +26%. The subsequent places in the weekly ranking are occupied by Bitcoin (BTC) forks Bitcoin Gold (+21%) and Bitcoin Cash (+18%).
New hype surrounding Bitcoin SV
The Bitcoin fork centered around the self-proclaimed Bitcoin inventor, Craig Wright, was in the focus of the crypto community in the first days of 2020. The reason for this is the lawsuit between Wright and the heirs of his former business partner David Kleiman. According to CNF, 1 January 2020 was to supposed to be the day on which Wright would receive the keys to the infamous Tulip Trust and 1.1 million Bitcoin (BTC) by a courier.
Although there is still no trace of the courier and the Bitcoin keys, on January 6th Wright submitted new documents to the court that mention a Tulip Trust III for the first time. A total of 428 documents are said to contain details on why Craig Wright is receiving the keys to the BTC originally generated by Satoshi Nakamoto and why he is currently unable to obtain the keys.
However, the new documents have been sealed until further notice. A document released on 9 January states that Wright allegedly has non-disclosure agreements (NDAs) with “other natural and legal persons” and therefore the documents cannot be made public.
While BSV critics see the emergence of Tulip Trust III as just another deception through (repeatedly) falsified documents, the Bitcoin SV community has stirred up hype. They are celebrating the news as proof that Wright is the real Satoshi Nakamoto and will receive the keys. The reason for Bitcoin SV’s pump from just under 110 USD to 162 USD therefore seems to be the renewed hype surrounding Wright and the Tulip Trust III.
Dash up by 41% with little hype
Dash was given much less hype last week. Nevertheless, the DASH price managed to climb from around 48 USD to over 65 USD. Obvious reasons for the price increase are rather rare. However, DASH may have benefited from the ““privacy coin hype” initiated by Coinbase CEO Brian Armstrong and John McAfee last week. Armstrong said that at least one privacy coin or blockchain with privacy features will enter the mainstream in the next few years.
Another explanation could be the increased use of DASH in crisis countries like Venezuela. Ernesto Contreras, the head of the Dash Core Group in Latin America, said in a recent blog post that Venezuela is now the world’s leading market for crypto adaptation. Peer-to-peer trading platforms such as LocalBitcoin are currently breaking records in the country on a regular basis.
Chainlink continues its upward trend
The price of Chainlink (LINK) has risen last week from around $1.73 to just under $2.30. This means that the LINK price is picking up where it left off last year. Over the entire year of 2019, Chainlink recorded a price increase of over 580%, making it the best performing cryptocurrency (within the top 40), according to CNF analysis.
Last week, the LINK price once again benefited from news about Chainlink’s adoption. The Aave protocol has entered into a cooperation with Chainlink to obtain data on prices and credit interest rates via Chainlink’s decentralised oracle services. Furthermore, Everstake has become part of the Chainlink network as a validator.