Crypto News: Here are the most popular stories from the cryptosphere featured on BeInCrypto last week.
Top 5 IoT Projects in 2023
One of BeInCrypto’s most popular articles over the past week featured our Top 5 Internet-of-Things (IoT) Projects for 2023. IoT refers to systems of smart devices that use internet connectivity and artificial intelligence to collect and analyze data.
Smartphones are the most common IoT devices, but they also range from household appliances to sophisticated sensory devices. The integration of blockchain technology into the Internet with Web 3.0 first required the spread of the Internet into our everyday devices with Web 2.0.
Several IoT companies have made significant developments recently that portend a prosperous new year. Using its new type of distributed ledger, the Tangle, IOTA has recently partnered with Bosch and Fujitsu. It plans to help them build a new ecosystem of connected devices that can process payment transactions.
Helium is building a decentralized network of wireless devices powered by a cryptocurrency called HNT. The decentralized network enables a wide range of applications, from supply chain management to agricultural monitoring. Ambrosus is also developing a decentralized platform for supply chain development, powered by its own crypto AMB.
WISE and Atonomi round out the list. The former intends to be a one-stop-shop for IoT devices, while the latter provides a blockchain-based infrastructure for secure device identification.
tether settlement volume
All of the following stories feature a relative return for several of the top cryptocurrencies, starting with the stablecoin Tether (USDT). The largest stablecoin by trading volume achieved a milestone last year, most recently Tweet, Tether transactions totaled $18.2 trillion, surpassing both Mastercard and Visa. The latter two payments giants processed transactions worth $14.1 trillion and $7.7 trillion, respectively.
Tether’s high trading volume reflects the growing trend of stablecoin usage over the past few years. Stablecoin adoption is on the rise, especially in countries struggling with economic and monetary instability. Despite this, Tether has had a rough year overall. The subsequent collapse raised concerns about its reserves and solvency, which caused it to briefly lose its peg.
Solana Back in Top 10
As Tether started the year with some good news, Solana also celebrated a recent achievement. Earlier this week, Solana (SOL) managed to flip as the 10th largest crypto asset by market capitalization. This comes after a seven-day rally that saw gains of over 70%, according to data from CoinGecko.
Solana was negatively affected by the collapse of cryptocurrency exchange FTX. Blockchain and crypto were favorites of Sam Bankman-Fried, and this close association suffered with their downfall. However, it has recovered over 135% since the start of the year, making it one of the best performers ever.
Ethereum hits 10-week high
Finally, Ethereum price reached its highest level in 10 weeks, jumping multiple times between January 16 and January 18 above $1,600. The second largest cryptocurrency reached its highest price since November 8, reaching $1,598 on January 18. It has cooled down since then. A bit lower, and it is trading near the $1,550 level.
Meanwhile, rising network demand has pushed Ethereum’s issuance back into bearish territory as anticipation of its Shanghai upgrade picks up momentum. This will enable a phased withdrawal of Ethereum that has been stuck on the Beacon Chain for over two years.
NFTs on sale this week
The non-fungible token sale was a bit erratic this week, although overall it was finally increasing. January 17 saw an increase in the number of sales, which corresponded with a decrease in daily sales. However it rose to over $24 million the next day before falling again. Bored app Yacht Club remains the top NFT collection this week with $64 million in sales.
crypto coin news
Frax Shares (FXS) led the market, which had a great week for altcoins, jumping 53%. While Decentraland (MANA) was up 43%, Convex Finance (CVX) was up almost 40% and Enjin Coin (ENJ) was up 36%.
master of the multiverse
Our senior analyst, Waldrin Tahiri, points out that MultiverseX, formerly known as Elrond, jumped 60%.
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