DAI Could Soon Overtake Polygon

As we enter the last week of the year, many markets around the world have entered the Christmas holiday. This causes the cryptocurrency markets to move sideways at current levels.

Bitcoin remained flat in the $16,800 band over the weekend. The price, which hung up to $ 16,700 towards the close of the week, quickly turned up and after a rise to $ 16,900 at the opening of the new day, the sideways movement continued. In recent days, when volatility decreased, average transaction volumes fell to the lowest levels of the year. The last 24-hour trading volume has now dropped to $23 billion.

Another detail for Bitcoin over the weekend was about the freezing temperatures in the USA. While the coldest days of recent years were experienced in the USA, deaths due to cold took place in the country, and there were power cuts that affected millions of people over the weekend. This caused Bitcoin miners to cease their activities as well. Due to adverse weather conditions, the Bitcoin hash rate dropped close to 40% over the weekend. According to Glassnode data, the hash rate of the Bitcoin network was measured as 252.98 EH/s on December 21, and dropped to 156.36 EH/s on December 24. This decline was recorded as the highest daily decline since June. Then, in the measurement made yesterday, it was seen that the BTC hash rate returned to 250 EH/s level again. On the other hand, the sudden decrease in the hash rate did not affect the Bitcoin price.

The second largest cryptocurrency, Ethereum, remains flat at $1,220 on the first day of the week. Although Ether saw price movements hanging below $1,200 yesterday evening, it quickly recovered and returned to the $1,220 band, maintaining a partial gain of 3% on a weekly basis.

There is a mixed course among the top 10 cryptocurrencies. Accordingly, XRP, Cardano and MATIC are progressing with 1% daily value increase, while BNB and DOGE have partial losses below 1%. Another anecdote is the rise of the algorithmic stablecoin, DAI. DAI became the 11th largest cryptocurrency with a market capitalization approaching $6 billion. The stablecoin has a valuation gap of nearly $1 billion with Polygon, which is currently ranked 10th. If DAI continues to grow at this rate, it may soon surpass Polygon, and thus 4 of the top 10 cryptocurrencies can be fixed assets again. As it will be remembered at the beginning of the year, Terra’s fast-rising algorithmic stable asset UST was among the top 10 cryptocurrencies.

Today, LUNC took the first place in the top 100 list, ranked by market capitalization, rising by 7% to $0.00015. Among the Terra Classic community, a vote was held in support of Binance, the biggest contributor to the LUNC burn. Due to the concern that Binance might end the burning process due to the previous burn mechanism proposal, a new proposal was put forward and the majority of the validators accepted the new proposal in the voting. Following LUNC, LTC, GRT, and LDO were other cryptocurrencies that saw a 5% increase in value. Among the cryptocurrencies that saw low losses in the top 100 today, XCN, USDN and HNT were the altcoins that fell the most, with losses in the 3% band as of now.