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• Mina recorded a 24-week high after the release of its node browser concept, OpenMina.
• The concept is accessible via a web browser, which is hoped to attract more node operators and thus increase the network’s decentralization.
• Mina is up over 33% to $0.855 in the 24 hours following the announcement.
Mina, a decentralized blockchain platform, has seen a surge in its price following the announcement of its new OpenMina node browser concept. This concept enables anyone to run a node through a web browser, removing the barriers to node operation, including technical knowledge and financial risk.
The announcement of OpenMina has caused Mina’s price to skyrocket, up over 33% to $0.855 in the 24 hours following the announcement. This marks a 24-week high for the blockchain platform, as well as a 34% one-day swing on Jan. 25.
The OpenMina node browser concept was created in partnership with Viable Systems and is hoped to attract more node operators, thus increasing the network’s decentralization. Decentralization is an important core value for the Mina Ecosystem, and is seen as a key factor in the network’s security.
Mina Foundation CEO, Evan Shapiro, commented on the launch of OpenMina: “Making participation in the Mina network at a node level so much more accessible increases decentralization and therefore security of the entire ecosystem.”
OpenMina’s concept is designed to reduce the barriers to node participation, such as the need for technical knowledge, experience, and financial resources. This is hoped to make node participation more accessible to a wider audience, driving the network’s decentralization and security.
The launch of OpenMina has been met with enthusiasm from the crypto community, and Mina’s price has surged in response. With the concept of node participation now more accessible than ever, we can expect to see more sustained growth for the blockchain platform in the coming weeks.
• Bitcoin is up 50% from its local low of $15,400, outperforming gold and the S&P500.
• Over the past 24 hours, markets have witnessed over $387 million in crypto liquidations, the majority involving BTC and ETH.
• At the time of press, Bitcoin is ranked #1 by market cap and the BTC price is up 8.87% over the past 24 hours.
It has been a wild ride for the crypto industry over the past few months. After hitting a local low of $15,400 in November, Bitcoin has been on a steady rally, breaking the $23k barrier for the first time since August 2022. This rally has outpaced the traditional asset classes of gold and the S&P500, with Bitcoin up 50% from its bear market low compared to 19% and 13%, respectively.
Over the past 24 hours, markets have witnessed $387 million in crypto liquidations, the majority of which involved BTC and ETH for a total of $165 million. Most of the liquidations have been short positions, however, frequent retracements have also caught some bulls off guard. Ethereum has also seen a similar performance to Bitcoin, jumping to $1,647 from a low of $1,074 in November.
At the time of press, Bitcoin is ranked #1 by market cap and the BTC price is up 8.87% over the past 24 hours. The total market capitalization of Bitcoin is now $445.5 billion, with Ethereum a distant second at $198.9 billion. With the increasing number of institutional investors entering the crypto space and the increasing popularity of DeFi, the future of the crypto market looks bright. Only time will tell how high Bitcoin and Ethereum can reach.
• AI tokens have seen strong performance in the market recently, with Kambria, SingularityNET, and Graphling Protocol seeing the highest gains at 445%, 322%, and 290%, respectively.
• Of the top 10 performers over the last 30 days, six have seen losses of 90% or more from their peak prices.
• Most of the AI tokens are microcaps, with low market cap valuations, high risk of failure and abandonment, and lack of liquidity.
The AI narrative has been growing stronger in recent weeks, with the release of chatbot ChatGPT capturing the imaginations of people around the world. The capabilities of ChatGPT seem to indicate that Artificial Intelligence (AI) could revolutionize multiple aspects of life. This has been reflected in a strong performance in the AI sector, with some touting AI crypto tokens as the next big thing.
As of January 18, 2021, Kambria, SingularityNET, and Graphling Protocol had the highest gains in the past thirty days, with an increase of 445%, 322%, and 290%, respectively. An analysis of the top ten performers over the last thirty days showed significant drawdowns from all-time highs, with six of the ten tokens losing 90% or more in value from their peak price.
When filtered by market cap, it was found that the AI sector was largely comprised of microcaps. A microcap is a crypto project with a market cap valuation of less than $50 million. With high risk comes high reward, as the upside potential is heightened by capital inflows generating more significant percentage gains on low market caps.
Despite the high risk posed by these microcap tokens, there is still potential for great reward. AI tokens have been gaining traction in the crypto sphere, and as the technology behind them continues to develop, the sector could experience even more growth in the future. Investors should assess the risks before investing in any of these tokens, and understand the potential gains as well as losses that could result from their decisions.