It’s another week, and the crypto market has been buzzing with news. As usual, we’ve got the tea.
The market has managed to shake off April’s issues and is now rolling again – the crypto gods are smiling 😅. Amid the highs and lows of the past week, several interesting developments have stood out the most. Check them out:
The Force is Strong With ETH
Ethereum hasn’t let off yet. Altcoins made big jumps last week, and Ethereum was the star of the show. The asset started by solidifying its place atop the $3,000 on May 4 (Star Wars Day!). Stil, that wasn’t enough – by May 9, Ethereum had crossed $4,000.
Remember when we said that ETH could break the $5,000 mark by May? That prediction’s looking mighty likely right now.
The Crypto Market Sees the Lite!
If you thought Ethereum was the only altcoin doing well, guess again. Litecoin took off, cruising off a positive general market performance over the weekend to reach an all-time high of $414 on May 10.
While you might be tempted to buy some LTC, remember not to get consumed by the hype. Price drops happen all the time, and you want to keep an eye out to protect your portfolio.
Alipay on the Digital Yuan Bandwagon
The Chinese government has been working on its central bank digital currency (CBDC) for over a year now. With private and public collaboration, everyone expects this to be a massive project. Reports confirmed last week that Alipay will now allow some of its users to test the asset. As China’s largest digital payment firm, Alipay’s work with the digital yuan is a huge deal.
China is set to be the first major economy to launch a cryptocurrency. It’s the type of news that makes Nigerian crypto fans say, “God when?”
Ifunanyachi Achara Says “Odeshi” to Inflation
Last week, Ifunanyachi Achara became the latest professional athlete to publicly hype Bitcoin. The 23-year-old, who plays for F.C. Toronto, in the United States, told CoinDesk that he converts part of his £1,100 weekly salary to Bitcoin, which he sends to his family in Nigeria. Achara explained that Bitcoin allows him to preserve his money’s value, especially in the face of crippling inflation.
In short, Achara isn’t going to let Nigeria’s economic blues keep him from supporting his family. A smart man indeed.
Hail the Rise of DEXs
Last year, “DeFi Mania” shook the crypto market to its core. The trend has continued well into 2021, with decentralized exchanges (DEXs) now seeing greater adoption.
Unlike their centralized counterparts, DEXs operate without intermediaries and bring parties in a transaction face to face. Many in the crypto industry believe that these exchanges will be the future of crypto trading, thanks to their quicker transactions and the ability to cut out middlemen.