This Week in Crypto: DOGE, LTC, and DYDX Surge as Market Cap Crosses US$2 Trillion

Dogecoin (DOGE) is crypto’s most recognizable and popular memecoin, which derives its name from 2013’s Shiba Inu meme.

Mega Cap (Market Cap >US$10 Billion)

Bitcoin (BTC) – US$20,064, up ~6.7% in the last 7 days

Bitcoin is the original cryptocurrency, created by the pseudonymous Satoshi Nakamoto in 2008. It is a decentralized digital currency, without a central bank or single administrator, that can be sent from peer to peer on the Bitcoin blockchain network. Bitcoin is the crypto market bellwether, and its price movements largely influence the rest of the market.

Bitcoin is up 7% in the last seven days. Source: Brave New Coin Market Cap Table

Bitcoin has been trading in a tight range for the last few weeks, largely influenced by macroeconomic data and Federal Reserve policy decisions. However, crypto markets have been rallying in the last few days, and BTC price has followed suit.

Bitcoin has also been covered extensively in mainstream media recently. In a recent article published by the Financial Times on October 21st, it was reported that Bitcoin mining firm Iris Energy will begin trading on the Nasdaq after completing a merger with special purpose acquisition company (SPAC) PointState.

Large Cap (Market Cap between US$1.5 billion – US$10 billion)

Polkadot (DOT) – US$7.56, up ~10.6% in the last 7 days

Polkadot is a multichain protocol that connects multiple specialized blockchains into a single network. It was founded by former Ethereum co-founder Gavin Wood, who left the project in 2016. Polkadot is designed to facilitate cross-chain communication and transactions.

Polkadot is up 10.6% in a week. Source: Brave New Coin Market Cap Table

Brave New Coin covered the Polkadot rally in a recent article published on October 20th. The article explains — “Polkadot’s recent rallies follow the launch of its XCM v3 upgrade on October 18th. The upgrade is designed to improve cross-chain communication efficiency and enable faster messaging and data transfer between connected parachains.”

Medium Cap (Market Cap between US500 million – US$1.5 billion)

Stacks (STX) – US$0.42, up ~34.1% in the last 7 days

Stacks is a layer-1 blockchain that brings smart contract functionality to Bitcoin. It was founded by Muneeb Ali and is designed to allow developers to build decentralized applications on Bitcoin. Stacks also facilitates the creation of NFTs on the Bitcoin blockchain.

Stacks is up 34.1% in a week. Source: Brave New Coin Market Cap Table

Stacks has also seen increased activity in the last week, largely driven by the launch of the U.S. presidential election (Trump-win is the bet) perpetual swap market on the dYdX exchange. The Stacks token is used to pay for transaction fees on the layer-1, and the launch of the new perpetual swap market has led to increased demand for the token.

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