It is quite obvious now that cryptocurrencies belong to a volatile market. This volatility leads to changes on the chart of best cryptocurrencies. This analysis is based on the performance of digital currencies in the second week of 2020 pairing them with USD. After a long time, most major cryptocurrencies are likely to turn positive weekly. This shows that the purchase was broad based, which is a positive sign. With a gradual turnaround, can the top performers of the past seven days build on their profits?
Based on Bitcoin Cash, BSV is a hard fork (community-activated update of the protocol or code), which was set up after the network upgrade planned for November 15, 2018, in contrast to BCH. According to their website, the Bitcoin SV project is mainly supported by CoinGeek Mining with development work from nChain. BSV secures the first spot with 43% surge in 7 days. BSV has been the best for two consecutive weeks now.
With 29% Surge in the last 7 days, Dash secures the second spot in the list. It has been a long time since dash last appeared among top cryptos. Dash (DASH) describes itself as digital cash, which is supposed to offer everyone financial freedom. Payments are quick, easy, secure, and close to zero fees. Dash was developed to support real use cases. The aim is to provide a completely decentralized payment solution. Users can buy goods from thousands of traders and trade on major exchanges and brokers around the world.
On 3rd we have Chainlink (LINK) with a rally of over 24% in the last week. Chainlink (LINK) is a decentralized Oracle service that is supposed to connect intelligent contracts with data from the real world. Because blockchains cannot access data outside of their network, oracles are needed to act as data feeds in smart contracts. Oracle provides external data (e.g. temperature, weather) that trigger intelligent contract processing when predefined conditions are met. Chainlink network participants receive (through rewards) an incentive to enable intelligent contracts to access external data feeds. If users want access to data outside the chain, they can submit a requesting contract to the ChainLink network. These contracts match the requesting contract. The contracts include a reputation contract, an order reconciliation contract and an aggregation contract. The aggregate contract collects data from the selected oracles to achieve the most accurate result.
BCH rests among the top cryptos for the third consecutive week. This time at number four because of an 18% surge in the past seven days. Bitcoin Cash (BCH) is a hard fork (a community-enabled update of the protocol or code) from Bitcoin that went into effect on August 1, 2017 and increased the block size to 8MB to support Bitcoin.Nov 16, 2018: BCH was again forked hard and split into Bitcoin SV and Bitcoin ABC. Bitcoin ABC became the dominant chain and took over the BCH ticker because it had more hash power and the majority of the nodes in the network.
Lastly, Litecoin with also a rally of 18% is 5th on this list. Litecoin is a peer-to-peer cryptocurrency developed by Charlie Lee. It was created based on the Bitcoin protocol but differs in terms of the hashing algorithm used. Litecoin uses the memory-intensive Scrypt proof-of-work mining algorithm. With Scrypt, consumer hardware like the GPU can mine these coins.
Just like these top of the world cryptos, DDK is also consistently rising and improving at every possible stage. DDK is a community platform that creates economic opportunities by developing blockchain solutions. The DDK community has contributed to a number of blockchain platforms since 2015. At its core, the DDK platform uses the DPoS mechanism (Delegated Proof of Stake). One of the advantages of a DPoS blockchain is that community members have to participate in the maintenance and security of the platform so that the participation of every member benefits everyone.