IoT, return of Solana and Tether

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Crypto News: Here are the most popular stories from across the cryptosphere as featured in BeInCrypto last week.

Top 5 IOT projects in 2023

One of the most popular BeInCryptos articles over the past week featured our top 5 Internet of Things (IOT) projects for 2023. IOT refers to smart device systems that use internet connectivity and artificial intelligence to collect and analyze data.

Smartphones are the most common IOT devices, but they also range from home appliances to sophisticated sensory devices. The integration of blockchain technology into the internet with Web 3.0 first necessitated the spread of the internet to our everyday devices with Web 2.0.

Several IOT companies have recently experienced significant developments that portend a prosperous new year. Using its new type of distributed ledger, the Tangle, IOTA has recently established partnerships with Bosch and Fujitsu. He plans to help them create a new ecosystem of connected devices capable of processing payment transactions.

Helium creates a decentralized network of wireless devices powered by a cryptocurrency called HNT. The decentralized network enables a variety of applications, from supply chain management to agricultural monitoring. Ambrosus is also developing a decentralized platform for supply chain development, powered by its own AMB crypto.

WISE and Atonomi complete the list. The former intends to be a one-stop-shop for IOT devices, while the latter provides blockchain-based infrastructure for secure device identification.

Socially Speaking Crypto Courtesy of LunarCrush Tether Settlement Volume

The upcoming stories all feature a relative return to form for several of the major cryptocurrencies, starting with the stablecoin Tether (USDT). The largest stablecoin by trading volume reached a milestone last year, according to a recent tweet. Tether transactions accounted for a total settlement volume of $18.2 trillion, surpassing both Mastercard and Visa. These latter two payment giants processed transactions worth $14.1 trillion and $7.7 trillion respectively.

The high transaction volume of Tethers demonstrates the growing trend in the use of stablecoins over the past few years. Stablecoin adoption is growing, especially in countries struggling with economic and currency instability. Despite this, Tether had a tough year overall. Successive collapses last raised concerns about its reserves and solvency, which also caused it to briefly lose its footing.

Solana back in the Top 10

While Tether started the year off with good news, Solana also celebrated a recent achievement. Earlier this week, Solana (SOL) managed to make Polygon the 10th largest crypto asset by market capitalization. This came after a seven-day rally that saw it rise more than 70%, according to data from CoinGecko.

Solana ranks in the top 10.

Solana had been negatively impacted following the collapse of cryptocurrency exchange FTX. Blockchain and crypto had been favorites of Sam Bankman-Fried and suffered from this close association with his downfall. However, since the start of the year, he has recovered over 135%, making him one of the best performers so far.

Ethereum hits a 10-week high

Finally, Ethereum prices hit 10-week highs, repeatedly skirting $1,600 between January 16-18. The second-largest cryptocurrency hit its highest price since November 8, hitting $1,598 on January 18. a bit, and is trading around $1,550.

Meanwhile, growing network demand has pushed Ethereum issuance back into deflationary territory, as momentum builds ahead of its Shanghai upgrade. This will allow for the phasing out of Ethereum which has been staked on the Beacon chain for over two years.

This Week in NFT Sales

Sales of non-fungible tokens have been a little erratic this week, although they have finally increased overall. January 17 saw an increase in the number of sales that matched a low in daily sales. This, however, soared the next day to over $24 million before dropping again. Bored Ape Yacht Club remains the top NFT collection this week with $64 million in sales.

Source: Non-Fungible.com Crypto Coin News

Frax Share (FXS) led the market in what was a buoyant week for altcoins, surging 53%. While Decentraland (MANA) rose 43%, Convex Finance (CVX) nearly 40% and Enjin Coin (ENJ) 36%.

Source: BeInCryptoMaster of the Multiverse

Our lead analyst, Valdrin Tahiri, explains why MultiverseX, the coin formerly known as Elrond, jumped 60%.

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