2021-05-07

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On this weekโ€™s episode of Crypto Scoop:

  • Dogecoin replaces XRP as 4th largest cryptocurrency
  • Ethereum reaches new ATH
  • Coinbase stocks plunge to its lowest
  • Telecom giant Nokia launches Blockchain-powered Marketplace

Dogecoin replaces XRP as 4th largest cryptocurrency

The month of April marked significant price fluctuations in the price of Dogecoin. Although Dogecoin seemed to plummet in red towards the end of April, it seemed to have picked up its pace, recording a new ATH of $0.696495. However, experts believe the new price fluctuations may result from the Twitter and TikTok rallies and, of course, Elon Musk, among other dogecoin enthusiasts. This does not seem to stop Dogecoin, which has its market cap pegged at $69 million, replacing XRP as the 4th largest cryptocurrency. Its market cap now places it above Ford, BMW, and Twitter.

Ethereum reaches new ATH

Ethereum once again sets a new record On Thursday as it reached an ATH of $3,607.76. Ethereum has been on the rise since the start of 2021. While bitcoin struggles to regain its footing, ETH continues to soar higher. The recent price gains on Ethereum have its total Market cap leaping above $400 billion. Experts are expectant that Ethereum would soon peak at $5000.

This is not the only news on the Ethereum network. Its recent ATHs of Ethereum have placed its co-founder, Vitalik Buterin, as the youngest crypto billionaire. Vitalik Buterin, who has about 333,500 Ethereum listed in his public address, is now valued a little above $1billion following ETH price gains of above $3,500.

Coinbase stocks plunge to their lowest

One might expect that as cryptocurrencies reach new ATHs, the price of recently public listed Coinbase stocks might be on the increase, but this has not been the case. The value of the stocks of Coinbase has gone lower since it went public on the 14th of April, almost going lower than its reference price of $250. Its shares have fallen from its initial listing price of about $328 to as low as $255.15 per share.

 Analysts suspect that the reason for its decline may be traced to the company's decision to go public with direct listing rather than the usual post IPO lockup. This has allowed multiple sell-offs, which are largely driven by the recent price decline of bitcoin.  The price fluctuations of bitcoin have prompted investors to consider certain cryptocurrencies like Dogecoin that the company does not offer. These sell-offs may have contributed to the price decline of Coinbase shares.

Telecom giant Nokia launches Blockchain-powered Marketplace

The telecom giant, Nokia in a press release on Wednesday, announced its intention to launch a blockchain-powered marketplace to facilitate data trading. The blockchain-powered marketplace would improve the sharing of data sets and the companyโ€™s artificial intelligence (AI) models. Nokia notes that the blockchain-powered marketplace would help communication service providers (CSP) acquire trusted datasets and make strategic business decisions.

The new introduction would improve environmental data monetization, electric vehicle charging, supply chain automation which are only a few among its many use cases. This addition would empower its thousands of customers to attain new sources of revenue from access to trusted and secure data.