top trending cryptos
Analysis and predictions

Top 3 trending cryptos of the week of September 06, 2022

There are over 8,000 digital assets that are high risk. At Trendingcryptonews, we bring you a selection of the top 3 most trending cryptos right now.

After the two big spikes in 2021, the crypto-market is going through a big crisis that affects almost the entire market. While monetary and financial risks persist, especially with the war in Ukraine and inflation, the crypto-market is facing a strong downward trend. However, there is no shortage of trending cryptos making the headlines in crypto magazines.

Here is our selection of the 5 trending cryptos this week of September 05.

Top trend 1 : Ethereum Classic

Ethereum Classic has seen a new rise in its price in recent days. The token has indeed just gained almost 25% in 24 hours.

Ethereum Classic has just reached a record hashrate of nearly 48.82 TH/s (Terra hashes per second) according to the latest data collected by 2miners. As a reminder, the hash is the total power used to mine and validate transactions on a blockchain. Over the last month, the hashrate of Ethereum Classic has increased by more than 62%! This figure reflects the shift in activity of many miners on this network, due to the upcoming Ethereum Merge. This increase is 105% over the last year!

This is also good news for the security of the network. Indeed, the more computing power is allocated, the more complicated it becomes to attack the blockchain. This is not insignificant when we remember that Ethereum Classic has already suffered attacks recently.

Indeed, in August 2020 Ethereum Classic suffered its third Type 51 attack. This type of attack refers to the takeover of a network by miners who have the majority of the hash power.

The price of Ethereum Classic today is $41.12 USD with a 24-hour trading volume of $2,928,568,366 USD.

Top trend 2: Ethereum ETH

The merge of the ethereum bockchain is currently underway. In addition, the foundation has just completed the Bellatrix update and will see the completion of the switch to proof at stake on September 15.

In addition, searches for the Ethereum merge have reached an all-time high before the September 15 update. Google searches for the Ethereum merge increased more than fivefold from last month, from 17 out of 100 to 100 out of 100.

Many investors believe that the Merge update of the Ethereum network scheduled for this September could signal the beginning of a sustained uptrend in the ETH price, raising the question of what will become of Bitcoin, which remains the world’s leading cryptocurrency in terms of capitalization.

It is obvious then that ETH is one of the most trending for a while.

At the time of writing, the price of Ethereum today is $1,663.91 USD with a 24-hour trading volume of $19,723,507,485 USD. Ethereum has decreased by .62% in the last 24 hours. CoinMarketCap ranking puts it at #2, with a market capitalization of $203,437,112,008 USD. Outstanding reserves are 122,264,359 ETH tokens and the maximum.

Top trend 3: Pancakeswap CAKE

CAKE is the native token of the decentralized exchange PancakeSwap. PancakeSwap is a DEX hosted on the BSC that allows you to make swaps in a few seconds, to participate in different or to take advantage of interesting returns via different liquidity pools. These syrup pools have made the reputation of the protocol in the DeFi world. PancakeSwap has recently launched an NFT space but its use remains anecdotal compared to industry leaders like OpenSea or Rarible.

CAKE is a governance token for the PancakeSwap application. It allows its holders to participate in the voting and development of the protocol. It is also a utility token since it is used within the DEX.

Recently Binance Labs, the investment firm of the giant Binance, has invested in the decentralized exchange.

Binance Labs, through the voice of its manager Bill Quian, says about this investment:

PancakeSwap has been at the forefront of the development and mass adoption of the BNB Chain. As PancakeSwap is the most widely used dApp and the DeFi project with the highest TVL on the BNB Chain, we have and will continue to provide strong support for the project. After Binance Labs’ statement on Twitter, the price of the CAKE cryptocurrency rose by about 12% from ~$4.45 to nearly $4.95, and then stabilized around $4.70.

The price of PancakeSwap (CAKE) on Tuesday, September 6, 2022 is 4.17 USD. This represents a price increase of 1.89% over the last 24 hours. The market cap for this cryptocurrency today stands at $611,884,786.53. A total of 146,319,741.23 CAKE are currently outstanding and the 24-hour trading volume of PancakeSwap is $4,475,614.01.

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