Main Cryptocurrency Market Assets A Weekly Summary
During the week of October 10–18, the cryptocurrency market is mostly in decline. More than 80% of altcoins saw substantial declines, while the few that rose in price advanced to nearly 25%, as reported criptonoticias.
The most appreciated cryptocurrencies of the week are led by Waves (WAVES), which now offers stablecoin staking; and Stellar (XLM) to whose network the stablecoin USD Coin (USDC) is incorporated.
They are followed by Monero (XMR) that this October 17 activated its network update, as scheduled. The 5 cryptocurrencies of the week are completed with Bitcoin Cash (BCH) and Decred (DCR).
The price of Bitcoin, for its part, continues to rise. In these seven days, the price advanced by 0.4%. The cryptocurrency manages to overcome the barrier of $ 10,000 to stay above $ 11,000 throughout the week.
On Bitcoin prices and volatility, Kraken’s research unit published a market analysis on October 14. There he notes that BTC will see higher volatility and returns in October.
We see a big recovery in price but with big selling pressure on the 0.5 Fibo line and the current price of 11467.58. Upper Bollinger band marking the next settlement zone at 12836.45 in case the previous barrier is broken.
Ether (ETH), by contrast, shows a slight decline. The price ranged between USD 366 and USD 393, and its average decline is 1.4%. Despite this, the cryptocurrency has been registering a growth of more than 50% in the last 3 months.
On this, eToro presented an analysis this week. The company maintains a bullish sentiment on the price of ETH due to the boom in decentralized finance. He assures that “DeFi is here to stay” and that the price of Ether will tend to increase.
We see a selling pressure marked by Tekan-Sen at 400.15, 420.45, limited by the liquidation zone and as the final stretch, the upper Bollinger band at 482.45 approximately. We are still above 0.7 Fibo.
The prices of other relevant cryptocurrencies on the market are also falling. Ripple’s XRP falls by 5.5%, Ethereum Classic (ETC) is down 2.5%, and Litecoin (LTC) is depreciating by 4.1%.
A week ago, the cryptocurrency exchange Waves.exchange introduced a new mechanism for cryptocurrency traders to earn passive income through staking (saving) anchored cryptocurrencies or stablecoins.
In doing so, the exchange expands its ecosystem of tokenized assets to include seven different stablecoins from Neutrino, a multi-asset protocol powered by Waves. The announcement was made amid the growth in the price of WAVES, which saw an average advance of 24.4%.
Additionally, on October 14, it was reported on the integration of the Solana blockchain protocol in Waves’ decentralized cross-chain network, Gravity. According to the Waves blog post, the idea is to achieve massive cross-chain DeFi adoption through Gravity.
As explained in the note, during the initial phase Gravity will integrate Solana as a destination chain, “which will allow its blockchain to work in conjunction with other chains integrated to Waves.”
Meanwhile, the value of the cryptocurrency began to rise substantially from October 14, reaching a peak of $ 3 on October 16.
WAVES ‘market capitalization is USD 316 million and its daily trade volume is USD 148 million.
Third Official Blockchain
USD Coin (USDC), stablecoin or cryptocurrency pegged to the US dollar created by Circle, is integrated into Stellar’s open source protocol. The announcement was made on Twitter on October 15, as the price of the network’s native cryptocurrency, XLM, began to rebound to achieve an advance of almost 6% in seven days.
With this integration, Stellar becomes the third blockchain for the issuance of the stablecoin, in addition to Algorand and Ethereum. “We are positioned to offer USDC and Stellar users a new level of opportunity,” said Denelle Dixon, CEO of the Stellar Development Foundation, speaking about the partnership.
The information adds that by having a new blockchain, USDC is expected to reduce its reliance on the Ethereum network, which has provided support for the native ERC-20 currency since inception.
The price of XLM began a vertiginous rise on October 16 and reaches a high of $ 0.0830 this Saturday the 17th.
XLM’s market capitalization is estimated at USD 1,695 million and the trading volume in the last 24 hours was about USD 221 million.
As announced, the scheduled update of the Monero network was carried out on October 17. With this, the new Oxygen Orion code was activated, which promises to reduce the size of transactions by 25% and improve verifications by 10%. Simultaneously, the cryptocurrency experiences constant growth, being the fifth consecutive time that it is located in the weekly top. In these seven days its rise was 2%.
In addition to the Monero hard fork, the cryptocurrency made headlines this week due to the fact that it had fully financed the atomic swaps proposed to the community collective financing system (CCS). This will allow the execution of atomic swaps between Bitcoin and Monero. XMR’s price ranged from $ 115 to a high of $ 133.
The project for atomic swaps managed to raise 2,549.05 XMR (USD 323,500). It emerged as a response to the need expressed by the user community.
Monero’s market capitalization is $ 2,123 million and the last 24-hour trade is $ 484 million.
This week Decred has been promoting a Workshop called “Introduction to Blockchain and Decred API”, which took place this October 17. The objective of the meeting was to teach the users of the platform to access the information of a blockchain. The holding of the event coincided with the rise in the price of DCR, which is estimated at 2%.
The workshop focused on Decred’s Block Explorer API, identified as dcrdata. The Decred team has also been working on the development and execution of tests for DCR-BTC atomic exchanges, through the decentralized platform Decred Decentralized Exchange (dcrdex), as posted on Twitter.
Meanwhile, the value of DRC registered a significant rise from the 16th, reaching a peak of USD 13.29 on October 17. This, after a slow decline that was observed since October 10.
As of press time, DCR’s market capitalization is USD 153 million and 24-hour volume is USD 5.2 million.
The Bitcoin ABC team announced on October 13 the release of version 0.22.4, which contains the new features to be implemented in the next hard fork, expected in about 28 days. The presentation of this new version coincided with the increase in the price of BCH, which in the last seven days registered an advance of 0.7%.
The fork of the network is part of a multi-month dispute between groups ABC and BCH Node. The differences arise due to the rejection, by BCH Node, of the coinbase rule activated by the ABC group. It is a kind of tax that requires a contribution of 8% on the rewards for a new block created.
Both groups seek the support of the majority, as the rights to the Bitcoin Cash brand are in dispute. Meanwhile, the value of BCH went from USD 241 on October 10, to USD 244 this Saturday 17.
The coinbase rule was included in version 0.22.0 announced in mid-August. Since then 4 additional versions have been released. BCH’s market capitalization is $ 4,524 million and daily trade is estimated at $ 2,191 million.
As a result of the instability of the market, some currencies have presented a behavior contrary to the upward trend. That was the case with Curve DAO Token (CRV), a cryptocurrency that provided premium subscribers on Telegram with a total of 167.55% ROI 🔥.
Curve DAO Token (CRV) is a governance token with time-weighted voting and value accrual mechanisms. As of this writing, the downtrend continued within a falling wedge.
For those who want to follow the best opportunities within Binance and Binance Futures without limitations and with the possibility of making an ROI greater than 100% in a few days, ask @rubikav on Telegram for our premium plans and upgrade your experience as a trader.
Also ask for the account manager service, where we do the operations for you and make the decisions for you. It is not necessary to give us your account, everything is done through the Cornix apis manager.
See you in the next story! With love 💛 Rubikav® Team!
Let us know what you liked the most about this article in the comment box.
Make the next generation of blockchain video game development with Enjin. Click on the banner and know more.
Don’t forget to use or referral code “rubikav” and enjoy the best experiences.