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These Were The Cryptocurrency Market Projects That Stood Out During The Week

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During the week of November 6 to 15, the market registered ups and downs. About 50% of cryptocurrencies rise in price and achieve increases of around 16%, according to statistics from Coin Check Up.

The most appreciated cryptocurrencies in these seven days are led by Decred (DCR), which follows the promotion of its new decentralized exchange DCRDEX; Waves (WAVES), which begins alpha testing on its Gravity platform; and NEM (XEM) which opens a contest for traders.

The weekly top of outstanding cryptocurrencies is completed with Dash (DASH) that will start a process to debug outdated masternodes; and Beam (BEAM), which announces the launch of its own DeFi.

On An Important Support

Bitcoin, for its part, follows the rally started a week ago that took it to exceed $ 15,000. In these seven days, the cryptocurrency has exceeded that value several times, reaching a peak of USD 16,400 on November 16. BTC’s weekly advance is estimated at 3%.

The recent pace of bitcoin’s rise has led many in the ecosystem to speculate on new all-time highs in the near term. Among them is analyst Bob Loukas, creator of The Financial Tap, who posted some insights on the price movement on Twitter. Based on his estimates, it makes sense for BTC to break above $ 20,000 soon. However, he believes that this would happen after a new correction.

Oscillating Price

The price of Ether (ETH) is showing slightly lower this week, moving between $ 425 and $ 473, for an average weekly decline of 0.07%. The Ethereum ecosystem saw a sudden on-chain split on November 11.

The cause of the chain split is attributed to delays in updating the clients of certain nodes. Among them, the Infura company stands out, which, as it was known, ran an old version of the Geth client.

The prices of other relevant cryptocurrencies on the market also have ups and downs. Ripple’s XRP gains 1.7%; Ethereum Classic (ETC) depreciates by 6.8%, and Litecoin (LTC) is down 0.6%.

Successful Launch

Following the launch of the decentralized exchange DCRDEX, the Decred team continues to promote the new platform. In its most recent report, which summarizes the milestones for the month of October, Decred ranks this launch as one of the most important and invites users to download a guide to get started at dex.decred.org.

DCRDEX has already been in operation for a few days and has been driving the price of DCR for a few weeks, ranking for the second time in a row at the top of CriptoNoticias. The growth of the cryptocurrency became more evident since November 12.

On average DCR rose about 18% this week. Among the features of DCRDEX, it is mentioned that the software is available for download for Windows, Linux, and macOS users. Meanwhile, DCR reaches a peak of $ 19.5 on November 13, although it has been corrected downwards in the last hours.

In its monthly newsletter, Decred also mentions the progress in the development of the software version v1.6.0 that will be released soon. In addition to DEX, the new version includes adjustments to the treasury and mining codes. DCR’s market capitalization is $ 217.8 million and daily trade volume is $ 9.8 million.

Starting Tests

The public blockchain Binance Smart Chain (BSC) is integrated with Gravity, Waves’ cross-chain network, for a series of alpha tests. The information was released on November 12 in the framework of the growth recorded by the WAVES cryptocurrency, whose value rose by 16%.

According to what is published on the Waves blog, the first alpha product built on top of Gravity is SuSy, an interface for cross-chain gateways with Waves as the source and Binance Smart Chain as the destination chain.

Meanwhile, in these seven days the price of WAVES oscillates between a minimum of USD 3.40 and a maximum of USD 4.35 reached this November 14. The price gained greater momentum since November 9.

According to Waves, SuSy allows users to exchange Waves USDN tokens to Binance BSC. The idea is to take advantage of the properties of BSC, compatible with EVM (Ethereum Virtual Machine) and the universe of tools and Ethereum dApps. As the version has not yet undergone a security audit, it is recommended that test participants use small amounts for the exchange.

WAVES market capitalization is $ 443.4 million and last 24 hours trade is $ 113.4 million.

Offers Support

After launching the XYM Opt-in for the allocation of the tokens of NEM’s new Symbol platform, it is announced that the BitFlyer exchange will also offer support for the launch of XYM in December.

The news is released as XEM is placed, for the second consecutive week, at the top of the most appreciated cryptocurrencies. In these seven days, its value ranged between a minimum of USD 0.1040 and a maximum of USD 0.1393.

Additionally, this Friday, November 13, NEM opened a competition for traders that will start next week. Those interested can now register to compete from November 16 to 23.

They will be able to trade the XEM / BTC pair with up to 20x leverage. Meanwhile, the rise in XEM is noticeable since November 7. The weekly advance of the cryptocurrency is estimated at 15%.

According to NEM, operators that enter the contest will be ranked based on the percentage of ROI they generate from their operations. About 50,000 XEM (about USD 7,000) will be distributed, and whoever is in first place will receive 15,000 XEM as a prize.

As of press time, XEM’s market capitalization is $ 1.21 billion and 24-hour trading volume is $ 27.9 million.

Mechanism Activated

The company behind the development of the Dash cryptocurrency, Dash Core Group (DCG), will activate Spork 21 as of November 17. It is a mechanism that allows deactivating the masternodes that are not running version 0.16 released last September on the main network.

As of the announcement of this process, made on November 10, the price of the cryptocurrency began to rise the following days, appreciating by 14%.

In a publication, the company pointed out that 79% of masternodes have adopted the new software (client) corresponding to version 0.16. Based on this, it will activate the Spork 21 mechanism to start a debugging process for the master nodes. Meanwhile, DASH peaks at $ 79 on November 14, after starting the week at $ 65.

“If your masternode is not updated to v0.16, it will be banned and then you will not be paid,” the company clarifies. They assure that the service will be very useful for users of decentralized applications (dApps).

In the last hours, the market capitalization of DASH is calculated at USD 753.7 million and the trading volume in 24 hours is about USD 273.8 million.

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Resources

  1. https://www.criptonoticias.com/mercados/decred-waves-lideran-top-semanal-altibajos-mercado/

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