Weekly Cryptocurrency Market Summary Before Breaking Barriers
During the week of February 6 to 13, 2021, the market shows a marked upward trend. The price of the vast majority of altcoins has gained growth that has reached over 200%, and officially the total crypto market has exceeded $ 1.5 trillion for the first time ever.
The most appreciated cryptocurrencies in these seven days, and according to criptonoticias, are headed by Avalanche (AVAX), which was incorporated into BitPanda’s list of crypto assets. They are followed by IOTA (MIOTA), which implemented its own decentralized oracle; and Lisk (LSK), included in the list of new cryptocurrencies that are traded on AirTM.
The weekly top closes with Cardano (ADA), which this week was incorporated into Binance’s staking system; and Tron (TRX) organizing a DeFi product hackathon.
Reaching The Goal
This week the price of Bitcoin continued to advance, after having surpassed USD 40,000 again on February 6. The cryptocurrency traded between $ 37,000 and $ 48,000, to experience growth of 15.7% in seven days.
The value of Bitcoin skyrocketed earlier this week, surpassing $ 44,000 per unit for the first time in its history on February 8. This occurred after the decision of the automotive company Tesla to invest more than 1.5 billion dollars in the cryptocurrency was announced.
On the other hand, we are almost reaching the goal of breaking the 0.7 Fibo at 49077.77 on a weekly start of wave 5 from Elliot. If this happens, very soon, we will see the price going up to 0.6 Fibo and exactly 72727.13, a region where we know that many will sigh with joy, but at the same time, it will drive the fear of gaps with a possible price correction. Bitcoin under these categories is extremely bullish.
Ether (ETH), on the other hand, also appreciated. Their average progress was 6%. The price ranged between USD 1,546 and USD 1,872 in these seven days. During the first week of February, the Ethereum cryptocurrency accounted for 80% of the weekly investment flow, attracting $ 195 million.
Investments in ETH were higher than those in bitcoin, a fact that analysts saw as unusual and take as a sign that investors are looking to diversify their portfolios.
It is surprising how the son follows the father and the high correlation that exists between Bitcoin and Ethereum. The latter continues its Elliot wave 5 trajectory towards the next 2k breakout.
Other relevant cryptocurrencies by market capitalization also increased in value. This is the case of Litecoin (LTC), which appreciated 26%; and Ripple’s XRP, which gained around 35%. Polkadot (DOT) also rose in price, up 42%; and Cardano (ADA), which grew by 66%.
Avalanche is a decentralized application network whose technology enables the implementation of enterprise blockchains (public or private), and interoperates with other platforms.
This February 10, the cryptocurrency of this network was incorporated into the list of assets of the BitPanda exchange. The announcement coincided with AVAX’s price hike, which posted an average weekly increase of 162%.
In a post on its blog, BitPanda also informs that it will distribute 5,000 euros in AVAX, within the framework of a trading contest that runs from the 10th and will close on February 17. From the start date of this event, the price of AVAX began to rise significantly, reaching a peak of $ 59 that same day.
Additionally, the Avalanche team announced the launch of a new decentralized exchange (DEX) called Pangolin, which runs on the Avalanche network.
“Pangolin is compatible with all Avalanche tokens and Ethereum assets and tools,” says the company’s note, adding that the DEX works with the same automated market model as Uniswap.
The market capitalization of AVAX is USD 3.48 billion, and the daily trade volume is USD 261 million.
Own Decentralized Oracle
On February 8, the IOTA team announced on its corporate blog the implementation of oracles with the launch of IOTA First Party Oracle, which will run on its Tangle blockchain network. Amid the spread of this fact, MIOTA price saw a significant rise, with an average rise of 122%.
“The IOTA oracle will begin to handle external data on various indicators of interest (…) Unlike traditional oracles in blockchain networks, it does not use external sources provided by a third party, but this process will be in charge of the sensors interconnected with the network of the project,” indicates the writing.
They explain that these oracles will benefit from some of the features of the IOTA blockchain, most notably free transactions. They also claim that the process in IOTA is simpler and more efficient than in other networks. To do this, they offer a complete solution that will allow data providers to send information directly to Tangle.
A few days after the announcement, between February 10 and 11, the price of MIOTA saw a substantial rise, going from $ 0.75 to a high of $ 1.27.
The market capitalization is USD 3,549 million, and the 24-hour trading volume is 279 million USD.
Personally, will be buying the breakout levels between 1.34 and 1.65, with an average price of 1.101. It is simply a project with good long-term potential.
We will sell by the end of March in case it has a positive impact on investors. We really see Iota doing what Cardano is doing now.
Historical Financial Fact
In a note published on his blog on February 11, the 24 new crypto assets that are incorporated into the list of currencies that can be traded in the AirTM virtual wallet, very popular in several Latin American countries, were announced. Among them, 3 of the 5 cryptocurrencies that are in this weekly top are mentioned. These are Lisk (LSK), Cardano (ADA), and Tron (TRX).
In the particular case of LSK, the news seems to have had a positive influence on its price, which had already increased since February 9. This, shortly after the cryptocurrency was incorporated into the staking service of the BitFlyer exchange, as reported on Twitter.
The value of LSK rose significantly on February 10 and has maintained its upward trend since that date. For this February 13, the price reaches a maximum of USD 2.97. On average, the cryptocurrency has grown by 82% in seven days.
According to the publication of AirTM, the expansion of its list of crypto assets has to do with the boom reached by the adoption of cryptocurrencies in Latin America, “being an expeditious way to save money and generate higher dividends.”
The AirTM team assures that many people write to them worried about owning cryptocurrencies other than bitcoin and ether. This requires indirect transactions to fund your AirTM account. “With these new 24 cryptocurrencies, purchases or funding will now be direct, without the need to make previous changes or exchanges,” concludes the note.
LSK’s market capitalization is $ 345 million, and daily trade volume is $ 84.6 million.
Since last February 10, the Binance exchange includes Cardano (ADA) in the locked staking service offered on the platform.
Shortly after this information was released, the price of Cardano’s cryptocurrency skyrocketed in the market. ADA surpassed the high it reached three years ago ($ 0.92), reaching $ 0.96 on February 11. Its average rise was 66% in these seven days.
According to the information, reported by CriptoNoticias, the users of the exchange will receive an annual percentage yield of 21.79%, interests that will be placed daily in their wallets. Interested parties may stake their coins for a maximum of 15 days, blocking at least one unit of the cryptocurrency, with a maximum limit of 1,000 ADA.
This is the second week in a row that Cardano has been in the weekly top. Its price was also boosted by being on AirTM’s list of new coins.
The value of ADA began to increase slowly from February 8, to rise sharply from days 10 and 11. The rise has been maintained in recent days, although in recent hours the price tends to fall.
At the time of writing, ADA’s market capitalization is $ 28,521 million, and its daily trading volume is $ 1,842 million.
In a series of tweets published since the beginning of February, Justin Sun, CEO of the Tron Foundation, talks about the hackathon that is organized for the development of decentralized finance (DeFi) products in the Tron ecosystem.
The publication of these messages coincides with the rise registered by the cryptocurrency of this network, TRX, which this week had an average growth of 64%.
In his message, Sun reminded interested developers of the TRON 2021 Defi Hackathon event schedule, whose registration began on February 3 and will end on February 28. The hackathon is expected to take place in the first days of next May.
They are offering $ 10 million in prizes to distribute to the winning developers. They ensure that the event will be held every year as an annual meeting of innovative solutions in DeFi.
The value of TRX has been on a steady rise since February 8, reaching a peak of $ 0.057 on February 13.
The cryptocurrency is also on the list of 24 cryptocurrencies that are now accepted on AirTM, which can be purchased from any wallet external to the platform.
TRX’s market capitalization is $ 4.031 billion, and daily trade volume is $ 1.441 billion.