Avalanche’s price has increased 280% in the last month.
Since its launch at the end of 2020, Polkadot has appreciated by more than 300%.
During the week of January 10 to 17, 2021 the market shows ups and downs. A vast majority of altcoins are declining in prices, while a few experience growth exceeding 90%, according to Coin Check Up statistics.
The most appreciated cryptocurrencies in these seven days are led by Avalanche (AVAX), announcing a new node configuration support company; and Polkadot (DOT), which this week managed to climb to fourth place by market capitalization.
The list of crypto assets for the week is completed with Cardano (ADA), which advances its interoperability plans with Litecoin; and Waves (WAVES), which organizes a trading competition and offers prizes. The top closes with Zcash (ZEC), which is advancing in the process of implementing a new version of its protocol.
The price of Bitcoin, for its part, this week underwent a significant correction that brought its price back to the $ 30,000 range. On average BTC experienced an 11% drop in seven days. Despite this, the cryptocurrency resumes its upward trend, again touching USD 40,000 by January 14.
On these ups and downs, CriptoNoticias published the statements of the director of strategy of CoinShares, Meltem Demirors. He said in an interview that although volatility and cyclical movements in bitcoin are expected to continue, the trend will continue to rise this year. “Simply because there is not enough bitcoin to meet the massive demand.”
Ether (ETH), on the other hand, is also down. his average decline was 7%. The price of the Ethereum cryptocurrency ranged between $ 926 and $ 1,347.
In their weekly report, Coin Metrics discussed the influence of the asset sell-off on the prices of both ETH and BTC. He cited the specific case of Ethereum futures contracts that were settled between January 9-11. “Long and short positions were liquidated due to large losses,” the report said.
Like much of the market, other relevant cryptocurrencies also lost value. This is the case of Litecoin (LTC), which fell 19.2%; and Ethereum classic (ETC), which was down around 12%.
The most emblematic case is XRP, which depreciated by 16%This week the cryptocurrency lost the fourth position it occupied in the top by market capitalization. This as a consequence of the legal problems that Ripple has been facing since last December.
Avalanche offers support for the configuration of nodes in your network
Avalanche is a decentralized application network whose technology enables the implementation of enterprise blockchains (public or private), and interoperates with other platforms. The project was launched in September 2020, co-founded by Emin Gün Sirer, a professor at Cornell University, in the US It promises to create an alternative ecosystem for dApps.
This week they announced on their Twitter account the release of a new software version (AvalancheGo v1.1.3), in addition to a new support for node hosting. The news was released on January 15 and 16, coinciding with a significant rise in the price of the native token AVAX. On average, the advance is estimated at 92% in seven days.
According to what is indicated in the tweet, with the new version patches were introduced to improve performance, for which the update is recommended. Simultaneously, established an alliance with Ankr, a startup that offers infrastructure for the implementation of blockchain nodes with access to the Web3. This with a view to increasing the size of the network.
Meanwhile, the price of AVAX was hovering between $ 5 and $ 14 over the course of the week. Ava Labs, the lead developer behind the protocol, is backed by Andreessen Horowitz (a16z), Initialized Capital, and Polychain Capital, among other investment firms. The market capitalization of AVAX is $ 981 million and the daily trade volume is $ 340 million, at the time of writing.
The price of AVAX has increased by more than 200% within three months of its launch. Source: Coin Check Up.
Registration of parachains in the Polkadot testnet begins
Similar to Avalanche, the Polkadot project was launched in the last quarter of 2020. It is a new decentralized protocol for the interconnection between public and private blockchains. This January 12, they announced the start of parachains registration in the Polkadot test network (Rococo V1). These are parachains or small blockchain networks that can be incorporated into the ecosystem.
In this context, the price of DOT began to rise gradually from the date of the announcement. The cryptocurrency was in the weekly top with an average rise of 80%.
That same day, the Plasm Network team, with infrastructure for Web3, joined as Polkadot’s first parachain. “We have successfully connected Plasm to Rococo V1 as Parachain,” the tweet reads, stating that the goal is to become an official Parachain by the end of 2021 and build a dApps hub in Polkadot.
According to what the media publishes, this is just one of the reasons behind the rise in DOT, whose price ranged between $ 7.18 and $ 19.24 for the week.
Some analysts believe that both Polkadot and Avalanche could become surrogate networks, given Ethereum’s scalability issues. In the immediate future, DOT rose to fourth place in the top cryptocurrencies, by capitalization market, displacing Ripple’s XRP from that place. DOT’s market capitalization is $ 15,112 million and 24-hour trading volume is $ 7.18 billion.
This week Polkadot started registering blockchains on its testnet. DOT’s advance was over 80%. Source: Coin Check Up.
Cardano plans to build a bridge with the Litecoin blockchain
IOHK CEO and Cardano project co-founder Charles Hoskinson confirmed this week that he is in preliminary talks with the Litecoin team. to build a bridge that allows interaction between both blockchain networks.
The information was released through a virtual meeting with the community. This, while the ADA cryptocurrency is placed in the top of the cryptocurrencies of the week with an advance of 22%.
Hoskinson shared with his followers part of the aspects that he will discuss with Charlie Lee and David Schwartz, directors of the Litecoin team, in what could be considered as a possible integration bridge between LTC and ADA. The proposal seems be in its early stages, with a view to starting the exploration of communication between both protocols.
Additionally, the Cardano Foundation promotes community participation with proposals to improve its ecosystem through the Catalyst Project. ADA’s value increased substantially from January 16, to reach a peak of USD 0.3816 on the 17th. At the time of writing, the market capitalization is USD 11.86 billion and its daily trade volume is USD 4.75 billion.
Cardano grows more than 20% this week, and invites the community to participate with improvement proposals for its ecosystem. Source: Coin Check Up.
Waves launches Neutrino protocol governance token and invites staking
On January 15, Waves announced the launch of the NSBT (Neutrino System Base Token) token, based on the Neutrino protocol, on the platform of Swop.fi, a decentralized exchange that operates on the AMM (automatic market maker) model.
Neutrino is Waves’ cross-platform project for the creation of stablecoins. The information was shared by Sasha Ivanov, founder of Waves, on Twitter. The offer to the community is to staking NSBT for profit in USDN, a currency pegged 1: 1 to the US dollar and backed by Waves.
Within the framework of this announcement, WAVES began to increase in price, with a significant increase for this January 17. On average, the cryptocurrency appreciated by 20% in these seven days.
Additionally, this week the integration between Chainlink Network and Waves was reported. The teams plan that between the two platforms smooth transfers of USDN and LINK tokens. “The Chainlink network will provide regular, on-demand verifications of the reserves that support the USDN on the multiple blockchain networks where it is issued,” the blog post says.
WAVES market capitalization is $ 803.5 million and daily trade volume is $ 428.6 million.
Between the end of December and the beginning of 2021 Waves and KuCoin held a competition for traders. Source: Coin Check Up.
Zcash presents new proposal and advances in the implementation of Halo 2
The Electric Coin Company (ECC), the company behind the development of Zcash (ZEC), presented the ZIP 224 improvement proposal as part of its plan for the activation of Halo 2, a new software that they hope to activate in the next update of the net. The proposal revolves around the elimination of the trusted setup system in the process of validating private transactions.
Shortly after this announcement, the value of ZEC has been increasing, reaching a peak of USD 119.56 for January 13. On average, the cryptocurrency appreciated 11% these seven days.
As reported by CriptoNoticias, the developers hope that with the approval of this proposal the possibilities of attacks on the network will be reduced, while offer greater assurance on the integrity of the ZEC supply. The idea is to implement a new shielded address format, using a new cryptographic construct that will not require the trusted setup.
In other information related to the cryptocurrency, it was also learned that the Bitnovo exchange, in Spain, reduced by 50% the commissions to buy ZEC, Monero and Dash. This is a bet on privacy coins, at a time when other platforms remove them from their exchange lists.
At the time of writing, ZEC’s market capitalization is $ 1.11 billion and daily trade volume is $ 953.7 million.
The Zcash developers hope that the community will approve their new proposal to implement Halo 2. Source: Coin Check Up.