From September 6 to 12, 2021 the cryptocurrency market presents itself with many ups and downs. Only half of the altcoins show slight growth that reached up to 30%, according to Live Coin Watch statistics.
The weekly top is headed by avalanche (AVAX) which announced an integration with Binance; and solana (SOL), which was located in the top 10 of the cryptocurrencies with the largest market capitalization.
They are followed by tezos (XTZ) , which launched a new function for decentralized autonomous organizations (DAO); and tron (TRX) , which joins the BitTorrent protocol to implement a new cross-chain function.
The five cryptocurrencies are completed with waves (WAVES) , launching new features in its digital duck competition at NFT.
The price of bitcoin (BTC) falls again this week, losing 8% of its value in these seven days, although it still remains in ranges that oscillate between USD 45,000 and USD 50,000. According to CoinMetrics analysis, the reason for the decline was a rapid succession of liquidations .
«As is often the case, the sudden drop was probably due to a series of liquidations of strongly leveraged futures positions. More than USD 2.3 billion were settled last Tuesday, the highest magnitude since May 19, “says the report.
Meanwhile, ether (ETH), the cryptocurrency of Ethereum, also fell from price in this period, trading between USD 3,173 and just over USD 3,968. On average ETH lost just over 12%, in a decline driven, in part, by the decline of bitcoin .
CryptoNews reviewed how it does one week ether was approaching its all-time high, amid the expectations generated by the new commission scheme that was implemented with the London fork a month ago.
However, the price of the cryptocurrency falls back in these seven days amid high gas rates still paid on the network , due to the rise of non-fungible tokens (NFT). This fact, according to analysts, seems to drive users to migrate to other platforms.
Other relevant cryptocurrencies by market capitalization continue with ups and downs. XRP loses 13%; dogecoin (DOGE) down 19%; cardano (ADA) drops 6%; and litecoin (LTC) depreciates 18%. Polkadot (DOT) is one of the few cryptocurrencies that appreciates, with an advance of 1.6%.
Binance integrates one of the Avalanche chains
According to the information published in the blog of Binance on September 7, this exchange completed the integration of Avalanche (AVAX) C-Chain, opening the deposits for C-Chain AVAX tokens from the 9 of the same month.
AVAX C-Chain is Avalanche’s “Contract Chain (C)” that allows users to execute contracts on the Ethereum Virtual Machine (EVM), alongside regular smart contracts. Through this platform you have access to the most sought after decentralized applications or dApps, as well as DeFi and NFT projects.
The integration in Binance eliminates a series of steps to the withdrawal in the exchange of tokens of the chain C . The process involved sending assets to an Avalanche wallet and then pooling the tokens a second time to access AVAX C-Chain.
The note adds that, in addition to supporting deposits and withdrawals of AVAX tokens from C-Chain, Binance will continue to support deposits and withdrawals of Avalanche’s X-Chain and BEP-20 AVAX tokens.
As of this announcement, AVAX began to rise in price, advancing at a steady pace until reaching a peak of USD 64 this September 12. On average, grew to more than 33% in these seven days.
The market capitalization of AVAX is USD 13,357 million and the daily trade volume is USD 2,579 million.
Solana goes to the top 10 among the largest cryptocurrencies on the market
The cryptocurrency SOL, linked to the Solana network, this week moved to seventh place among the 10 with the highest market capitalization . All this, amid the expectations that the blockchain will become, in the long term, one of the main competitors of Ethereum.
The defenders of Solana, launched 18 months ago , promote the speed and lower cost of transactions in DeFi and dApps projects, a market dominated until now by Ethereum.
The creators of the new platform describe it as “resistant to censorship” and point out that, so far, there are about 400 projects built in their network .
In this regard, a Bloomberg publication quotes the words of Antoni Trenchev , co-founder of the cryptocurrency bank Nexo, who highlights that “Solana has a growing ecosystem, several projects are being built on it and it has benefited greatly from the NFT boom.”
Many analysts point out It is precisely the entry of the NFTs to the Solana network, a fact that took place last August, was the key to the rise.
E n September 2020 the cryptocurrency SOL was worth 3 dollars and in these last seven days it exceeded USD 200, reaching a new historical maximum on September 8 , when it registered a peak of USD 214. The token has tripled in approximately three weeks.
SOL’s growth was 31% in seven days. The market capitalization is estimated at USD 51,147 million and the daily trade volume is USD 3,328 million.
Tezos launches a new function to operate DAO on its blockchain
The project behind Tezos announced the launch, on the mainnet, of Homebase, a mechanism that allows users to create and easily manage decentralized autonomous organizations (DAO) .
«Homebase is a web application that allows users to create and manage / use DAO on the Tezos blockchain . This application aims to help empower community members and developers, “says the note published on September 7.
They add that, currently, are provided two types of DAO templates : registers and treasuries. Treasury bonds allow funds to be raised and spent through community voting processes.
In the midst of these advances, XTZ, the network’s native cryptocurrency, skyrockets by more than 26%. The rise has been steady since September 8, shortly after the announcement, taking the value of the cryptocurrency to a high of more than $ 6.80 on September 10 .
The market capitalization is USD 5,832 million and the daily trade volume is USD 604 million.
TRON and BitTorrent team up to launch BitTorrent Chain
The Tron and BitTorrent Inc. teams are working on a joint project with the aim of launching, on October 30, a new project called “BitTorrent Chain (BTT) “.
The news was announced in a BitTorrent tweet, published on 3 September, which indicates that BTT is intended to be a heterogeneous cross-chain interoperability protocol scalable within the blockchain world.
The idea is that BTT serves to feed the interconnected chains and act as a Layer 2 scaling solution. They seek to solve Tron’s interoperability problems with DeFi, NFT and dApp projects.
The news is giving a significant boost to the price of TRX. The cryptocurrency has seen an increasing advance since September 11. On September 5 it had a peak of more than USD 0.116 per unit. On average, its advance has been above 13%.
At press time, TRX’s market capitalization is USD 8,149 million and the daily trade volume is USD 3,074 million.
Digital ducks on NFT take Waves back to the weekly top
Waves continues to present new options to the participants of the competition that has been running since last April, with the digital duck breeding in NFT format called Waves Ducks.
On September 10, Dip4v2 functions were incorporated into the competition, which are focused on attracting more players through the fighting mode , according to the Waves publication.
The fighting between Waves digital ducks ( Duck Wars ) I know have implemented in test mode on the network, accumulating is Statistics with the goal of making improvements later.
The game with Waves digital ducks, in which blockchain users actively participate, has been significantly influencing the increase in the price of the token native. Thanks to this, the cryptocurrency is located in the weekly top for the second consecutive week .
The price of WAVES has been on an increasing rise since September 8, with various corrections. It reached a maximum of USD 33.28 on the 9th. On average, it gained more than 9% in the week.
By As of press time, WAVES ‘market capitalization is USD 3,219 million and daily trade volume is USD 149 million.