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Bitcoin crash leads market to red balances, Beam and Gnosis top weekly top

From November 29 to December 5, 2021 the market registers red balances. About 99% of cryptocurrencies have lost value since Saturday, December 4. This, after the drastic fall in the price of bitcoin (BTC) that dragged about 98% of the altcoins, taking them to a general decline.

The few crypto assets that are shown on the rise for this Sunday December 5 have weekly gains of up to more than 30%, according to Live Coin Watch statistics.

In this bloody context, this week’s top cryptocurrencies have been reduced. It is headed by beam (BEAM) , which launched a new marketplace for non-fungible tokens; and gnosis (GNO), voting on a plan to merge with xDai, Ethereum’s sidechain.

Followed by solana (SOL), who entered Grayscale’s list of cryptocurrency-based funds; and waves (WAVES) , whose decentralized exchange rebounds with the increase in liquidity funds for its new token WX.

The price of bitcoin experienced a sharp fall this weekend, reaching as much as USD 42,000, a sudden drop that occurred at dawn last Saturday and is attributed to a manipulation of the market. A fact that adds to the general nervousness of investors.

Although in the following hours the pioneer cryptocurrency managed to exceed its values ​​above USD 47,000, the average weekly loss is estimated at 8.8%.

In this regard, the analyst Willy Woo pointed out that, before the decline, important purchase orders were entered in large exchanges , encouraging bullish sentiment in the market. But since they were not supported, these orders had to be canceled before their execution.

Additionally, according to other analyzes, the downturn also occurred as a result of the uncertainty generated by the possible effects of the omicron variant of covid-19, together with the growing discomfort of the Federal Reserve Board (FED) due to the high inflation that the United States economy is experiencing and that affects the rest of the world.

The president of the organization, Jerome Powell, spoke about this issue a few days ago, acknowledging that it was time to withdraw the word “transitory” to refer to the rapid pace with which the prices of products and services are increasing.

As reported by CriptoNoticias, the director of the institution believes that prices will also rise due to concern about the variant of the covid. The nerves generated by the possible effects of these two events have had a negative impact on the stock markets.

Ether (ETH), the cryptocurrency of Ethereum , also lost value amid the general decline on Saturday, but has managed to rise in price in the last hours. Its weekly average is shown in green, with a growth of 1 , 8% in these seven days.

The cryptocurrency was quoted between USD 3,696 and more than USD 4,700, while the Ethereum network takes a new step in the transition to its version 2.0. The blockchain began to experiment in the testing phase of The Merge (“the merger”), a stage that includes the union of the original block of the new network, called Beacon Chain, with the current chain of blocks.

Other relevant cryptocurrencies by market capitalization are also in decline . Cardano (ADA) depreciated 10%; and polkadot (DOT) at 14%. This, while litecoin (LTC) falls by 18%; dogecoin (DOGE) falls by 14%; and XRP loses 13% of its value.

Beam launches new marketplace for NFT commerce

Through a message published on his Twitter account this December 2, the Beam team announced the launch of a new marketplace for non-fungible tokens (NFT) within its network.

The new virtual space has been called BeamNFT and its goal is to offer a variety of collectibles for users of the blokchain, who must connect the site to their BEAM wallets to make purchases .

According to what the official marketplace site indicates, so far 286 pieces of art have been sold for a total amount of 124,283 BEAM (equivalent to about USD 96,000 at the current exchange rate). The most expensive sale was 2,999 BEAM (about USD 2,300).

The news about the new trading space for NFT led to the immediate rise of the platform’s native cryptocurrency, which increased almost 100% in a few hours. The cryptoasset BEAM, known to be one of the currencies based on the MimbleWimble privacy protocol, went from USD 0.607 to a peak of USD 1,155 on December 2.

Despite the slight corrections of the following days, BEAM remained with green balances at the time of the generalized fall caused by bitcoin. Its average weekly advance is 34%, although it tends to decline in the last hours.

The market capitalization is USD 70,157 million and the daily trade volume is USD 29.3 million .

launch of BeamNFT, peaking at over a dollar. Source: Live Coin Watch.

Gnosis votes on plan to merge with Ethereum sidechain

In mid-November, Martin Köppelmann, founder of Gnosis, presented a plan that would allow the merger of the well-known Ethereum-based predictive marketplace platform with xDai, a developer sidechain and one of the oldest layer 1 alternatives on the network.

On November 30, as reported by the Köppelmann himself on Twitter, started the voting process on the GnosisDAO platform to approve or disapprove the project.

The objective of the merger, that so far has more than 60% approval , is to combine technical knowledge and funding to create «Gnosis Chain », a combined blockchain that could lead to further development of the two chains.

The founder of Gnosis adds that the expectations for the implementation of the plan are very high , highlighting that it is one of the largest decisions that is put to a vote in the DAO (launched at the end of 2020). This, considering “the impact in the future that the plan will have on 2 large projects that operate on Ethereum.”

With the dissemination of this information, the price of the Gnosis token, GNO, began to rise substantially , in a steady rise that took its value to a high of $ 478 on November 30. The advance was also affected by the fall of bitcoin this Saturday, although GNO began to rebound almost immediately, with which the weekly growth reached more than 5%.

At the close of this wording, the market capitalization is USD 621 million and the daily trade volume is USD 2 million.

Solana enters the Grayscale fund list

The announcement, published on December 2, according to which the signature of investment in cryptocurrencies Grayscale had included solana in its list of products generated an increase in the price of the token that that same day reached a peak of USD 242.

The information was released by the Grayscale team on Twitter, indicating that Grayscale Solana Trust becomes the 16th crypto-asset-based fund offered to its investors. They highlight, as reasons for Solana’s inclusion, the fact that the blockchain is becoming popular among decentralized finance projects (DeFi).

«The price of its token has skyrocketed in the last months from 50 to more than 200 dollars today, as the blockchain has gained traction and demand has exploded among retail and institutional investors, “they comment in a blog post.

With the spread of the news, the network’s cryptocurrency, SOL, began to rise in price on the same day. The growth was constant until the next day.

On average, the cryptocurrency registered an average rise of more than 3%, maintaining a slight increase after the generalized fall of the market. However, this percentage tends to decrease in the last hours due to market traction. SOL’s market capitalization is USD 53,274 million and the volume of trade daily is USD 2,999 million.

SOL price peaked at $ 242 on December 2. Although it rebounded after the general market fall, in the last hours it has tended to decline. Source: Live Coin Watch.

Increase liquidity funds for new token Waves

In a tweet published this December 2, the Waves founder Sasha Ivanov highlighted the growth of Waves.Exchange (formerly Waves DEX), a decentralized trading environment for the exchange of assets based on Waves and other supported cryptocurrencies .

In recent days the DEX has been boosted by the increase in liquidity funds of WX (new token of the platform) , which has already reached USD 140 million according to Ivanov’s statistics.

As the Waves team explains, WX has been designed for the development of the DeFi environment of the blockchain and the first files as began to be unlocked on November 25, at block 2,871,851. This unlocking process will continue gradually over the next year.

In the framework of these advances, the WAVES cryptocurrency reached increase about 2% in seven days , after reaching a peak of USD 23 on December 2. It is a growth that – like that of the rest of the cryptocurrencies in this top – has been diminished by the general decline of December 4.

As of press time, the market capitalization is USD 1,849 million and the daily trade volume is USD 112 million.

WAVES tends to decline in the last hours after experiencing an average weekly advance of 2% and hit a high of $ 23 on December 2. Source: Live Coin Watch.

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Sandra Loyd
Sandra Loyd
Sandra is the Reporter working for World Weekly News. She loves to learn about the latest news from all around the world and share it with our readers.

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