From October 25 to 31, 2021 the market continues with ups and downs. Most cryptocurrencies show a downward trend and the few altcoins that have risen in price are registering increases of up to more than 160%, according to Live Coin Watch statistics.
The weekly top is headed by Decentraland (MANA) , the price of which was boosted by the Facebook metaverse announcement; and Shiba Inu (SHIB) , which this week marked two new all-time highs.
They are followed by Gnosis (GNO) , which launches a new decentralized exchange; and dogecoin (DOGE) , which is again boosted by a tweet from Elon Musk. The list of most appreciated cryptocurrencies closes with IOTA (MIOTA) , which launched the beta version of its smart contracts.
The price of bitcoin (BTC) also shows ups and downs this week and registers multiple corrections. At the time of writing this newsletter, the cryptocurrency has lost 0.03% of its value, remaining almost at the same price as last Sunday. This, after having marked a new historical maximum (ATH) the previous week. This price can be consulted in the calculator from CriptoNoticias.
As reported by this media, for analyst Willy Woo the value of bitcoin has been overvalued and, although demand has increased in the last two weeks, he considers that it has been insufficient to justify a price of around USD 65,000.
Underlines that, due to insufficient demand, the value of the cryptocurrency could maintain instability with a downward trend.
On the other hand, Ether (ETH), the cryptocurrency of Ethereum, gained more than 4% of its value in seven days, trading between $ 3,941 and a high of more than $ 4,400 on October 29. With that peak, ETH marked a new all-time high, the second in eight days.
On October 27, the first update of the Ethereum 2.0 network, named Altair . These are the first 64 fragments that will build the new blockchain. As explained by this medium, this upgrade entails several changes, including those related to incentive accounting and punitive parameters for network validators.
Other relevant cryptocurrencies by market capitalization show ups and downs. Cardano (ADA) lost 8% of its value; while XRP rose 1.7%; litecoin (LTC) gained 1%; and polkadot (DOT) appreciated by more than 0.11%. On the other hand, dogecoin (DOGE) rises by more than 12% to place itself in the top of the most appreciated of the week.
Facebook name change boosts Decentraland ATH
The price of Mana, the Decentraland metaverse token, reached a new all-time high (ATH) on October 28 when it traded at more than USD 1.4 and tripled its value in the following days.
The growth of MANA -and other tokens whose projects propose the creation of metaverses- is associated with the name change of Facebook to Meta , announcement made by the CEO of the company, Mark Zuckerberg. This is because the growth of cryptocurrencies was evident shortly after the news was released.
As reported by CriptoNoticias, Facebook will now focus on creating a Metaverse. It will be a 3D virtual space, where the 2.5 billion users of the social network could do thousands of digital activities with other people.
In the midst of these advances, the value of MANA rose more than 340% in a week. The rise was dizzying since October 28, reaching a peak of USD 4.22 on the 30th (new ATH for the token).
The other tokens linked to the metaverse that rose in price are: SAND, from The Sandbox, which rose 175%; and Enjin Coin (ENJ), which saw 71% gains. The same happened with tokens adjacent to the metaverse, such as Axie Infinity’s AXS, and Flow, a blockchain designed for NFT.
MANA’s market capitalization is USD 6,156 million and the daily trade volume is of USD 13,172 million.
Shiba Inu reaches three all-time highs in one month
Cryptocurrency Shiba Inu meme reached a third ATH, surpassing USD 0.000089 on October 27 . It is the third historical maximum registered by the cryptocurrency in a month.
As has been reported in this medium, the abysmal growth of the cryptocurrency placed it among the 10 crypto assets with the highest market capitalization in just a few days, beating even dogecoin, the other meme cryptocurrency based on the image of a shiba inu dog .
One of the reasons that is related to the advancement of SHIB, was a campaign carried out by a group of fans through Change.org, so that the platform of Robinhood investments include Shiba Inu in its list of crypto assets.
Additionally, it was also learned this week that now you can easily buy SHIB with BTC and other currencies thanks to its recent incorporation in Evonax , a new cryptocurrency exchange where instant asset exchanges are carried out.
The price of the token maintains a steady rise since October 26 d. The rise was vertiginous in the following two days, although after reaching this third ATH several corrections were observed, with a downward trend in the last hours. The weekly average is estimated to be over 82%.
As of press time, SHIB’s market capitalization is USD 39,259 million and daily trade volume is USD 10,182 million.
Balancer integrates with Gnosis and launches new DEX
Two of the most important protocols of the Ethereum network, Balancer and Gnosis, partnered for the launch of a new decentralized exchange (DEX).
The announcement was made by the head of growth at Balancer Labs, Jeremy Musighi, within the framework of the international LisCon event that took place this October 20 and 21 in Portugal with the participation of companies linked to the Ethereum ecosystem.
The new DEX It is called Balancer Gnosis Protocol (BGP) and combines the Vault architecture of Balancer V2 with the price search mechanism of the Gnosis protocol. As explained in a blog post on October 25, the goal of this service is to provide users with better experiences, including on-chain liquidity, MEV (miner extractable value) protection, optimized gas costs and better prices.
“Collaboration with Balancer is a natural fit, the native integration of the Balancer architecture allows us to achieve even better prices for end users and provide a seamless user experience on both platforms,” said the CEO and co-founder of Gnosis, Martin Köppelmann.
Shortly after the information was released, the value of the Gnosis cryptocurrency began to rise steadily since October 25, going from USD 384 to a peak of $ 468 this October 30. On average GNO rose more than 25% in one week.
Market capitalization is USD 669 million and daily trade volume is USD 3 million.
Elon Musk boosts Dogecoin again with a tweet
As is often the case with the cryptocurrency meme, traders’ interest in the dogecoin markets began to rise shortly after Elon Musk, CEO of Tesla and SpaceX, will publish a new tweet this October 28.
In his post, Musk responded to a comment by Billy Marcus (known on Twitter as Shibetoshi Nakamoto), advisor to the board of directors of the Dogecoin Foundation, expressing its support for DOGE. The tweet generated a rise in the cryptocurrency that in a few hours went from USD 0.234 to a maximum of USD 0.332.
Even so, DOGE’s progress has been surpassed by its now main competitor: Shiba Inu , which even was placed above dogecoin in the ranking by market capitalization.
In this regard, Su Zhu, co-founder, CEO and director of information from the fund management firm Three Arrows Capital, observes a profit rotation between both cryptocurrencies considering that the rise in the value of DOGE occurred at the time that SHIB experienced a correction.
On average , dogecoin increased around 12% in seven days. At press time the market capitalization is USD 35,292 million and the daily trade volume is USD 2,891 million.
IOTA launches smart contracts in beta version
The IOTA team activated the beta version of the network’s new smart contract solution this week. As explained in a blog post, with this launch the Internet of Things (IoT) protocol has moved to Web3, along with a new decentralized applications utility (dApps).
They add that with this version it is possible e interoperability of IOTA smart contracts with Ethereum Virtual Machine (EVM) and any smart contracts written in Solidity. This, they limit, gives the platform additional functions to operate in the NFT markets, decentralized finance (DeFi) and decentralized exchanges (DEX).
Thus, for example, «the NFT market based on IOTA’s Tangle will allow the minting of NFT with no transaction fees. On the back of the NFT craze, IOTA will compete with offerings on chains such as Solana and Ethereum. ”
In this context, there was a significant advance in the value of the MIOTA token in these seven days , with a continuous rise between October 25 and 27. The cryptocurrency falls the following days to return to the rise on the 30th and reach a peak of $ 1.44 on October 31. Average growth was over 9%.
MIOTA’s market capitalization is estimated at USD 3,948 million and daily trade volume is USD 146 million.
