From May 2 to 8, 2021, the cryptocurrency market continues to rise, despite the correction recorded by bitcoin a few days ago. More than 80% of altcoins registered growth and two of them reached more than 100%, according to Live Coin Watch statistics.
The weekly top is headed by Ethereum Classic (ETC) , which this week again surpassed its all-time high, trading above $ 150. It is presumed that this cryptocurrency, derived from a hard fork in the Ethereum community, is benefiting from the rally that ETH is experiencing currently.
Followed in the weekly top Dogecoin (DOGE) , included in the eToro and Gemini platforms; and Lisk (LSK) , which this month opened a meme contest related to its ecosystem.
The five cryptocurrencies are completed with EOS , and their recent proposal to increase the rewards of staking and the inflation rate; and Stratis (STRAX) , included in a new accelerator program for companies within the legal area.
The price of bitcoin continues to rise this week . On average BTC gained around 1.8% in these seven days , oscillating between 53,700 and 59,500 dollars.
Although the cryptocurrency lost 7% in the correction it experienced on May 4, its value remained above $ 50,000 in this period. It has been in this range for several weeks now.
Bitcoin has not touched USD 60,000 again. Some analysts attribute this lateralization of the price of BTC to the greater interest that altcoins are awakening among retail investors.
On this, the trader Spanish @ immortalcrypto believes that operators are temporarily migrating to alternative cryptocurrencies in search of higher levels of profitability and as a strategy to scale to bitcoin.
Ether (ETH), on the other hand, rises in greater proportion than bitcoin , appreciating 24% during the week. The price moved between USD 2,800 and more than USD 3,800 in seven days.
A recent study by the analysis firm Ecoinometrics highlights that the highest level of growth in price observed in ETH –Regarding BTC– it is because the two cryptocurrencies represent very different value propositions .
While the growth of the bitcoin market is Due to its adoption as a store of value, Ethereum’s growth “is driven by the development of decentralized applications and DeFi products,” says the study.
However, both platforms have something in common: Its growth is exponential, according to the document reviewed by CriptoNoticias.
Other relevant cryptocurrencies in the market are also on the rise. Cardano (ADA) advances 21%; Polkadot (DOT) gains 9.8%; Litecoin (LTC) grows 27.5%; and Ripple’s XRP appreciates by more than 3%.
Ethereum Classic emerges as an alternative to Ethereum
After Ethereum Classic on April 17 (ETC) will exceed the historical maximum (ATH) reached 3 years ago, trading above USD 40, this week it far exceeded that figure. On May 6, traded at a maximum of USD 168 , a value that represents more than 400% of its ATH on February 3, 2018 (of USD 38.9 ).
A variety of arguments are used in the media to explain the rise. Among them, it is said that the cryptocurrency is benefiting from the growing interest of investors for Ethereum , perhaps for the similarities in their names. Investors seem to see ETC as an alternative to the high costs of investing in ETH.
In that sense, some analyzes point out that Ethereum Classic’s earnings appear to be driven by retail investors , looking to bet on higher prices.
«The sentiment of social networks indicates that the new ETC holders consider that the ‘green Ethereum’ It is a much cheaper option than the giant ETH, ”said Joshua Frank, co-founder of The TIE , a platform that measures market sentiment around cryptocurrencies .
The increase in searches for the word Ethereum Classic on the Internet is also highlighted. According to data from Google Trends the level of searches had the highest score on May 6 (100 points), coinciding with the date of the new ATH.
In the framework of the hype of ETC, Barry Silbert, CEO of Digital Currency Group, recalled that the cryptocurrency is also traded in the popular application of trading Robinhood, where –together with DOGE– it has surpassed bitcoin and ether so far this year.
But it seems not only traders are interested in increasing their ETC reserves, as Grayscale also increased its stake in Ethereum Classic by 35% . The Grayscale Ethereum Classic Trust fund now has about $ 1,106 million in ETC under management.
The price of the cryptocurrency began a dizzying rise from May 3, after reaching above $ 40 on the 1st of this month. The weekly advance exceeded 250% between May 6 and 7.
At the time of this writing, the weekly rebound is 186%, with a downward trend in the last hours.
ETC is now the 15th largest cryptocurrency by market capitalization, after starting the year at position 38. The current capitalization is USD 13,271 million and the daily trading volume is USD 11,670 million.
Dogecoin hits new highs by listing on eToro and Gemini
On May 3, the investment platform eToro announced that from that date its users can buy and sell Dogecoin (DOGE) on their site.
The addition responds to “strong customer demand” , according to the company. Something similar happened on the Gemini exchange on May 4, when it reported that it had enabled the deposits of the cryptocurrency meme on its platform.
As reported by CriptoNoticias, the announcements coincided with a significant rise in the price of DOGE, along with an increase in market capitalization. Both figures reached new all-time highs.
The price of DOGE was placed above USD 0.570 and the capitalization was beyond USD 60 billion. The cryptocurrency ranked above Tether (USDT), Cardano (ADA) and XRP, to rank fourth by market capitalization .
The price increase is also related to the entry of the cryptocurrency in the professional baseball league of the United States. On May 3, the Oakland Athletics sold the first tickets paid for with DOGE. Dave Kaval, president of the organization, wrote on Twitter when processing the transactions. Tickets were sold for 100 DOGE and allowed to attend the series against the Toronto Blue Jays.
On average Dogecoin appreciated around 100% in these seven days. Its value ranged between USD 0.374 and USD 0.728, a peak that reached this May 8.
The market capitalization, at the close of this edition, is USD 85,853 million and the volume of daily trade is USD 27,116 million.
Lisk (LSK) is located at the top of CriptoNoticias for the second consecutive week. In the midst of preparations for its annual “Lisk.js 2021” event, which will take place on May 21-22, the team behind the project launches a Lisk-inspired meme contest.
From According to the message posted by Lisk on Twitter, the contest will be open until May 17. The idea is that the participants send a meme about the cryptocurrency and follow the social networks of the project during these two weeks. They can receive up to USD 135 in LSK as a prize.
In this context, the price of the cryptocurrency has been in constant advance since May 6, gaining greater momentum the next day, when it exceeded 11 dollars per unit, its maximum for the week.
On that same date the team released a new version of its software development kit : SDK v5.0.5. The new kit corrects a series of errors from the previous version, “in P2P, cryptography and framework”, as highlighted in a tweet.
On average, LSK appreciated almost 54% in seven days. As of press time, LSK’s market capitalization is $ 984 million and daily trade volume is $ 291 million.
EOS plans to implement a new reward system
According to a recent announcement from the EOS, the community is considering a proposal to increase rewards for participation in EOS Public Blockchain, the blockchain platform that serves as the basis for cryptocurrency.
The plan would be to implement on the network a new rewards and voting mechanism . The recommendation to increase the reward for participation takes into account a report commissioned from Block.one.
“One of the great ideas of this analysis has to do with inflation”, it is exposed in the blog . Therefore, the proposal includes an adjustment.
«At this time, EOS is inflated at a rate of 1%, a percentage that is used to pay block producers for their role in maintenance and network security. By increasing this inflation rate to between 1.2% and 3.8%, financial incentives could be provided to both voters and block producers, ”the note explains.
The new The proposal also suggests that producers of blocks that do not perform satisfactorily ia could be exposed to a kind of penalty .
Meanwhile, the price of EOS gained up to 53% in the week. In the last 7 days it ranged between a minimum of USD 6.38 on May 2 and a peak of USD 12.81 this Saturday 8.
The market capitalization is USD 9,514 million and the daily trade volume is USD 5.5 billion.
Stratis was accepted this week into the legal acceleration program of the CMS firm equIP, a law firm with a presence in more than 40 countries. The program will operate on the InterFlux sidechain, which Stratis recently launched and provides a native C # language ecosystem.
As explained in a press release on May 6, the program offers support and guidance to startups that require legal advice . As part of the alliance, Stratis will have access to a comprehensive network of legal offices in different countries, as well as connections within the network of professionals that the firm manages.
Within the framework of the announcement, the Cryptocurrency STRAX, which is placed in the top of this medium for the second consecutive week , began to rise in price from May 4. It reached a maximum of USD 3.48 this Saturday 8.
On average, the cryptocurrency appreciated by almost 40% in seven days. The market capitalization is USD 313 million and the daily trade volume is USD 34.7 million.