From October 4 to 10, 2021, the cryptocurrency market maintains the bullish cycle that began the previous week. Most altcoins show rises that have reached more than 200%, according to Live Coin Watch statistics.
The weekly top is headed by Shiba Inu (SHIB) that goes off after a tweet from Elon Musk; and Siacoin (SC) , which presented its Q3 report and announces token burn. They are followed by Stratis (STRAX) , which begins a new period of exchange of STRAT tokens for STRAX; and Beam (BEAM) , which is preparing to launch a new governance token.
The weekly top closes with Polkadot (DOT) , added to eToro’s list of crypto assets.
The price of bitcoin (BTC) has been on the rise since last week, gaining almost 15 % of its value in the last seven days. The price of the cryptocurrency remained in the range of USD 47,000 and more than USD 55,000.
According to the analysis of JPMorgan Chase the growing interest of institutional investors in bitcoin is one of the reasons for the recent rally of the cryptocurrency.
He adds that the statement by the US authorities stating that they will not ban bitcoin, as China did, is another cause of the rise. Added to this is the growth of the second layer network, Lightning Network, due to the adoption of BTC in El Salvador.
On the other hand, ether (ETH), the cryptocurrency of Ethereum, wins almost 4% of its value in this period, trading between USD 3,284 and just over USD 3,600.
CryptoNews recently reviewed how Ethereum miners have discovered new ways to bypass limitations of Nvidia GPUs to mine the cryptocurrency. Some computer scientists managed to unleash the mining power that Nvidia represses in some of their video cards using NBMiner and Gminer, two programs dedicated to mining cryptocurrencies such as ETH.
Meanwhile, other relevant cryptocurrencies by market capitalization also show growth. XRP and Polkadot (DOT) up 12%; Dogecoin (DOGE) earns 10%; and Litecoin (LTC) appreciates 5.6%. Only Cardano (ADA) lost 0.9% of its value in these seven days.
Shiba Inu shoots himself after a tweet from Elon Musk
Again a tweet from the billionaire owner of Tesla, Elon Musk, triggers the price of the cryptocurrency meme. As with Dogecoin, the value of Shiba Inu is often driven by what happens on social media, which makes it very volatile.
On this occasion, Musk tweeted on October 3 a message in which he showed an image of his puppy of the Shiba Inu breed, named Floki, along with the phrase Floki Frunkpuppy .
Shortly afterwards, the price of SHIB began to rise steadily, going from a low of $ 0.000008 to a peak of $ 0.000035. With this, it approached its historical maximum of USD 0.000038 reached on May 10. It also placed above Litecoin and Avalanche given the rise in its market capitalization, ranking 13th in the cryptocurrency rankings.
Although the price has fallen slightly in the following days, on average the cryptocurrency rose more than 224% in a week. As published in CriptoNoticias Shiba Inu is a cryptocurrency founded in August 2020 by an anonymous nickname “Ryoshi.” The only thing that is known about its founder is that he has a love-hate relationship with Dogecoin (DOGE), the memecoin born in 2013.
Although SHIB defines itself as « DOGE Killer “-dogecoin killer-, uses a meme very similar to that of his supposed opponent. Both are symbolized with the image of a Shiba Inu dog.
SHIB’s market capitalization is USD 15,484 million and the daily trade volume is USD 5,812 million.