During the course of this month, September 2021, the cryptocurrency market has shown a series of ups and downs. After starting the month with a significant recovery trend, during the last two weeks most altcoins have been trading in decline.
Amid these constant ups and downs, 5 cryptocurrencies stand out with a rising monthly average, according to Live Coin Watch statistics. Thus, the monthly top is headed by solana (SOL) , which reaches a new all-time high; and avalanche (AVAX) whose transactions grow by more than 500% in one month.
The cryptocurrencies of the month are completed with tezos (XTZ) , which implemented a new protocol update; and polkadot (DOT) , which brings decentralized finance (DeFi) to its platform through the Cream Finance project.
The price of bitcoin (BTC) has fallen around 9.9% so far this month. The price of the cryptocurrency ranged between USD 40,769 and USD 52,615, a maximum that reached on September 6.
The decline in the total value of the BTC market and the fall in the rest of The markets, observed in this last week, is attributed to the liquidity crisis of Evergrande, one of the largest real estate companies in China.
Another of the facts that Related to the price drop is a new statement from the People’s Bank of China, which occurred on September 24, by which prohibits all operations with cryptocurrencies.
Ether (ETH), Ethereum’s cryptocurrency, also lost value this month, with an average decline of 5.8%. Its price fluctuated between $ 2,759 and just over $ 3,950.
The decline in ETH may be related to the general market decline, although the Ethereum network has also continued to be affected by high gas rates. This, despite the implementation of a new commission scheme last August.
The rise in rates has to do with the rise in non-fungible tokens (NFT). As a solution to the problem, the co-founder of Ethereum, Vitalik Buterin, proposes to migrate the NFTs to a second layer.
Buterin suggests the creation of «rolled NFTs» or wrapped-NFT. These could be mobilized and traded between the different rollups of Ethereum.
Weekly averages of other relevant cryptocurrencies by market capitalization they also fell, although some cryptocurrencies appreciated in this last month. XRP loses 16% in 30 days; dogecoin (DOGE) down 27%; cardano (ADA) falls by 19%; and litecoin (LTC) depreciates 12%. Only polkadot (DOT) showed an advance in September, which exceeded 14%, to be among the most outstanding of the month.
Solana reaches a new all-time high this month
Solana is a blockchain that began operating just 18 months ago, during which time has managed to place itself in the top of the 10 cryptocurrencies 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 advance of SOL has been substantial in this month of September, reaching a historical maximum of more than USD 214 and reaching a growth of more than 66%. In the midst of this expansive context, the platform was the victim of its own success, as it experienced a collapse on September 15.
As reported by CriptoNoticias, Solana suffered a stoppage that led to no blocks being mined for more than 8 hours. This caused the network to unintentionally fork due to a problem suffered by miners. It is thought that the failure could have been caused by a saturation due to an excess of transactions, although a denial of service (DoS) attack was also considered.
The event had no direct impact on the price of the cryptocurrency , as SOL remained above USD 160, with slight variations that same day. As of press time, the market capitalization is USD 39,475 million and the daily trade volume is USD 2,879 million.
Transactions grow by more than 500% on the Avalanche network
AVAX, Avalanche’s cryptocurrency, has been in the top of the 5 most appreciated cryptocurrencies in CriptoNoticias for 3 consecutive weeks. Its growth also places it in this monthly top with a growth of more than 47% in 30 days.
On September 18, this media reported the fact that the cryptocurrency reached a peak of USD 75.09, the highest value in its history up to that date. The previous figure was surpassed on the 23rd of this month when AVAX was quoted at USD 79.41.
According to data from The Block, daily transactions of the network increased from 43,243 on August 18, to 220,222 on September 12 (around 500%). This is primarily due to DeFi-related activities. The new historical maximum occurs within the framework of a recovery that AVAX experienced after the generalized market crash of September 20.
Among the Recent news related to Avalanche is the injection of more than USD 230 million by a group of venture capital funds.
The Avalanche Foundation said it will use the proceeds to support and accelerate the rapid growth of projects related to decentralized finance (DeFi), business applications and other use cases on your public blockchain. “Support for the projects will include grants, token purchases and various forms of investment and technological support,” they state.
Added to the above is the news that this month Binance completed the integration of Avalanche (AVAX) C-Chain , opening the deposits for C-Chain AVAX tokens.
The market capitalization of AVAX is USD 15,334 million and the daily trade volume is USD 1,158 million.
Tezos launched the Hangzhou update
For this September 21, the Tezos platform launched a new update of its protocol, to the which they have called Hangzhou.
With this update they incorporate important improvements, among which they cite time blocking or encryption TimeLock , by which it is possible for the authors of smart contracts to include strong countermeasures against the extractable value of the block producers. As the Tezos team explains in a tweet, to this is added the cache storage, and a global table of constants for the development of smart contracts.
The update seems to have had a positive influence on the price of the cryptocurrency of this network, XTZ, which remains on the rise despite the market decline . On average, the altcoin has grown around 39% this month
The announced winners of a Tezos community member rewards plan may also be behind the price increase. Through this program about 5,000 XTZs are delivered each month , as a reward for the contributions of the community for the development of the platform.
The market capitalization of XTZ is USD 5,933 million and the daily trade volume is USD 657 million.
Cream Finance brings DeFi to Polkadot
DOT, Polkadot’s cryptocurrency, is another of the few cryptocurrencies that registers progress at the end of this month of September. Its growth exceeds 13% in 30 days and has been mainly driven by its partnership with Cream Finance , a decentralized finance project that plans to bring DeFi to Polkadot.
As reported by CriptoNoticias, at the beginning of this month Cream Finance integrated its parachain (small blockchain network) in the parallel networks Kusama and Moonriver, to then enter directly into the Polkadot ecosystem.
With this, Kusama and Polkadot users can use Cream’s services to deposit digital assets as collateral or to make loans.
The information has given a significant boost to the DOT price. The cryptocurrency experiences a significant advance since September 8, with some corrections. For the 14th of this month had a peak of more than 37.99 dollars per unit.
The price increase is also linked to the inclusion of the cryptocurrency on the PrimeXBT exchange , which offers multi-currency trading services, forex and operations with cryptocurrencies, commodities and stock indices. Now DOT is available on this platform to trade using margin accounts based on BTC, ETH, USDT and USDC, with a leverage of up to 1:20.
At press time the capitalization of DOT market is USD 30,402 million and the daily trade volume is USD 1,654 million.