During the week of January 24 to 31, 2021, the market remains with constant ups and downs. More than 40% of the altcoins show a downward trend; while a large majority have experienced slight growth, and some exceed 200%, according to Live Coin Watch statistics.
The most appreciated cryptocurrencies in these seven days are headed by Dogecoin (DOGE) , whose value appreciated substantially after the purchase action coordinated by the WallStreetBets group of the GameStop shares. Something similar happened with Ripple’s XRP , which ranks second despite Ripple Labs’ legal problems. It is followed by Siacoin (SC) , ranked third amid preparations for its next hard fork .
The list of crypto assets for the week is completed with Decred (DCR) , which released a new version of its software; and Stellar (XLM) , which invests USD 5 million in the Wyre Entrepreneur Fund, a blockchain payments company.
In these seven days the price of Bitcoin had pronounced rises and falls after the falls suffered in the middle of this month, trading throughout these seven days in the range of $ 30,000 to $ 37,000. The pioneering cryptocurrency regained its bullish momentum at the end of the week. On average the recovery is 4.3%. At the close of this report its value is USD 32,923.
The market analyst Willy Woo, assured a few days ago that the price of BTC has a solid floor at $ 29,000. He considers that bitcoin is currently « in the lower range of the consolidation band. This, in his opinion, is an indicator that favors a bullish outlook that would follow.
Ether (ETH), for its part, also rises in price. Its seven-day average rise was 1.7%, with the price moving between $ 1,300 and $ 1,442. This week, Galaxy Digital, Mike Novogratz’s investment firm, announced the launch of an investment fund based on Ethereum. The new product, which will be insurance of an index fund, it will be activated next February. The custody of the funds will be in charge of the exchange Gemini.
Other relevant cryptocurrencies in the market also register ups and downs . Litecoin (LTC), fell by 5.7%; Polkadot (DOT) fell 9.7%; and Cardano (ADA) lost 2.9%. Ripple’s XRP, for its part, appreciates by almost 80% and is located in the weekly top.
Dogecoin rises with the support of groups linked to WallStreetBets
As reported by CriptoNoticias, this week the price of Dogecoin was boosted amid the factors that led Reddit users, grouped in WallStreetBets, to challenge large Wall Street companies by buying GameStop shares.
On January 29, a Twitter account identified as @ WSBChairman asked his followers: «Has Doge ever been in a dollar? ‘, which would have boosted the value of the cryptocurrency, based on a meme. The user of the account, which is supposed to be false, presents himself as the supposed president of the group formed on Reddit.
With all this movement, the value of DOGE soared and until now it maintains a average weekly increase of more than 200%. After rising to more than 800% in a few hours, the price falls from its recent all-time high of $ 0.078 on January 29, to $ 0.030 on January 31.
Another group On Reddit, identified as SatoshiStreetBets, was also pushing the purchase of the cryptocurrency to raise its price. A high percentage of the messages of the users encouraged to maintain their positions to bring the price to 1 dollar. Redditors turned to the exchanges to raise the price and help the project go viral.
After reaching the high of 29 of January, the price of DOGE has been falling in recent days, but still maintains a value higher than the average in which it had been trading in previous weeks. DOGE’s market capitalization is USD 3,833 million and daily trade volume is USD 3,558 million, at the time of writing.
Users of Reddit also push the rise of XRP
After several weeks trading lower, the price of XRP experienced a significant increase in the early hours of January 30 , when the cryptocurrency became a new point of interest for the Reddit group SatoshiStreetBets, linked to WallStreetBets.
The price of XRP rose rapidly by 86% once members of the Reddit-based investor group changed the focus they had on Dogecoin. The news strongly influenced the price of XRP, which went from a low of $ 0.249 to a high of $ 0.494 on January 31.
As soon as the price of DOGE soared and everyone was celebrating, money started flowing from Dogecoin to other projects , says Luke Martin, a Twitter analyst. He noted that money seemed to drift from DOGE to Ripple’s XRP, which saw a skyrocketing surge in a matter of hours.
In recent months, the price of XRP has been hit hard due to the lawsuit against Ripple, filed in December by the U.S. Securities and Exchange Commission (SEC). They allege that the company carried out an illegal offering of securities by periodically selling XRP out of the treasury. The price of XRP has registered a steady decline since that date , with some minor corrections. With the rise of this January 30, one of the strongest increases in a month is observed.
Additionally, this January 29 Ripple Labs officially responded to the charges filed against it. The company filed a rebuttal in the United States Federal Court for the Southern District of New York. Ripple again claims that XRP is not a security and questions the SEC’s stance on Bitcoin and Ethereum.
The market capitalization of XRP is $ 22,337 million and the daily trade volume is $ 14,421 million.
Siacoin calls the update on the eve of its next hard fork
The team of Siacoin announced on Twitter the next hard fork of the network that will be executed at the height of block 298,000, which is expected to occur on February 3 . Meanwhile, the price of SC, the native cryptocurrency, gains momentum and achieves a weekly growth of 35%.
As part of the preparation for the event, all major network infrastructure, such as wallets and mining pools, must update to version v1.5.4 before then. In its Sia’s official page shows a guide to guide the process and indicates that the exchanges must be updated no later than this February 1. SC’s price ranged from $ 0.0041 to a peak of $ 0.0093 that it hit on January 29.
In a Reddit post, Sia’s team explains that one of The objectives that they intend to achieve, with the update, is the establishment of the Sia Foundation as an organization free from the obligation to generate profits. “The objectives and responsibilities of the Foundation are numerous: to maintain Sia’s basic protocols and the consensus code to support developers who build on the network and its protocols,” says the letter.
SC’s market capitalization is USD 264 million and daily trade volume is USD 48.9 million.
Decred team announced ago a few days the launch of version 1.6 of its software. It is one of the technological updates that qualify as most important, mainly because they integrate the network of Lightning Network (LN) payments. The dissemination of this information seems to have significantly influenced the price of this platform’s native cryptocurrency, DCR, which rose around 24% in seven days.
The details of the new version, called Decrediton are explained on the official Decred site, where it is said that the new code is awaiting activation. It will be launched through a consensus vote that will be executed when enough interested parties have updated to the new version.
In terms of privacy, Decrediton incorporates CoinShuffle ++, a protocol for mixing of P2P coins that will obfuscate transactions and increase the level of privacy. The project also takes a new step in the decentralization process , by giving its community greater power to decide on the movements of its treasury.
Meanwhile, the price of DCR reaches a maximum of USD 29.67 on January 29. From that date its value will be keeps more or less constant. In these seven days the value of DCR ranged between 51 and 69 dollars. At the time of writing the price is USD 64.25. Market capitalization is $ 793 million and 24-hour trading volume is $ 10.7 million.
The Stellar Foundation ( Stellar Development Foundation ) will invest 5 million dollars in the fund of the blockchain payments company Wyre , with a view to promoting the development of new financial applications in the Stellar ecosystem. Days after the announcement, the price of XLM had a rise that brought the weekly average to 18%.
In a publication of January 26, the Foundation explained that with this investment they plan to introduce a variety of payment tool programming interfaces (APIs), which can be used by applications running on the Stellar network.
«The addition of Wyre to the Stellar ecosystem will create a key payment infrastructure and will facilitate connections with international financial systems, ”said the Foundation. In this way, they hope that the integration Wyre provides a mechanism for the Stellar ecosystem to use stablecoins or stablecoins anchored to the dollar without the developers creating additional tools, the statement exposes.
The cryptocurrency registered its value maximum of the week on January 29, reaching a price of USD 0.354. XML’s market capitalization is USD 7.184 billion and its daily trading volume is USD 2.285 billion.