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Weekly Cryptocurrencies Leaders Under A Market With Positive Recovery
As written by criptonoticias, from November 1 to 7, 2021, the market shows important signs of recovery. About 70% of cryptocurrencies show an upward trend, with increases of up to more than 40%.
The weekly top is headed by Avalanche (AVAX), which created an incentive fund for developers; and Solana (SOL), which achieved a new all-time high and reached the fourth place by market capitalization.
They are followed by NEM (XEM), which is preparing for its seventh hard fork; and Polkadot (DOT), which launched its first parachain. Additionally, the list of most appreciated cryptocurrencies closes with XRP, which heralds the launch of wXRP, a wrapped token.
Next Bullish Avalanche
The price of bitcoin (BTC) continues with ups and downs, although this week, it remains more or less stable at around $ 60,000. On November 2, BTC once again exceeded USD 64,000. BTC and, on average, it has gained 3% of its value. On this, Glassnode analysts argue that the cryptocurrency is going through the initial stage of a major bull run.
As published in CriptoNoticias, the firm points out that, despite temporary price setbacks, the appreciation of BTC in the month of October reached the record value of 40%. Something similar says Willy Woo, who believes that the bitcoin market would be in the final phase of a consolidation process, which could drive a bullish breakout in two weeks.
Reaching The Clouds
Meanwhile, Ether (ETH), the cryptocurrency of Ethereum, gained more than 9.9% of its value in these seven days, trading between USD 4,200 and more than USD 4,650.
In the period, the hash rate of the Ethereum network reached a new historical maximum, exceeding 766 terahashes per second (TH/s). A figure that shows a clear recovery since last June, when it reached a minimum of 455 TH/s.
Other relevant cryptocurrencies by market capitalization are also on the rise. Cardano (ADA) gained 3.3% of its value; while Litecoin (LTC) rose 5.7%; and Dogecoin (DOGE) 2.5%.
Big Development Fund
In a Medium post dated November 3, Avalanche Foundation introduced “Blizzard,” a fund that offers more than $ 200 million in incentives to developers operating on the Avalanche network.
The fund’s goal is to provide liquidity to early-stage projects that innovate decentralized finance applications (DeFi), non-fungible tokens (NFT), and other products that are developed on this blockchain.
They add that there are currently some 320 projects being built on the network, including Tether’s main issuer, popular decentralized exchange SushiSwap, and Oracle providers Chainlink and The Graph.
The price of AVAX, the network’s token, has been on a constant rise since the date of this announcement, reaching a maximum of USD 85.5 on November 7. Average weekly growth is estimated at more than 40%.
As of press time, the market capitalization is USD 18,561 million and the daily trade volume is USD 1,073 million.
Fourth Largest Of All
This week, Solana’s token registered a new all-time high (ATH), trading above $250 on November 6. The price rebound also caused an increase in the network’s market capitalization, exceeding USD 72.5 billion.
The price rally led this cryptocurrency to position itself as one of the largest blockchains that NFT hosts, in terms of market capitalization. This, given that the rise made the token between the fourth and fifth place in the ranking, just above Cardano, and at times Tether, and below Binance Coin (BNB).
According to CryptoSlam’s data aggregator, Solana’s NFT secondary sales have generated a total of approximately $ 497.7 million derived from some 348,000 transactions executed through November 2.
On average, SOL rose more than 34% in one week. The rise was constant since November 3, reaching a peak of USD 259.7 last Saturday. The market capitalization is USD 72,734 million, and the daily trade volume is USD 3,725 million.
Launched Its First Parachain
The first parachain (small blockchain) of the Polkadot network was launched this November 5. As the company announces through Twitter, highlighting the registration of the Shell parachain in order to “guarantee the production, inclusion, and completion of blocks.”
They further explain that “Shell’s parachain has extremely limited functionality: it doesn’t even have the notion of accounts. Shell only accepts Relay Chain messages to upgrade to something else.”
Parachains or parachains are a group of small specialized blockchains that are expected to connect to Polkadot to create a multi-chain architecture, as specified in the white paper or white paper of the network.
Thus, with the launch of its first parachain, the platform is set to begin parachains auctions later this month, with hundreds of projects vying for a spot on the blockchain.
In this context, the DOT cryptocurrency surged around 26% in seven days. At press time, the market capitalization is USD 54,312 million and the daily trade volume is USD 1,305 million.
Seventh Hard Fork
In a message posted on Twitter, the NEM team announced the upcoming activation of its seventh hard fork called Harlock, which “will decide the future of NEM,” according to what they say. This is because the fork will allow voting if NEM will be integrated into the Symbol blockchain.
Harlock will allow nodes to vote in support of NEM becoming a dedicated Symbol substring or sidechain. Symbol is an enterprise blockchain launched by the NEM project in March 2021, as reported in CryptoNews. Harlock fork is expected to run at block 3,464,800.
Shortly and after the information was released, on November 5, the value of the network’s cryptocurrency began to rise rapidly amid successive corrections. That same day, it peaked at $ 0.233.
On average, XEM rose more than 18% in one week. The market capitalization is USD 1,184 million, and the daily trade volume is USD 53.5 million.
Wrapped Token
According to the information published by the Ripple team, the platform is preparing for the launch, next December, of Wrapped XRP (wXRP) on the Ethereum blockchain.
It is a wrapped token that will allow XRP holders to interact with DeFi projects, in addition to facilitating the execution of smart contracts in Ethereum for use in loans and staking, including exchanges of altcoins.
In this context, there was a significant advance in the value of the Ripple cryptocurrency in these seven days, with a continuous rise since November 3. XRP peaked at $ 1.23 on Day 4, a figure it is approaching again on November 7, after experiencing several ups and downs.
The average growth of XRP was over 10%. Market capitalization is estimated at USD 57,403 million, and the daily trade volume is USD 2,119 million.
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Weekly Cryptocurrencies Leaders Under A Market With Positive Recovery was originally published in The Capital on Medium, where people are continuing the conversation by highlighting and responding to this story.