In the week from January 18 to 27, 2021 – as in the last seven days – the market will continue to show ups and downs. Much of the altcoins are showing a downtrend, while some are reportedly growing by over 65% Criptonoticias.
The most popular cryptocurrencies during these seven days are being managed by Decentraland (MANA), which is on the list of cryptocurrencies registered in Grayscale’s trust applications, and Chainlink (LINK), which will follow earlier this week. The same thing happened with Tezos (XTZ), which is third at the time of writing.
The list of crypto assets is completed with Polkadot (DOT), which has formed an alliance to improve its stakeout system. and Avalanche (AVAX), which integrates a new application for DeFi.
During those seven days, the price of Bitcoin fell significantly after rebounding the previous week (as it approached $ 40,000 again). However, on January 21, the value of BTC drops back to $ 31,200 and hits a low of $ 28,900 the next day. On average, BTC saw a 14.5% weekly decline.
According to reports from CriptoNoticias, some of the reasons that would push the price down are some sales from institutional investors, doubts from traders that the price of BTC will again top $ 40,000, and excessive demand in the market for derivatives of Bitcoin. An influence of political transition in the presidency of the United States is also inferred.
Ether (ETH) is also experiencing a slight loss in value, possibly due to Bitcoin. The average drop this week was 0.9%, with the price ranging from $ 1,047 to $ 1,426. Even so, this week the cryptocurrency surpassed its 2017 all-time high and surpassed its own January 2018 ATH.
The outbreak caused a stir, as many saw in this fact a sign of the approaching of the so-called “Altcoin season” or a dominance of the market by alternatives other than Bitcoin.
Other relevant cryptocurrencies are also facing downwards. Litecoin (LTC) was down 6.2%, Ethereum Classic (ETC) was down 4.3% and XRP was down 5.4%.
This week, MANA, the native cryptocurrency of the virtual reality game Decentraland, made headlines by joining the group of six cryptocurrencies that could be part of the trust of investment firm Grayscale.
As reported by CriptoNoticias, the registration to form a Grayscale Descentraland Trust was made in the state of Delaware last December, but the information was released on January 22nd.
The news coincided with an increase in the value of the token, which averaged more than 65% in seven days. Although the company did not provide any assurance about the launch of this fund, its registration was considered a very likely event in the future.
On January 20th, the release of Version 2.0 of the Decentraland LAND API was announced on Twitter. This update focused on improving access to market metadata and making it easier to use construction tools that require data on the land and properties being marketed in the virtual space.
Add to this the provision of several non-fungible token (NFT) art exhibitions in Decentraland, which have apparently made the ecosystem more popular and attracted new attendees to the platform last month.
The price of MANA this week ranged from a low of $ 0.1029 to a high of $ 0.1989 on Jan. 23. Market capitalization at the time of this writing is $ 277.7 million and the daily trading volume is $ 334.4 million.
As with Decentraland, Chainlink’s price rose sharply from January 22nd, reaching a weekly growth rate of just over 13%. This after learning that it could be one of the closest Grayscale cryptocurrency trusts. The company was one of the group of six cryptocurrencies that could have a fund for institutional investors.
The inclusion of LINK in the grayscale list with registration for the Grayscale Chainlink Trust was one of the most noticeable news in the ecosystem. This taking into account the fact that the cryptocurrency ranks seventh in terms of market capitalization. The news had a noticeable impact on the price, which ranged from $ 17.36 to a maximum of $ 25.42 on Jan. 23.
Among cryptocurrency enthusiasts, the information was seen as a step forward in the realization of the long-awaited fund, in a context where LINK grew more than 800% in one year and 100% in 30 days, while its oracles were absorbed by many companies.
So far, LINK’s market capitalization is USD 9.96 billion and its daily trading volume is USD 5.83 billion.
The Tezos team announced this week the launch of the “Homebase Project”, which will allow anyone “with just a few clicks” to start a decentralized autonomous organization (DAO) on the Tezos blockchain, as mentioned in a blog post from January 22nd. The date coincides with a spike in the XTZ price, which is gaining momentum, growing 7% weekly.
This note explains that Homebase works with the support of a smart contract framework called BaseDAO. There are plans to implement a community governance system and give developers and community members the opportunity to start and participate in DAOs.
Amid this announcement, the price of the cryptocurrency remained more or less constant for the week at $ 3. It hits its maximum of $ 3.3 on January 23. This is also reinforced by the fact that it is on the list of trusts registered by the investment firm Grayscale.
With Homebase DAO, Tezos expects to participate in projects ranging from fan collectives in political areas to community initiatives. It is part of a move aimed at increasing the number of decentralized applications and community initiatives in the Tezos ecosystem.
XTZ’s market capitalization is $ 2.28 billion and its daily trading volume is $ 484 million.
Moonstake, a stakeout infrastructure provider, signed an alliance with RockX, a digital asset platform, this week. The aim is to improve the Polkadot ecosystem, a new decentralized protocol for connecting public and private blockchains.
The spread of this information affected the price of that platform’s native cryptocurrency, the DOT token, which grew 2% in seven days.
According to the Twitter post by Moonstake from Singapore, the association wants to “accelerate the spread of polkadot in the blockchain industry by staking out”. It’s a plan that aligns with Moonstake’s mission to become the largest staging pool in Asia. With that in mind, they appreciate the progress made by DOT, which has ranked fourth by market cap for a week.
With this addition, Polkadot becomes the ninth cryptocurrency supported by Moonstake after Cosmos, IRISnet, Ontology, Harmony, Tezos, Cardano and Qtum.
In those seven days, DOT was worth between $ 14 and $ 18. The market capitalization is USD 16,450 million and the 24-hour trading volume is USD 1,211 million.
A new integration allows users of the Yield application, which is aimed at users of decentralized finance (DeFi), easy access to the Avalanche platform. The news was released on Jan. 21, while AVAX’s value rose 1.3% for the week.
The release notes that full integration of the app could be completed in the second quarter of 2021. The aim is to capitalize on the rapid growth of opportunities in the Avalanche DeFi ecosystem.
In their letter, the Avalanche team invites users to sign up for early access to Yield. “The application can constantly monitor and evaluate the profitability of strategies across the DeFi ecosystem, including liquidity generation, arbitrage, settlement, margin and guaranteed credit, and other income-generating strategies,” it said.
The cryptocurrency peaked for the week between January 17-18, with two corrections that took its price to a low of $ 11. The market capitalization of AVAX is USD 1,014 million and the daily trading volume is USD 66.9 million.
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