During the week of August 23 to 30, the cryptocurrency market is observed with a predominance of red. The prices of most altcoins show a downward trend, although the few cryptocurrencies that increased in value reached a growth of up to 160%.
The most appreciated cryptocurrencies are led by storj (STORJ), whose dizzying growth is related to the integration of the FileZilla protocol. It is followed by NEM (XEM), which is among the most appreciated for the second consecutive week due to the preparations it is making for a new update of its platform.
The top is completed with Aave (LEND), a token for loans in decentralized finance that obtained a license in Europe; and the cryptocurrency Aragon (ANT), which incorporates changes in its network. The list culminates with Sia (SC) and its new platform that aims to improve the distribution of streaming content.
Bitcoin, the first cryptocurrency, is recovering slightly this week, with an average growth of 0.3%. BTC remained in ranges within $ 11,000, according to data from Live Coin Watch.
On price ups and downs, a recent study by Coin Metrics presents a comparative analysis of four bitcoin cycles. It determines that it is currently in a fourth cycle, which began in December 2018 and is in full evolution.
Ether shows a slight recovery, with an average gain of 6%. The price started at $ 386 and peaked at $ 405 on August 24. Closes the week at $ 416.
This week Tether Inc. announced the integration of the stablecoin USDT to the OMG Network sidechain, in order to avoid Ethereum’s high fees. From that date, both the transaction fees and the price of ETH began to decline.
The prices of other relevant cryptocurrencies on the market are also falling. Ethereum Classic (ETC) is down 3.5%, and Ripple’s XRP is down 0.3%. Only Litecoin (LTC) is up slightly at 2.8%.
Storj is a decentralized p2p cloud storage solution that enables data transfer and sharing. This week Storj Labs announced integration with FileZilla, a protocol for the private transfer of encrypted files. Within the framework of this announcement, the price of STORJ, the network’s native cryptocurrency, grew around 100% in these seven days, a percentage that exceeded 160% on August 29.
The alliance will allow FileZilla users to access Storj’s decentralized cloud storage network, Tardigrade. Meanwhile, the price of STORJ rose from 0.269 cents on August 22 to a peak of USD 0.773 on August 28. In a publication, the Storj team points out that the integration will help users to easily access the network of distributed storage, no need to be a developer or software engineer.
“FileZilla is intuitive and easy to use, which means that they will be able to manage their data in a secure way,” they state.
As of this writing, Storj’s market capitalization is $ 127.4 million and 24-hour trading volume is $ 28 million.
Through a note posted on the NEM forum on August 24, the team discusses teasers for the launch of Symbol. It is reported that Opt-in for Symbol will be activated on September 15, to claim the tokens of the new platform. The announcement coincided with the rise in the price of NEM’s cryptocurrency, XEM, whose average weekly growth was 60.8%.
Opt-in for Symbol is the method by which XEM holders will be able to claim their Symbol XYM tokens, prior to the launch of the new chain scheduled for December of this year. XEM’s price started the week at $ 0.076 and peaked at 0.155 on August 29.
For the allocation of the new tokens, the users’ XEM balance will be taken into account. Based on that amount, an equivalent amount of XYM will be allocated to the portfolios. To date, XEM’s market capitalization is around $ 1,221 million, with a daily trade volume of $ 281 million.
On August 24, the decentralized non-custodial lending platform, Aave, announced the delivery, by the Financial Conduct Authority (FCA), of a license to operate as an Electronic Money Institution (EMI) in the United Kingdom. From the dissemination of this information, the LEND token began an ascent, the advance of which is estimated to be more than 40% in these seven days.
Once the news broke the price of LEND began to rise rapidly. It went from $ 0.593 on the 24th, to a peak of 0.884 cents on August 26. By obtaining this license, Aave displaced Maker as the DeFi platform with the highest blocked value, estimated at USD 1.44 billion as of the announcement date. This value continues to rise and is estimated at 1,708 million dollars this August 30, according to data from DeFi Pulse.
The EMI license will allow Aave to facilitate payments and convert between currencies, Aave Limited noted on Twitter. As of this writing, LEND’s capitalization is $ 985.7 million and daily trade is $ 48.8 million.
Through a message published on his Twitter account, Aragon reported that the ANT token holders will have greater participation in the operation of the network thanks to the implementation of a new development phase, called Phoenix.
Following the publication of this message on August 19, the cryptocurrency began an escalation in price and registers a weekly growth of more than 40%.
ANT’s growth has been gradual since August 23, surpassing USD 4 on August 22 to reach a maximum of $ 10.15 on August 26. Meanwhile, Aragon talks about changes in the operation of its digital court on Ethereum.
They assure that, with the next activation of Phoenix, the powers over the court will pass from the interim council to the holders of ANT.
A publication of August 28 adds that the Court of Aragon will include multiple financial incentives for jurors to motivate their rulings and secure the system.
“These incentives can be classified into rewards based on disputes and rewards based on subscription,” they say.
ANT’s market capitalization is USD 300 million and daily trade is estimated at USD 2.6 million.
The price of Siacoin (SC) shot up on August 27, after Sia reported on a new platform with which it intends to improve the distribution of streaming content on sites such as Plex, Kody, Emby, and Jellfin. The value of the cryptocurrency appreciated by more than 32%, while the current average advance is around 20%.
The price of SC began to grow hours after the news was released to reach a peak of USD 0.0050 on August 28, although in the last hours it tends to decline.
The new platform, developed by Nebulous Labs, can store up to 35 TB (terabyte) of data and offers the possibility of creating backups in the cloud for large amounts of information, without high storage costs.
The idea is to provide live content distribution media with a blockchain-backed storage model with multiple servers around the world. SC’s market capitalization to date is USD 193.7 million and trade in the last 24 hours is USD 25 million.
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