During the week of January 18 to 27, 2021, the market — like the previous 7 days — continues to show ups and downs. Much of the altcoins are showing a downward trend, while a few experience growth that exceeds 65%, according to criptonoticias.
The most appreciated cryptocurrencies in these seven days are led by Decentraland (MANA), included in the list of cryptocurrencies registered in Grayscale’s trust applications, as well as Chainlink (LINK), which follows in the top of this week. The same happened with Tezos (XTZ), which ranks third at the time of writing.
The list of crypto assets is completed with Polkadot (DOT), which established an alliance to enhance its staking system; and Avalanche (AVAX), which integrates a new application for DeFi.
In these seven days, the price of Bitcoin experienced a significant drop, after having recovered the previous week (when it was approaching $ 40,000 again). However, on January 21, the value of BTC falls back to USD 31,200, reaching a low of USD 28,900 the next day. On average, BTC suffered a weekly drop of 14.5%.
According to reports from CriptoNoticias, among the reasons that would be pushing the price down are some sales by institutional investors, in addition to doubts from traders that the price of BTC will exceed $ 40,000 again, and an over demand in the market for derivatives of bitcoin. An influence of the political transition in the presidency of the United States is also inferred.
Ether (ETH), for its part, also registers a slight drop in value, possibly driven by Bitcoin. Its average decline this week was 0.9%, with the price hovering between $ 1,047 and $ 1,426. Despite this, this week the cryptocurrency broke its all-time high of 2017 and exceeded its own ATH, which dated from January 2018.
The breakout caused a stir because many saw in this fact a sign of the approach of the so-called “altcoin season,” or a dominance of the market by alternatives other than bitcoin.
Other relevant cryptocurrencies are also on the downside. Litecoin (LTC) fell 6.2%, Ethereum Classic (ETC) is down around 4.3%, and XRP depreciated by 5.4%.
This week, MANA, the native cryptocurrency of virtual reality game Decentraland, made headlines by entering the group of six cryptocurrencies that could be part of the trusts of investment firm Grayscale.
As CriptoNoticias reported, the registration to create a Grayscale Descentraland Trust was made in the state of Delaware last December, but the information was released on January 22.
The news coincided with a rise in the value of the token, which on average appreciated more than 65% in seven days. Although the firm did not give certainty about the launch of this fund, its registration has been seen as a very probable event in the future.
On January 20, the release of version 2.0 of the Decentraland LAND API was also announced on Twitter, an update that focused on improving access to market metadata, facilitating the use of construction tools that need data on the land and real estate that are marketed in the virtual space.
Added to this is the deployment of several non-fungible tokens (NFT) art exhibitions in Decentraland, which seem to have made the ecosystem more popular, attracting new participants to the platform in the last month.
The price of MANA was moving this week between a low of $ 0.1029 and a peak of $ 0.1989 on January 23. The market capitalization is USD 277.7 million, and the daily trade volume is USD 334.4 million, at the time of this writing.
As with Decentraland, Chainlink’s price took a big boost from January 22, reaching a weekly growth of just over 13%. This after learning that it could be one of Grayscale’s next cryptocurrency trusts. The firm included it among the group of six cryptocurrencies that could have a fund for institutional investors.
The inclusion of LINK on the Grayscale list, with the registration for the Grayscale Chainlink Trust, was one of the most striking news within the ecosystem. This, taking into account that the cryptocurrency is located in the seventh place in the top by market capitalization. The news had a noticeable influence on the price, which ranged between USD 17.36 and reached a maximum of USD 25.42 on January 23.
Among cryptocurrency enthusiasts, the information was seen as a step forward in the materialization of the long-awaited fund, in a context in which LINK has grown more than 800% in one year and 100% in 30 days, while its oracles are incorporated by many companies.
To date, LINK’s market capitalization is USD 9.96 billion, and daily trade volume is USD 5.83 billion.
The Tezos team announced this week the launch of the “Homebase Project,” which will allow anyone to start a decentralized autonomous organization (DAO) on the Tezos blockchain, “with just a few clicks,” as noted in a blog post from this January 22. The date coincides with an increase in the price of XTZ, which gains momentum and achieves a 7% weekly growth.
The note explains that Homebase works with the support of a smart contract framework called BaseDAO. The plan is to implement a community governance system and empower developers and community members to launch and participate in DAOs.
In the midst of this announcement, the price of the cryptocurrency remained more or less constant for the week, hovering around 3 dollars. It reaches its maximum of USD 3.3 this January 23, also boosted by being on the list of trusts registered by the investment firm Grayscale.
With Homebase DAO, Tezos expects the participation of projects ranging from fan collectives in political spheres to community initiatives. It is part of a move that seeks to increase the number of decentralized applications and community initiatives in the Tezos ecosystem.
XTZ’s market capitalization is $ 2.28 billion and daily trade volume is $ 484 million.
Moonstake, a staking infrastructure provider, this week signed an alliance with RockX, a digital asset platform. The purpose is to enhance the Polkadot ecosystem, a new decentralized protocol for the interconnection between public and private blockchains.
The dissemination of this information influenced the price of the native cryptocurrency of this platform, the DOT token, which experienced a growth of 2% in seven days.
According to Singapore-based Moonstake’s Twitter post, the association intends to “accelerate the spread of Polkadot in the blockchain industry through staking.” It is a plan that aligns with Moonstake’s mission to become the largest staking pool in Asia, they claim. In that sense, they value the progress made by DOT, which for a week has been ranked fourth in the top by market capitalization.
With this addition, Polkadot becomes the ninth cryptocurrency backed by Moonstake, after Cosmos, IRISnet, Ontology, Harmony, Tezos, Cardano, and Qtum.
In these seven days, the value of DOT ranged between 14 and 18 dollars. The market capitalization is USD 16,450 million, and the 24-hour trading volume is 1,211 million USD.
A new integration will allow users of the Yield application, aimed at decentralized finance (DeFi) users, to easily access the Avalanche platform. The news was released on January 21, while the value of AVAX increased by 1.3% in the week.
The publication notes that the full integration of the app could be completed in the second quarter of 2021. The purpose is to capitalize on the rapid growth of opportunities in the Avalanche DeFi ecosystem.
In their writing, 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 extraction, arbitrage, settlements, margin, and guaranteed loans, and other income-generating strategies,” they say.
The cryptocurrency posted its maximum value for the week between January 17 and 18, with two corrections that brought its price to a low of $ 11. The market capitalization of AVAX is USD 1,014 million, and its daily trade volume is USD 66.9 million.
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