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During the week of October 3–11, the cryptocurrency market is mostly green. Almost all altcoins posted substantial gains and growth reached as high as 18%, as written by criptonoticias.
The most appreciated cryptocurrencies of the week are led by Monero (XMR), which is preparing for a fork scheduled for October 17. It follows in the top Chainlink (LINK), whose proof of reserve mechanism is being used to audit tokenized bitcoins on Ethereum.
The 5 cryptocurrencies of the week are completed with Storj (STORJ), which is associated with the blockchain company VideoCoin; and Ripple’s XRP with its new loan service. Also included is Cardano (ADA), which introduces a new language for “financial smart contracts.”
Big Surprise
The price of Bitcoin, for its part, resumes the upward trend. In these seven days, the price advanced by almost 5% and once again slightly exceeded the USD 11,000 barrier.
The rebound was observed on October 8, when Twitter founder Jack Dorsey’s company Square invested $ 50 million in Bitcoin. The cryptocurrency remained in a range between $ 10,200 and $ 11,090 during the week.
We had a breakout of the EMA21 at 10851, signaling purchase and all thanks to the CEO of Twitter who surprised with his large purchase of Bitcoin at the end of the year equivalent to 1% of his total investment portfolio.
When this article was written, Bitcoin was hitting the 0.5 Fibo again, with the indicators in favor of what would be the beginning of a wave 5, which would basically break the resistance in the liquidation zone marked between 13821 and 12456. Regardless of everything, we see trend lateralization in the medium term with price accumulation.
Son Follows Father
Ethereum (ETH) is also on the rise. Its average growth is 5.8%. The price started at $ 351 on October 4 and peaked at $ 364 on October 9.
This week the team behind the Ethereum wallet, MetaMask, reported that they have experienced 400% annual growth in the number of users, registering more than one million customers per month on their desktop and mobile applications.
Ethereum, however, continues to overbought in the area of 0.7 Fibo and 0.6 between the prices of 300 USD and 400 USD. It could begin its ABC Elliot correction in the next week.
What was controversial about Ethereum this week was that Eight of the nine mining projects that participated in a community survey had a negative impression of the Ethereum 1559 upgrade proposal (EIP), a new scheme that is intended to change the network commission system.
The report with the survey results was published on Medium on October 7 by ConsenSys Product Manager Tim Beiko. There, he notes that seven of the nine mining projects consulted said they would refuse to implement the proposal, even if it were included in a future fork. This when expressing doubts about how to establish a base rate.
But on the other hand and as made known by Glassnode, Ethereum miners have pushed the hash rate to a new record high in the wake of the #DeFi hype and surging fees.
It crossed 250T / s and is now up 80% since the beginning of the year.
However, another positive metric says that Demand for Ethereum futures continues to grow, according to recent data from Skew and The Block Research, as reported by theblockcrypto.
The monthly volume of Ethereum futures grew by 5.3% in September, from $163.1 billion to $172.2 billion. This figure broke the previous record high in August. Since the beginning of 2020, Ethereum futures volume has grown by nearly 320%.
Network Upgrade Up
The prices of other relevant cryptocurrencies in the market are also on the rise. Ripple’s XRP is up 8% and is on the weekly top. Meanwhile, Ethereum Classic (ETC) grows 1.6%, and Litecoin (LTC) appreciates 6%.
For its part, In order to prepare the community for the next network update, scheduled for October 17, the team behind the cryptocurrency released version v0.17.0.1 of the Monero GUI software. The information was released on October 5, amid the rise that XMR has been presenting for several weeks. In these seven days, the cryptocurrency had a growth of 18%.
Among the improvements that come with the Monero update is the construction of new ring firms, called CLSAGs, which will reduce the size of transactions by 25% and speed up verifications by 10%.
These ring signatures are supported in the new Oxygen Orion code. Meanwhile, the price of the cryptocurrency started the week at $ 101, reaching a high of $ 116.6 this October 9.
In preparation for the fork, all Monero network participants should update their software in these days leading up to the event. XMR is on the weekly top for the fifth week in a row. The market capitalization is USD 2,056 million and the trade in the last 24 hours is USD 655 million.
Audited Tokens
About $ 1 billion in tokens anchored to bitcoin on the Ethereum network, Wrapped Bitcoin or WBTC, are being audited in Chainlink’s “Proof of Reserve” mechanism. BitGo, the company behind the token, announced the Chainlink collaboration on October 1, as LINK’s price rises after a slight drop. On average, the appreciation was 12%.
According to the information published on the BitGo blog, the idea is to increase the transparency and auditability of WBTC in order for decentralized finance applications (DeFi) to receive on-chain evidence of the token’s guaranteed guarantee. The value of Chainlink’s cryptocurrency LINK began to rise from October 7–8, hitting a peak of $ 10.40 this Friday.
The audit process takes place on the testnet. Every ten minutes, the Proof of Reserve mechanism accesses a decentralized Chainlink oracle to check the balances of BitGo’s custodial wallets for WBTC. This mechanism will also be used to audit the renBTC, renBCH, and renZEC pinned tokens. LINK’s market capitalization is USD 3,581 million, and its daily trading volume is USD 1,712 million.
Strategic Alliance
The Storj Labs team partnered with blockchain startup VideoCoin Network, with a view to utilizing Tardigrade’s cloud storage for video encoding and distribution. The news was shared in tweets published on October 6 by both projects. Days later, the price of the STORJ cryptocurrency began to rise, achieving a 10% rise.
According to information from Storj Labs, as part of this new offering, Tardigrade will act as the origin server for the VideoCoin content distribution network. With this, they promise that users will not face penalties for moving data to and from the centralized cloud, while companies will save 50% on storage. Since October 2, the advance in the STORJ price became noticeable. After slight corrections, it peaked at $ 0.5281 on October 9.
Storj’s cryptocurrency was also listed on the decentralized exchange Tokenizer DEX. At the close of this report, STORJ’s market capitalization is around USD 102.5 million, with a daily trading volume of USD 27.3 million.
Loan Service
Payment company Ripple launches Line of Credit, a new service that allows users of the On-Demand Liquidity (ODL) solution to borrow in XRP. According to the company’s statements, “this is the first time that we have tested a product in the field of loans.” Prior to the announcement, the price of XRP had been on the rise since October 4. It peaks at $ 0.2582 on Day 6, for an average weekly growth of 8%.
The goal of Ripple’s new service is to help small and medium-sized enterprises (SMEs) expand their businesses, in order to compete with larger companies. Meanwhile, the price of XRP continued to climb for the rest of the week, closing at $ 0.2504.
“Companies using the ODL service will be able to buy XRP on credit for a small commission. This will allow them to finance their cross-border transactions at a very low cost,” says Ripple.
At the time of writing, the market capitalization of XRP is $ 11,312 million, and the daily trade volume is $ 2,093 million.
Smart Language
One of IOHK’s principal investigators, Simon Thompson, introduced Domain Specific Language (DSL), identified as “Marlowe,” on October 5. It will be released with the next stage of Cardano, called Goguen (currently in testing). The publication of this message coincides with the price increase of Cardano’s cryptocurrency, ADA, whose weekly growth was 7%.
According to Thompson, Marlowe “is a programming language for financial smart contracts, but not for smart contracts in general.” For this reason, it is different from general-purpose blockchain languages, such as Ethereum’s Solidity and Bitcoin Script. ADA started the week with a price of $ 0.0930, closing with a value of $ 0.0991, a high that was recorded on October 9.
According to IOHK, Marlowe is suitable for DeFi applications because it is intended for financial companies to develop and deploy custom tools for their clients. ADA’s market capitalization is estimated at $ 3,102 million, and the trade volume in the last 24 hours was about $ 731 million.
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After being listed on Binance, it had a big price drop due to negative market sentiment. But after the rapid recovery this week, we identified a price reversal at the pivot of 13.89.
Our winning entry was from the breakout of the EMA9D1 at approximately 19.26 and when this report was written it was worth around 24.28 and struggling to hold on to the cross support with the EMA21D1 and a trend factor for short periods.
It had a breakout on the daily chart of the 0.7 Fibo resistance and our trade was concluded with the false breakout of the 0.6 Fibo and well above 24.83.
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The Most Latest Important Cryptocurrencies Appreciated Weekly News was originally published in The Capital on Medium, where people are continuing the conversation by highlighting and responding to this story.
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