From October 4 to 10, 2021, the cryptocurrency market maintains the bullish cycle that began the previous week. Most altcoins show rises that have reached up to more than 200%, according to Live Coin Watch statistics.
The weekly top is headed by Shiba Inu (SHIB) that goes off after a tweet from Elon Musk; and Siacoin (SC), which presented its third quarter report and announces token burning. They follow Stratis (STRAX), which begins a new period of exchange of STRAT tokens for STRAX; and Beam (BEAM), which is preparing to launch a new governance token.
The weekly top closes with Polkadot (DOT), added to eToro’s list of crypto assets.
The price of bitcoin (BTC) has been on the rise since last week, gaining almost 15% of its value in these last seven days. The price of the cryptocurrency remained in the range of $ 47,000 and more than $ 55,000.
According to JPMorgan Chase analysis, the growing interest from institutional investors in bitcoin is one of the reasons for the recent rally of the cryptocurrency.
He adds that the statement by the US authorities stating that they will not ban bitcoin, as China did, is another cause of the rise. Added to this is the growth of the second layer network, Lightning Network, due to the adoption of BTC in El Salvador.
On the other hand, ether (ETH), the cryptocurrency of Ethereum, gains almost 4% of its value in this period, trading between USD 3,284 and just over USD 3,600.
CryptoNews recently reviewed how Ethereum miners have discovered new ways to bypass Nvidia’s GPU limitations to mine the cryptocurrency. Some computer scientists managed to unleash the mining power that Nvidia represses on some of its video cards using NBMiner and Gminer, two programs dedicated to mining cryptocurrencies like ETH.
Meanwhile, other relevant cryptocurrencies by market capitalization also show growth. XRP and Polkadot (DOT) up 12%; Dogecoin (DOGE) earns 10%; and Litecoin (LTC) appreciates 5.6%. Only Cardano (ADA) lost 0.9% of its value in these seven days.
Shiba Inu shoots himself after a tweet from Elon Musk
Again a tweet from the billionaire owner of Tesla, Elon Musk, triggers the price of the cryptocurrency meme. As with Dogecoin, the value of Shiba Inu is often driven by what happens on social media, which makes it very volatile.
This time, Musk tweeted on October 3 a message in which it showed a picture of your Shiba Inu puppy, called Floki, next to the phrase Floki Frunkpuppy.
Shortly after, the price of SHIB began to rise steadily, going from a low of $ 0.000008 to a peak of $ 0.000035. With this, it approached its historical maximum of USD 0.000038 reached on May 10. It also placed above Litecoin and Avalanche given its rising market capitalization, ranking 13th in the cryptocurrency ranking.
Although the price has fallen slightly in the following days, on average the cryptocurrency rose more than 224% in one week. As published in CriptoNoticias Shiba Inu is a cryptocurrency founded in August 2020 by an anonymous nicknamed «Ryoshi». The only thing that is known about its founder is that he has a love-hate relationship with Dogecoin (DOGE), the memecoin born in 2013.
Although SHIB defines itself as “DOGE Killer” -dogecoin killer-, it uses a meme very similar to that of its supposed opponent. Both are symbolized by the image of a Shiba Inu dog.
SHIB’s market capitalization is USD 15,484 million and the daily trade volume is USD 5,812 million.
Siacoin presents quarterly balance and announces token burn
In a message posted on Twitter this week, the Sia Foundation announced that it has sufficient funds for the next four years to begin burning coins.
The data was included in the transparency report for the third quarter of 2021 presented by the organization, in which it states that have a budgeted $ 1.77 million for the financing of the Foundation in 2022.
They add that “in light of our objective of not holding funds for more than four years in USD, we can now determine how many coins we can safely burn”, although they do not mention the amount or the date for the burning.
They also claim not to have converted any of the native tokens to dollars in this third quarter, so the Foundation’s holdings are maintained at a ratio of 80/20 in SC and USD, respectively.
SC growth was 20% in seven days. The cryptocurrency peaked at $ 0.0224 on October 5, continuing higher the following days with some corrections.
The market capitalization is estimated at USD 993 million and the daily trade volume is USD 64.6 million.
Stratis begins token exchange period
Seven days, counted from this October 8, is the period established for the Stratis community to exchange their holdings in STRAT, the platform’s old token, for the new STRAX.
This is reported by the Stratis team on its blog, indicating STRAT token holders who wish to exchange them for STRAX must do so before October 15, 2021.
They explain that all tokens not traded after this date will be burned. The action takes place within the framework of a massive event in which it is planned to burn more than 5% of the supply of tokens destined for the exchange, which is equivalent to more than USD 10 million.
As reported by this media, STRAX is a token launched by Stratis in September 2020 to replace STRAT and as part of a transition process towards a new blockchain. STRAX has a more focused approach on developing DeFi projects.
The information is giving a significant boost to the price of STRAX. The cryptocurrency has seen an increasing advance since October 5, although with some ups and downs. By Friday the 8th it had a peak of more than USD 2.64 per unit. On average, its advance has been above 17%.
At press time, the market capitalization is USD 242 million and the daily trade volume is USD 12.2 million.
Beam to launch governance token on October 21
In a blog post on October 7, the Beam team announced the launch of a new token, called BeamX, for next October 21.
They explain that BeamX is the governance token that will operate in the ecosystem Confidential DeFi they are building. It will also serve the various applications that can run on Beam, including stablecoins, loan systems, and decentralized exchanges.
According to the brief, BeamX can be obtained through participation in various ecosystem activities, providing liquidity to DeFi applications governed by decentralized autonomous organizations (DAO), or participating in the BEAM governance process.
They also indicate that “the launch will act as the first distribution mechanism of the BEAMX Confidential Asset, and the beamers they will be able to bet their BEAM to receive BEAMX ».
After the announcement, the price of the token began an irregular rise, which peaked at $ 0.939 on October 8. Later its value began to fall. Despite this, the average weekly advance is estimated at more than 12%.
As of press time, BEAM’s market capitalization is $ 64 million and daily trade volume is $ 8 million.
eToro adds Polkadot and Filecoin to its platform
The investment platform eToro has added Polkadot and Filecoin to its cryptocurrency offering, which now has a list of 31 crypto assets, according to the company in a statement.
Ad it was done on twitter this October 5. The message explains that the exchange with cryptocurrencies It will not yet be available in the United States.
They add that the addition of DOT obeys the interest shown by investors in this cryptocurrency, which “is gaining more and more popularity among crypto enthusiasts.”
The unique structure of the token to help reduce transaction fees for different assets is also another of its strengths, according to the writing. “Polkadot is one of the top ten cryptoassets in the world by market capitalization, being more valuable than Litecoin and Dogecoin.”
Amid these advances, the value of DOT rose more than 11% in one week. The rise has been steady since October 6, driving the value of the cryptocurrency to a high of more than $ 37.12 on October 9.
The market capitalization is USD 1,579 million and the daily trade volume is USD 15.1 million.