From November 1 to 7, 2021, the market shows important signs of recovery. About 70% of cryptocurrencies show an upward trend with increases of up to more than 40%, according to Live Coin Watch statistics.
The weekly top is headed by Avalanche (AVAX), that created an incentive fund for developers; and Solana (SOL), which reached a new all-time high and reached fourth place by market capitalization.
They follow NEM (XEM), which is preparing for its seventh hard fork; and Polkadot (DOT), which launched its first parachain. The list of most appreciated cryptocurrencies closes with XRP, which announces the launch of wXRP, a wrapped token.
The price of bitcoin (BTC) continues with ups and downs, although this week it remains more or less stable around $ 60,000. On November 2, BTC once again exceeded USD 64,000. BTC and on average it has gained 3% of its value. On this, Glassnode analysts argue that the cryptocurrency is going through the initial stage of a major bull run.
As published in ., the firm points out that, despite the temporary price setbacks, the appreciation of BTC in the month of October reached the record value of 40%. Something similar affirms Willy Woo, who considers that the bitcoin market would be in the final phase of a consolidation process, which could fuel a bullish breakout in two weeks.
Meanwhile, Ether (ETH), the cryptocurrency of Ethereum, gained more than 9.9% of its value in these seven days, trading between USD 4,200 and more than USD 4,650.
In period the hash rate of the Ethereum network reached a new all-time high by surpassing 766 terahashes per second (TH / s). A figure that shows a clear recovery since last June, when it reached a minimum of 455 TH / s.
Other relevant cryptocurrencies by market capitalization are also on the rise. Cardano (ADA) gained 3.3% of its value; while Litecoin (LTC) rose 5.7%; and Dogecoin (DOGE) 2.5%.
For its part, Polkadot (DOT) appreciated by more than 40% and XRP appreciated by more than 9%. Both they are placed in the top of the most appreciated of the week.
Avalanche creates $ 200 million fund to attract developers
In a Medium post dated November 3, the Avalanche Foundation featured “Blizzard,” a fund that offers more than $ 200 million in incentives to developers operating on the Avalanche network.
The objective of the fund is provide liquidity to early stage projects that innovate in decentralized finance applications (DeFi), non-fungible tokens (NFT) and other products that are developed on this blockchain.
According to the post, Blizzard contributors include the Avalanche Foundation alongside Ava Labs, Polychain Capital, Three Arrows Capital, Dragonfly Capital, and CMS Holdings.
“Blizzard will prioritize four key growth areas across the Avalanche ecosystem: DeFi, business applications, NFT and cultural applications,” the brief concludes. The funds will be used for equity investments, token purchases, partnership efforts, technology, and business development.
Builders within the ecosystem will also be offered ongoing support, considering the number of users that are entering the Avalanche community.
They add that currently there are about 320 projects that are being built on the network, including Tether’s top issuer, popular decentralized exchange SushiSwap, and providers Oracle Chainlink and The Graph.
The AVAX price, the network token maintains a constant rise since the date of this announcement, reaching a maximum of USD 85.5 this November 7. Average weekly growth is estimated to be over 40%.
As of press time, the market capitalization is USD 18,561 million and the daily trade volume is USD 1,073 million.
The price of AVAX reached a high of USD 85.5 this November 7, in a constant rise from the 3 of this month. Source: Source: Live Coin Watch.
Solana brands new ATH and becomes the fourth largest cryptocurrency
According to data from Live Coin Watch, SOL, Solana’s token, this week recorded a new all-time high (ATH) trading above $ 250 on November 6. The price rebound also caused an increase in the network’s market capitalization, exceeding USD 72.5 billion.
The price rally led this cryptocurrency to position itself as one of the largest blockchains that NFT hosts, in terms of market capitalization. This, since the rise made the token between the fourth and fifth place in the ranking, just above Cardano, and at times from Tether, and below Binance Coin (BNB).
According to CryptoSlam’s data aggregator, Solana’s NFT secondary sales have generated a total of approximately USD 497.7 million derived from some 348 thousand transactions executed until November 2.
Amid the rise, Solana Labs CEO Anatoly Yakovenko commented on the place of blockchain in the broader cryptocurrency ecosystem, praising Ethereum’s innovation and suggesting that Solana’s success will not be driven by the potential failure of the Ethereum’s move to the proof-of-stake mechanism, an upgrade planned for 2022.
On average SOL rose more than 34% in one week. The rise was constant since November 3, reaching a peak of USD 259.7 last Saturday. The market capitalization is USD 72,734 million and the daily trade volume is USD 3,725 million.
Solana’s token hit a high of $ 259.7 on November 6. Source: Live Coin Watch.
Polkadot launched his first parachain
The first parachain (small blockchain) of the Polkadot network was launched this November 5. As the company announces through Twitter, highlighting the registration of the Shell parachain in order to “guarantee the production, inclusion and completion of blocks.”
They further explain that “Shell’s parachain has extremely limited functionality: it doesn’t even have the notion of accounts. Shell only accepts Relay Chain messages to upgrade to something else.
Parachains or parachains are a group of small specialized blockchains that are expected to connect to Polkadot to create a multi-chain architecture, as specified in the white paper or white paper of the network.
Thus, with the launch of its first parachain, the platform is ready to start the parachains auctions later this month, with hundreds of projects vying for a place on the blockchain.
In this context, the cryptocurrency DOT increased about 26% in seven days. At press time, the market capitalization is USD 54,312 million and the daily trade volume is USD 1,305 million.
The price of DOT saw an increase of about 26%, reaching a high of $ 55 on November 4. Source: Live Coin Watch.
NEM announces the activation of its seventh hard fork
In a message posted on Twitter, the team of NEM announced the upcoming activation of its seventh hard fork named Harlock, which “will decide the future of NEM”, as they limit. This because the fork will allow voting if NEM will be integrated into the Symbol blockchain.
Harlock will allow nodes to vote in support of NEM becoming a dedicated Symbol substring or sidechain. Symbol is an enterprise blockchain launched by the NEM project in March 2021, as reported in CryptoNews.
Harlock Fork is expected is executed at the height of block 3,464,800.
Shortly after the information was released, on November 5, the value of the network’s cryptocurrency began to rise rapidly, amid successive corrections. That same day, it peaked at $ 0.233.
On average XEM rose more than 18% in one week. The market capitalization is USD 1,184 million and the daily trade volume is USD 53.5 million.
The price of XEM peaked on November 5, amid successive corrections. Source: Live Coin Watch.
Ripple to launch token wrapped in Ethereum blockchain in December
According to the information published by the Ripple team, the platform is preparing for the launch, next December, of Wrapped XRP (wXRP) on the Ethereum blockchain.
It is a wrapped token that will allow XRP holders to interact with DeFi projects, in addition to facilitating the execution of smart contracts in Ethereum for use in loans and staking, including altcoin exchanges.
wXRP will have a 1: 1 exchange ratio with XRP, with custody provided by Asian company Hex Trust.
The wrapped tokens or wrapped tokens are digital currencies stored in a digital vault that run on a blockchain other than the native one where the token is originally issued. Notable wrappers include Wrapped Bitcoin, a BTC wrapper that operates on the Ethereum blockchain; and Wrapped Ethereum, which converts ETH to the ERC-20 standard.
In a tweet published earlier this week, David Schwartz, Ripple’s director of training, claimed that wXRP would be “multi-chain,” allowing cryptocurrency users to avoid paying high fees on Ethereum because wrapped tokens can be integrated into chains with lower fees.
In this context, there was a significant advance in the value of the Ripple cryptocurrency in these seven days, with a continuous rise since November 3. XRP peaked at $ 1.23 on Day 4, a figure it is approaching again on November 7, after experiencing several ups and downs.
The average growth of XRP was over 10%. The market capitalization is estimated at USD 57,403 million and the daily trade volume is USD 2,119 million.
The price of XRP peaked at $ 1.23 on November 4. Source: Live Coin Watch.