General Weekly Cryptocurrency Market Summary Powered By Criptonoticias

General Weekly Cryptocurrency Market Summary Powered By Criptonoticias

According to criptonoticias, from April 4 to 11, 2021, the cryptocurrency market remains on the rise, after the recovery it experienced the previous week. More than 80% of altcoins have risen in price.

The most appreciated cryptocurrencies in these seven days are led by Ripple’s XRP, whose price rises after the company that issues the asset scored some victories in the legal process it faces against the SEC in the United States.

They are followed by Grin (GRIN), who this April 11 closes a meme contest in which his community participated; and Ethereum Classic (ETC), with substantial growth from its investment fund in Grayscale.

The weekly top is completed with IOTA, which announces the release date of its version 2.0; and Tezos (XTZ), whose companies will be incubated in blockchain venture fund Draper Gorem Holm.

Testing Breakup

Bitcoin’s price continues to rise and has remained in ranges close to USD 60,000 since this April 10. On average, BTC appreciated by 2.7% in these seven days, oscillating between 55,000 and more than 61,000 dollars.

In this regard, Coin Metrics analyzed, in its weekly report on Bitcoin On-Chain indicators, data that show different metrics of the network. Among them is the Market Value to Cash Value (MVRV) ratio and the profit on the sale of BTCs, called Spent Output Profit Ratio (SOPR). 

Such metrics support the hypothesis that the pioneering cryptocurrency’s bull cycle is not over.

Next Phase

Ether (ETH), for its part, also shows progress, appreciating 3% during the week. The price moved between $ 1,956 and $ 2,195 in seven days. In this period, co-founder of the network, Vitalik Buterin, proposed to reduce the number of validators in Ethereum 2.0.

The suggestion of the developer is to establish a limit of active nodes that allow to take advantage of their capacities efficiently. That limit could be about 524,000 nodes, or a similar number, the developer recently shared.

Other relevant cryptocurrencies on the market show ups and downs. Cardano (ADA) rises 5%; Litecoin grows by 24%; and Ripple’s XRP appreciates more than 100% to hit the weekly top. This while Polkadot (DOT) loses 8% of its value.

Amazing Recovery

This week, Ripple’s lawyers achieved two victories in their legal battle against the SEC in the United States, including access to the body’s history of internal discussions regarding cryptocurrencies. In addition, a court denied the SEC the ability to disclose the financial records of two company executives, including CEO Brad Garlinghouse.

The price of the cryptocurrency rose substantially amid these announcements, with an average growth of 128%. On this, the trader Peter Brandt expressed through Twitter, his conviction that the price of XRP, the cryptocurrency issued by the company Ripple, could exceed the historical maximum of USD 3.84 that it achieved in 2018.

As reported by CriptoNoticias, the analyst gave two reasons for his prediction: the first of which is the recent favorable ruling that Ripple received from the US Securities and Exchange Commission (SEC). A fact that could produce a “crowd madness” that leads the masses to acquire XRP.

The second reason for the increase, according to Brant, has to do with a shoulder-head-shoulder-inverted pattern, which is often seen as an indicator of a trend reversal from bearish to bullish.

The price of XRP topped the dollar on April 6, peaking at $ 1.50 for the 11th. The market cap is $ 58.89 billion and the daily trade volume is $ 51.17 billion.

Privacy Survey

After the CoinMarketCap team published an analysis on the privacy characteristics of cryptocurrencies on their blog, a Twitter user presented data from a survey in which Grin stands out.

According to the results, the more than 400 people consulted chose the cryptocurrency based on the WimbleMimble protocol, with a 33% preference. This put her at the top of a list that also includes Beam, Monero, Zcash, and Dash.

The price of the cryptocurrency made a 56% advance on the week. At the same time, the Grin community closes the Best Meme Bounty “Grin It to Win It” meme contest on April 11. In the contest, which aims to motivate participation and interest in cryptocurrency, prizes of more than 100 grins will be awarded to participants. The winners will be announced shortly.

The price of GRIN began to rise sharply on April 11, when it peaked at $ 1.26. The market capitalization is USD 86.4 million and the daily trade volume is USD 19.2 million.

Special Highlight

At the end of last March, the Ethereum Classic team tweeted that the Grayscale Investments fund, backed by the Ethereum Classic cryptocurrency, added nearly 161,612 ETC to its cryptocurrency holdings.

Shortly after these announcements some public figures have been showing their support for the cryptocurrency, which emerged from a fork of the Ethereum network.

According to a message posted on the Ethereum Classic Twitter account this week, Representative Mark Green, a member of the US House of Representatives from Tennessee’s Seventh District, has been acquiring ETC.

In this context, the price of the cryptocurrency has been in constant advance since the end of March. For this April 11, ETC reaches a maximum of USD 21.19. The average weekly rise exceeds 40%.

As of press time, ETC’s market capitalization is $ 2.34 billion and daily trade volume is $ 3.34 billion.

Next Release

The co-founder of IOTA, Dominik Schiener, participated on April 9 in one of the AMAs that the team of this project organizes periodically. There, he said that the launch of Coordidice (IOTA version 2.0) could take place by the fourth quarter of this year. This, while the network’s cryptocurrency achieves a 33% weekly advance.

Schiener clarified some of the most important concepts about the development of IOTA. He answered questions about the challenges that IOTA 2.0 or Coordicide could face in its deployment process, including discovering and fixing bugs in major components.

In the middle of the event, the price of the cryptocurrency followed a constant upward trend, trading as high as $ 2.15 on April 11. The market capitalization of IOTA is $ 5.67 billion and the daily trade volume is $ 211.18 billion.

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Risk Fund

Blockchain venture fund and studio Draper Gorem Holm announced its plans to incubate startups based on the Tezos ecosystem, as part of its $ 25 million venture fund. The information was released on April 1, while the network’s cryptocurrency, XTZ, began a period of continuous rise from the 6th of the same month. Growth is estimated at 30%.

Meanwhile, Tim Draper, a special limited partner of the blockchain specialist studio, described Tezos as the “leading platform for smart contracts and low energy usage” due to its reliance on the consensus of proof-of-stake or PoS.

The executive expressed his enthusiasm for financing projects on the Tezos blockchain. “We believe it has a promising future ahead of it and it will be the standard for smart contracts,” he concluded.

XTZ’s market capitalization is $ 5.04 billion and the daily trade volume is $ 730 million.