Key facts:
Despite the fall of the altcoins, Monero appreciates almost 3% in these seven days.
Dogecoin remains in the top 10 by market capitalization and celebrates its dogeday.
From April 18 to 24, 2021 the cryptocurrency market turned red. Almost 100% of altcoins lost value in the last hours, in the framework of the fall in the price of bitcoin, according to statistics from Live Coin Watch.
Despite the majority depreciation, some cryptocurrencies have stood out in recent weeks, both for their developments and mention in media and social networks, as well as for the interest they arouse among users. In this way, the weekly top is headed by Dogecoin (DOGE), which remains in the top 10. They follow Monero (XMR), which advances with atomic exchanges; Y Cardano (ADA), which is getting ready to integrate smart contracts into its network.
The weekly top is completed with XRP and its resurgence despite the SEC’s lawsuit; Y Binance Coin (BNB), whose quarterly growth was in the order of 600%.
The bitcoin price experienced two major corrections over the course of this week, trading back below $ 50,000 on April 23. On average BTC lost about 16% of its value in these seven days, ranging between 48,700 and 60,200 dollars.
The main reasons behind the fall are found in the collapse of the processing power of the network or Bitcoin hash rate. As reported by CriptoNoticias, the exit of Chinese miners in Xinjiang province, due to interruptions in the electricity supply, brought the processing power to 109 EH / s, a decrease of 40%.
The high commissions to validate a transaction, the delays in the mining of the blocks and the readjustment in the difficulty of mining, are negatively affecting the commercialization of the first cryptocurrency.
The price of ether (ETH), for its part, has been equally affected along with the entire market, falling 4% during the week. The price moved between $ 2,029 and $ 2,642 in seven days.
Despite the decline, the value of the cryptocurrency recorded a new all-time high on April 22, surpassing $ 2,544. The second cryptocurrency on the market also appreciated against bitcoin. By that date ETH was trading at 0.04687 BTC, a level that had not been reached since mid-August 2018.
Other relevant cryptocurrencies on the market were equally affected by the fall of bitcoin. Cardano (ADA) fell 19%; Polkadot (DOT) lost 31%; Ripple’s XRP depreciates by 36%; and Litecoin (LTC) was down 26%.
Dogecoin remains in the top 10 by market capitalization
Despite the general decline in the prices of almost all altcoins, DOGE is one of the few that is on the rise, registering an advance of 3% during the week. Cryptocurrency remains stable among the top 10 by market capitalization and at the time of this writing it retains the sixth place.
On April 20, interest in DOGE reached an all-time high, during the celebration of the so-called dogeday (“doge’s day”). An initiative that emerged on social networks to promote the cryptocurrency meme.
Dogecoin hit its weekly high of $ 0.4498 on April 19 and it fell to 0.1730 on the 23rd (when bitcoin fell). Even so, DOGE maintained its growth and in recent days it has continued to increase.
In the midst of the cryptocurrency’s price rise in the last month, estimated at 450%, the cryptocurrency mining simulator Rollercoin suffered great inconvenience to deliver rewards in DOGE. The company reported on April 21, 2021 that it was forced to make adjustments to the amounts of the rewards and mining power in order to cope with changes in the market.
The capitalization of DOGE is USD 34,719 million and the daily trading volume is USD 9,920 million.
DOGE’s price hit a high of $ 0.4498 this week. Source: Live Coin Watch.
Monero Approaching New All-Time High
One of the projects that has been gaining prominence in recent weeks is Monero (XMR), the privacy-focused cryptocurrency, which recently celebrated its seventh anniversary. XMR is approaching its 2017 all-time high of $ 470, hitting a peak of $ 416 this week. On average XMR gained 2.9% in seven days.
Among the reasons that have favorably influenced the appreciation of the last month – which exceeds 70% – are the recent network updates, atomic swaps with bitcoin and other integrations that have been drawing the attention of investors.
It highlights the fact that three different teams are working on atomic swaps (no need for trust) from Monero. The most recent announcement in this regard was made by THORChain, a blockchain network that is working on adding XMR to its decentralized cross-chain liquidity network.
Data from Live Coin Check Up shows that since reaching a low of $ 296 on April 18, the price of Monero reached $ 367 for this April 24. The market capitalization is USD 6.7 billion and the daily trade volume is USD 418 million.
Monero’s value peaked at $ 416, approaching a new all-time high. Source: Live Coin Watch.
Cardano prepares to add smart contracts to its network
Cardano has become one of the most prominent blockchain networks. Its native token, ADA, is among the top 10 cryptocurrencies in the world by market capitalization. Recently, the CEO of Cardano, Charles Hoskinson, spoke through his YouTube channel of the project roadmap for the next four years. There he mentioned that one of the most important updates expected for the network is called Alonzo.
In this context, the price of the cryptocurrency has been in steady progress in the last 90 days, gaining further momentum since the end of February. Despite this week’s decline, ADA shows signs of recovery in recent days.
According to Hoskinson’s explanation, Alonzo is coming in a few months, and will activate smart contracts on this blockchain. The new function will be enabled by the Plutus platform, which will provide a native language for contracts on this network.
ADA peaked at $ 1.32 on April 19. It fell to a low of $ 1.01 on the 23rd and is trading at $ 1.13 at press time. ADA’s market capitalization is USD 36,218 million and daily trade volume is USD 1,719 million.
The price of ADA peaked at $ 1.36 on April 19 and is back on the rise in the last hours. Source: Live Coin Watch.
XRP price resurfaces despite SEC demand
The price of XRP, the native cryptocurrency of Ripple’s network, has been rebounding in the last month after having been in decline since the end of December 2020. This is due to demand from the US Securities and Exchange Commission. . (SEC) filed against him on that date. In the middle of this process, the cryptocurrency appreciates by more than 100% in the last month
As this media has reviewed, the resurgence of the asset occurs thanks to the turns in favor of Ripple that the case has taken, which are viewed with optimism by many investors.
In this context, Ripple CEO Brad Garlinghouse assures that the project continues to attract the interest of more and more clients. For him, the company could stay afloat given the demand for its services as a platform for cross-border payments and international millionaire settlements.
A few days ago he raised the idea of burn part of the 55 billion XRP reserve, a strategy that generally serves to deflate the currency and that usually generates an increase in its price.
The market capitalization of XRP is $ 51.34 billion and the daily trade volume is $ 5.198 billion.
The price of XRP has been on a rebound in the last month and resurfaces after having fallen at the end of 2020. Source: Live Coin Watch.
Binance’s cryptocurrency surpasses several milestones
During these first four months of the year, Binance Coin (BNB), the cryptocurrency of the eponymous exchange, passed several milestones. One of them was reaching a new historical maximum price, both in dollars and in bitcoin (BTC), as reported by CriptoNoticias
Additionally, the cryptoasset achieved third place by market capitalization, in a sudden bullish rally in which it outperformed Ripple’s Cardano (ADA), Polkadot (DOT), Tether (USDT) and XRP. In one quarter, BNB has appreciated by more than 600%.
Binance’s cryptocurrency has benefited from the increase in transactions on the exchange. To this must be added the migration of users and developers from DeFi (decentralized finance) to the Binance Smart Chain, along with the tweets and media exposure of the CEO of the exchange house, Changpeng Zhao.
On April 16 Binance burned about $ 500 million in BNB, reducing the supply from 170,535,825 to 169,432,937. The objective of this practice, which is done quarterly, is for the asset to be deflationary and its price to increase. With this, demand is expected to increase in tandem with the scarcity of the asset.
In the last week the value of BNB has been mostly on the rise, reaching a peak of USD 604 by April 21. After the low experienced on Friday the 23rd, the price recovers in the last hours and is trading at USD 508 at the time of writing.
BNB’s market capitalization is USD 78,107 million and the daily trade volume is USD 4,061 million.
The maximum value of BNB was at $ 609 and was recorded on April 19. Source: Live Coin Watch.