According to kryptonites, from April 4 to 11, 2021, the cryptocurrency market remains on the rise after the recovery it experienced the previous week. Over 80% of altcoins have gone up in price.
The most valued cryptocurrencies in those seven days are led by Ripple’s XRP, the price of which rises after the company issuing the asset scores a few wins in the legal process it faces against the SEC in United States.
They are followed by Grin (GRIN), who, on April 11, closes a memes contest in which their community has participated; and Ethereum Classic (ETC), with substantial growth in its Grayscale investment fund.
The weekly top is completed by IOTA, which announces the release date of its version 2.0, and Tezos (XTZ), whose companies will be incubated in the blockchain venture capital fund Draper Gorem Holm.
The price of Bitcoin continues to rise and has remained in ranges close to $ 60,000 since April 10. On average, BTC appreciated 2.7% over those seven days, fluctuating between $ 55,000 and over $ 61,000.
In this regard, Parts metrics analyzed, in its weekly Bitcoin On-Chain Indicators report, data that shows different network metrics. Among them are the ratio of market value to cash value (MVRV) and the profit on the sale of BTC, known as the Spent Exit Profit Ratio (SOPR).
Such measures support the hypothesis that the pioneer cryptocurrency’s bull cycle is not over.
Ether (ETH), meanwhile, is also showing progress, appreciating 3% over the week. The price went from $ 1,956 to $ 2,195 in seven days. During this period, the network co-founder, Vitalik Buterin, proposed to reduce the number of validators in Ethereum 2.0.
The developer’s suggestion is to set a limit of active nodes that allows efficient use of their capabilities. That limit could be around 524,000 nodes or a similar number, the developer recently shared.
Other relevant cryptocurrencies in the market are showing highs and lows. Cardano (ADA) increases by 5%; Litecoin increases by 24%; Ripple’s XRP appreciates over 100% to hit the weekly high. This while Polkadot (DOT) loses 8% of its value.
This week, Ripple’s lawyers scored two victories in their legal battle against the SEC in the United States, including access to the organization’s history of internal discussions regarding cryptocurrencies. Additionally, a court denied the SEC an opportunity to release the financial statements of two company executives, including CEO Brad Garlinghouse.
The price of the cryptocurrency has increased significantly amid these announcements, with an average growth of 128%. With that, trader Peter Brandt expressed via Twitter, his belief that the price of XRP, the cryptocurrency issued by the Ripple company, could exceed the all-time high of $ 3.84 that it reached in 2018.
As reported by CriptoNoticias, the analyst gave two reasons for his prediction: the first is the recent favorable ruling that Ripple received from the United States Securities and Exchange Commission (SEC). A fact which could produce “mob madness” which leads the masses to acquire XRP.
The second reason for the increase, according to Brant, relates to an inverted shoulder-to-head pattern, often seen as an indicator of a trend reversal from bearish to bullish.
The price of XRP exceeded the dollar on April 6, peaking at $ 1.50 on the 11th. The market cap is $ 58.89 billion and the daily trade volume is $ 51.17 billion.
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 preference of 33%. This put her at the top of a list that also includes Beam, Monero, Zcash, and Dash.
The price of the cryptocurrency rose 56% on the week. At the same time, the Grin community is closing the Best Meme Bounty “Grin It to Win It” meme contest on April 11. As part of the competition, which aims to motivate participation and interest in cryptocurrency, prizes of over 100 grins will be awarded to participants. The winners will be announced shortly.
The price of GRIN started to rise sharply on April 11, when it peaked at $ 1.26. The market cap is $ 86.4 million and the daily trade volume is $ 19.2 million.
At the end of March, the Ethereum Classic team tweeted that the Grayscale Investments fund, backed by the Ethereum Classic cryptocurrency, had added nearly 161,612 ETCs to its cryptocurrency holdings.
Shortly after these announcements, some public figures showed their support for the cryptocurrency, which emerged from a fork in the Ethereum network.
According to a post on the Ethereum Classic Twitter account this week, Representative Mark Green, member of the US House of Representatives for the Seventh District of Tennessee, has acquired ETC.
In this context, the price of cryptocurrency has been rising steadily since the end of March. For this April 11, ETC hits a high of $ 21.19. The average weekly increase exceeds 40%.
At time of press, ETC’s market cap is $ 2.34 billion, and the daily trade volume is $ 3.34 billion.
IOTA co-founder Dominik Schiener participated on April 9 in one of the AMAs that the project team organizes periodically. There, he said the launch of Coordidice (IOTA version 2.0) could take place by the fourth quarter of this year. This, while the network’s cryptocurrency realizes a weekly advance of 33%.
Schiener clarified some of the most important concepts regarding the development of IOTA. He answered questions about challenges that IOTA 2.0 or Coordicide might face in their deployment process, including finding and fixing bugs in major components.
In the middle of the event, the price of the cryptocurrency followed a steady upward trend, reaching $ 2.15 on April 11. The market cap of IOTA is $ 5.67 billion and the daily trading volume is $ 211.18 billion.
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Blockchain venture capital fund and studio Draper Gorem Holm has announced plans to incubate startups based on the Tezos ecosystem as part of its $ 25 million venture capital fund. The information was released on April 1, as the network’s cryptocurrency, XTZ, entered a period of continuous rise from the 6 of the same month. Growth is estimated at 30%.
Meanwhile, Tim Draper, a special limited partner of the blockchain studio, described Tezos as the “leading platform for smart contracts and low power consumption” due to its reliance on consensus proof of stake or PoS.
The executive expressed enthusiasm for funding projects on the Tezos blockchain. “We believe he has a bright future ahead of him, and that will be the norm for smart contracts,” he concluded.
XTZ’s market cap is $ 5.04 billion and the daily trade volume is $ 730 million.
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