From June 14 to 20, 2021, the cryptocurrency market shows a general decline. About 95% of altcoins remain on a downward trend, according to statistics from Coin Check Up.
The weekly top is headed by shiba inu (SHIB), which is now supported on Coinbase. They follow him waves (WAVES), with its plans for the creation of a gaming platform based on non-fungible tokens (NFT); Y monero (XMR), which increases their levels of adoption. The top closes with zcash (ZEC), which is preparing for an update of its testnet on July 1.
The price of bitcoin (BTC) continues to fall, although this week managed to exceed USD 40,000 again. On average, the pioneering cryptocurrency lost 7% in seven days, to trade at $ 34,510 at the time of writing.
Despite the downward trend, analyst Willy Woo considers that the cryptocurrency is selling below its value and supports his thesis that there will be a speedy recovery. In his most recent newsletter, he estimates that the value of bitcoin should be around $ 54,500 based on data from his analytical model. Therefore, it augurs a quick rise in the price.
However, the average daily transactions on the Bitcoin network have fallen to levels of the year 2018, when the cryptocurrency was in the middle of the bear market after the December 2017 peak of $ 20,000.
Ether (ETH), the cryptocurrency of Ethereum, is also declining. This week the price moved between $ 2,053 and $ 2,637 in seven days. On average it fell 9.6%. In this bearish context, it is expected that on June 25 the cryptocurrency will experience its largest option expiration in 2021, given that USD 1.5 billion in open interest will be settled.
The prices of other relevant cryptocurrencies by market capitalization are also falling. XRP loses 11.4%, while litecoin (LTC) depreciates by 6.8%; polkadot (DOT) drops by 1%; and cardano (ADA) fell 2.3%.
Coinbase Pro offers Shiba Inu support
According to an announcement posted on the Coinbase blog on June 15, since June 17 Coinbase Pro would start supporting shiba inu (SHIB), an ERC-20 token that runs on the Ethereum network and is based on a Dogecoin-like meme.
The news triggered a rapid rise in SHIB’s price from $ 0.00000716 to $ 0.00000736 in a few hours. On average the cryptocurrency gained more than 24% in seven days.
According to the announcement, the platform would enable exchanges on its platform from June 15. The token list also included tokens such as Chiliz (CHZ) and Keep Network (KEEP). However, the exchange later announced that some technical issues were delaying the release of Shiba Inu. Until now it is still only available to send and receive.
In this way, the followers of the token are kept waiting for the SHIB trading service. Cryptocurrency has continued to rise in price throughout the week, despite the corrections experienced after the peak reached on June 15.
Simultaneously, other alliances for Shiba Inu are announced. One of them is the listing of the token on Voyager, an application that allows users to bet more than 20 different cryptocurrencies. SHIB is one of the first meme coins to be offered by this platform.
SHIB’s market capitalization is $ 3.03 billion and daily trade volume is $ 675 million.
SHIB’s price increased markedly after the announcement of its listing on Coinbase. Source: Coin Check Up.
Waves to launch new platform for NFT-based games
Waves.tech, an ecosystem of innovative blockchain products and solutions from Waves.protocol, announced the expansion of its native game based on Waves Ducks (Patos Waves) a series of native NFTs. The idea is to develop a new gaming platform based on non-fungible tokens.
According to a statement published on June 17, Waves’ plan is to integrate its game into product trading for decentralized finance (DeFi). The team wants to make DeFi concepts more fun and accessible to everyone through this NFT gamification initiative.
“Through NFTs, we can drive the fun factor into our community, and our friendly duck characters can help novice users introduce concepts like yield farming, staking, and the general contract features. smart, combining them with a decent level of profitability, “commented in the note.
In this context, the price of WAVES began to rise substantially from the date of the announcement (June 17), reaching a maximum of USD 18.82 that same day. WAVES average growth is estimated at 21%.
Duck NFT “Perfection” is a non-fungible token that Waves launched last April. Subsequently, the use of various “Pato Waves” figures has been deployed in different rounds that award prizes to the community for participating in social networks. This game is among the reasons that have driven cryptocurrency price growth, which has been in the top for three consecutive weeks.
At press time, WAVES ‘market capitalization is USD 1.88 billion and daily trade volume is USD 454 million.
The price of WAVES started to rise from June 17 and reached a peak of USD 18.82. Source: Coin Check Up.
Project Qubes OS and Travala adopt monero
The Qubes OS Project, an open source operating system focused on desktop security through isolation, started accepting donations in monero.
Through a publication on the official page of Qubes, it is indicated that the decision responds to the growing number of requests made by users of the operating system in recent years. “We are proud that Qubes is the operating system of choice for so many privacy-conscious people, and we are pleased to be able to offer a more private donation method for those users to show their support,” the letter said.
Days after the release of this news, it became known that reservations to enter the Atlantis Hotel, a luxury resort located in Dubai, United Arab Emirates, they can also be done using privacy-focused cryptocurrency. A tweet from the tourist services company Travala confirms the fact. He adds that XMR joins a list of more than 30 cryptocurrencies that are accepted in the tourist reservation process in more than 195 countries.
Meanwhile, the price of monero has been in constant advance since June 13, peaking at $ 287.39 on June 16. On average XMR gained 8%.
As of press time, XMR’s market capitalization is $ 4.7 billion and daily trade volume is $ 305 million.
The price of XMR peaked at $ 287.39 on June 16. On average it rises more than 8%. Source: Coin Check Up.
Zcash prepares to create unified addresses
The Electric Coin Company (ECC) is preparing the next Network Upgrade 5 (NU5) testnet upgrade for its privacy coin zcash (ZEC). In this update the team presents several improvement proposals for Zcash (ZIP), which could eventually be released to the mainnet. One of the objectives is to improve important aspects of the blockchain, among them the address management system.
The goal is give users a unique Zcash address that is compatible with all the groups of values of the network. This changes the system in force until now, which requires users to have various types of addresses. According to the ECC message, this has not been very efficient so far. Hence the decision to make the switch.
“Unified addresses increase interoperability between wallets and exchanges, improving the overall Zcash user experience,” explains Josh Swihart, vice president of growth at ECC.
In the midst of this development, the price of ZEC, the network’s cryptocurrency,started steady growth since June 13. The weekly advance was over 2%, peaking at $ 146 on June 17.
The current capitalization of ZEC is USD 1.52 billion and the daily trading volume is USD 381 million.