From May 31 to June 5, 2021, the cryptocurrency market is observed with a majority upward trend. About 80% of altcoins registered growth, according to statistics from Coin Check Up.
The weekly top is headed by dogecoin (DOGE), which is now supported on Coinbase; next to IOTA, which this week launched a new blockchain network.
They follow him cardano (ADA), which established an alliance with the blockchain platform Nervos in China; Y polkadot (DOT), which received an investment from a venture capital firm to finance parachains. The top closes with avalanche (AVAX), which incorporated the Chainlink oracles into its testnet.
For its part, the price of bitcoin is lateralized in a range that oscillates between 35,000 and 40,000. On average, the pioneering cryptocurrency rose 5% in seven days, to trade at $ 36,046 at the time of writing.
In this regard, analyst Willy Woo concludes that cryptocurrency continues in a bull market and expects a speedy recovery in its price, reaching a new historical maximum by the end of this year.
Ether (ETH), for its part, also registered advances. This week the price of ETH moved between $ 2,198 and $ 2,878 in seven days. On average it rose 13%.
Among the notable news is the implementation of Arbitrum on the Ethereum mainnet. It is a second layer development that seeks to improve scalability and reduce commissions. The launch was made in beta phase (testing stage) and only for developers who request access.
The prices of other relevant cryptocurrencies by market capitalization are also rising. XRP gained 12%, while litecoin (LTC) appreciated 4%. Meanwhile, the Polkadot value (DOT) rises by 17%; and cardano (ADA) advanced by more than 13%. These last two are located in the weekly top.
Dogecoin is traded on Coinbase Pro
Since Wednesday, June 3, the Coinbase exchange offers support for exchanges with the cryptocurrency meme. The spread of the news boosted the price of the digital asset, even from days before the start of commercialization, causing an increase of up to 35% for June 2.
As CriptoNoticias published, Coinbase enabled swaps in its professional suite for traders. In total, the platform had up to five pairs for the commercialization of DOGE. Traders can trade against bitcoin, the stablecoin USDT, and three national currencies: US dollars, euros, and British pounds.
The price of DOGE went from 0.31 cents per unit, to a peak of 0.44 cents for June 2, while the total volume of exchange exceeded 11,000 million dollars in just two days. This ascent began shortly after the incorporation of the cryptocurrency in the popular exchange house.
After reaching the indicated maximum, the DOGE value underwent several corrections. Despite this, the cryptocurrency gained more than 30% in these seven days.
The market capitalization is USD 48,040 million and the daily trade volume is USD 5,080 million.
The price of dogecoin reached a high of $ 0.44 on June 2, growing on average more than 30%. Source: Coin Check Up.
IOTA launches a new 2.0 DevNet network
According to the information released this week on the IOTA blog, the new IOTA 2.0 DevNet was launched, a platform that qualifies as completely decentralized since it works without the need for a coordinator.
The news was released on June 2, and apparently it had a favorable impact on the price of the cryptocurrency, which began a period of constant advance the next day. The value of IOTA ranged from $ 0.9245 to a high of $ 1.41, amount to which it arrived on June 3. On average the cryptocurrency rose more than 27% in seven days
“We designed the IOTA 2.0 protocol to be an open, fair and fair accounting network, where each participant in the network is governed by the same rules and algorithms and has exactly the same rights,” the blog post notes.
The team adds that the new network was built on a leaderless consensus protocol, where each node contributes directly to security and consensus through transaction validation.
At press time, IOTA’s market capitalization is $ 3.45 billion and daily trade volume is $ 92 million.
The price of IOTA started to rise from June 3 and reached a peak of $ 1.41. Source: Coin Check Up.
Cardano Bridges China Blockchain
The technology development company behind the Cardano network, Input Output Hong Kong (IOHK), announced on June 3 a new alliance with the Chinese blockchain Nervos in order to build a bridge that connects both networks.
“We announced our collaboration with the Nervos Network to build the first cross-chain bridge between Nervos and Cardano,” the company wrote through its Twitter account.
According to what a Nervos publication explains, the bridge, which will be launched within the next 6 weeks, will allow users to carry out transactions with the native currencies of Nervos and Cardano (CKB and ADA, respectively).
It will also allow the creation of interchangeable tokens between both ecosystems, and will facilitate the developers of both chains to access services and functions to expand their decentralized applications (dApps) and user bases.
According to the press release, this exchange with Nervos will be Cardano’s first cross-chain bridge. While for Nervos it will be its second cross-chain development, after the one it has with the Ethereum network.
In this context, the price of the cryptocurrency ADA has been in constant advance since May 30, peaking at $ 1.86 on June 3. On average, he won 21%.
As of press time, ADA’s market capitalization is $ 50.97 billion and daily trade volume is $ 5.52 billion.
The ADA price peaked at nearly $ 2 on June 3. On average it rises more than 20%. Source: Coin Check Up.
Polkadot receives an investment of USD 30 million
Master Ventures, an Asia-based private equity firm, announced on June 2 the launch of a $ 30 million venture capital fund. The fund, dubbed Master Ventures Polkadot VC Fund, will be the first of its kind, the firm said in a statement.
The equity firm, which is also a blockchain incubator, indicates that through the fund it will support and will fund offerings from layer 1 blockchain projects looking to win a parachain slot on the Polkadot broadcast network. It is about the small blockchain networks that make up this platform.
It will also finance early stage investments in projects at Polkadot & Kusama Ecosystem, blockchains that are managed by the same team.
In the midst of this development, the price of DOT, the network’s cryptocurrency, started a steady growth since Monday, May 31. The weekly advance was over 24%, with a high of $ 28.10 on June 3.
The Master Ventures post adds that the company intends to seize the bullish opportunity of cryptocurrency, not only by financing parachains offerings but also by investing directly in the most promising projects in the evolving Polkadot / Kusama ecosystem.
The current capitalization of DOT is USD 21.46 billion and the daily trade volume is USD 1.35 billion.
The DOT price peaked at more than $ 28 on June 3, growing on average more than 19% in these seven days. Source: Coin Check Up.
Avalanche incorporates the Chainlink oracle
Avalanche announced the recent addition of the Chainlink oracle to its testnet. The goal, according to the company in a publication on Medium, is to work with more transparent and accurate data.
The integration was made possible by a Chainlink community grant awarded to Protofire, an Avalanche validator development workshop.
“With this enhancement, Chainlink’s pricing sources are fully available on the Avalanche testnet, without the need to look for external interoperability,” the team notes. The plan is that developers and users who use the network can use the data to develop their projects.
Meanwhile, the price of AVAX, the native blockchain cryptocurrency Avalanche, started a sustained rise from the date of the announcement, reaching a peak of USD 20.40 on June 3. After some corrections that are observed in the following days, the price rises again in the last hours.
On average the cryptocurrency appreciated by more than 15% in seven days. The market capitalization is USD 2.33 billion and the daily trade volume is USD 170 million.
AVAX hit a weekly high of $ 20.64 on June 3. Source: Coin Check Up.