From August 1 to 8, 2021, the cryptocurrency market remains green and prices tend to rise. More than 90% of altcoins rise in price in averages that exceeded 30%, according to Live Coin Watch statistics.
The weekly top is headed by dogecoin (DOGE) , which is boosted by bullish market sentiment. They are followed by filecoin (FIL), which develops an app to operate hybrid contracts with Chainlink; and beam (BEAM) , which tests a new decentralized application for its governance system.
The five cryptocurrencies are completed with polkadot (DOT) , which is advancing in the development of improvements for communication between its parachains; and avalanche (AVAX) , which created a new bridge with the Ethereum blockchain.
The price of bitcoin has continued to grow during these seven days , managing to approach USD 45,000 this August 7. The pioneering cryptocurrency could be heading towards USD 100,000, according to a Bloomberg analysis reported by CriptoNoticias. On average BTC rose 8% in seven days, to trade at $ 44,014 at the time of writing.
For Bloomberg analysts, the bitcoin price curve has been below its average of 20 weeks, in its longest period since 2018-2019, which would be a bullish sign.
“Supply is declining while demand and adoption are increasing in most countries that welcome open discourse and free market capitalism,” the study states.
On the other hand, ether (ETH), the cryptocurrency of Ethereum, also registered a significant rise. This week it exceeded USD 3,000, a value that it had not reached since last May. The cryptocurrency traded between $ 2,113 and $ 3,179 in seven days. On average it rose above 20%.
This week occurred the long-awaited London update on the Ethereum blockchain, and with it the EIP-1559 improvement proposal was activated. This implementation changed the mechanism by which fees are paid to miners, by introducing the concept of « tip »and add commission burning. The community hopes that, in the long term, this EIP will achieve the reduction of the high network rates.
Other relevant cryptocurrencies by market capitalization are also on the rise. Litecoin (LTC) appreciated 5%; cardano (ADA) advanced more than 8%, and XRP gained around 6%. This, while Polkadot (DOT) rises by 14% to be in the weekly top.
Bullish market sentiment gives new impetus to dogecoin
Amid a substantial rise in the price of dogecoin this weekend, analysts note that the cryptocurrency meme continues at the top of popularity , gaining more followers.
According to the analyzes published in the media, the bullish sentiment that comes with the rise of bitcoin has also taken the followers of dogecoin and Shiba Inu.
It is thus believed that the price changes of these cryptocurrencies, whose users have grown by almost 50% during the third quarter of 2021 , they promise users a more attractive return than that of traditional cryptocurrencies such as BTC and ETH.
The levels of Adoption is also growing. As reported by CriptoNoticias, since the end of July Burger Ki ng in Brazil accepts dogecoin in exchange for its Dogpper. Brazilian customers can buy the curious Whopper-flavored dog biscuits for 3 DOGE.
This week the price of DOGE rose just over 24% . The cryptocurrency peaked at $ 0.275 on August 7, returning to the values it held during June. This, after going through a strong correction during the month of July.
At press time, DOGE’s market capitalization is USD 32,257 million and the daily trade volume is USD 4,800 millions.
Filecoin joins Chainlink and develops joint application
In a blog post on August 6, the Filecoin team reported the launch of a joint concession initiative with Chainlink. The plan is to advance the development of hybrid smart contracts that combine in a single application the oracles of Chainlink and the decentralized storage protocol of Filecoin.
«Hybrid smart contracts take advantage of code that runs on the blockchain ( on chain with data and calculations from outside the chain ( off chain ) », explains the writing. With this, the door is opened for the implementation of deeper integrations between both projects.
As of the dissemination of this news, the price of the network’s cryptocurrency, FIL, started a sustained rise that peaked at USD 70.18 on August 7.
Prior to the previous announcement, Filecoin tweeted the launch of a new interface to simplify the developer experience on your platform. According to the message, the new interface, identified as Web3.Storage, aims to simplify the experience when storing data in Filecoin’s decentralized network.
On average FIL appreciated by more than 20% in seven days. The market capitalization is USD 6,067 million and the daily trade volume is USD 459 million.
Beam activates application for its new governance system
This week the privacy-focused Beam platform announced the launch in their BEAM DAO Core testnet .
It is a decentralized application that they conceive as a «participation dapp», by allowing operate a decentralized autonomous organization (DAO). The tests with the application were activated this August 2, as reported through Twitter.
It is an application that, according to the team, will facilitate the transition to their new governance system identified as BeamX DAO , which is expected to occur in the third quarter of the year. The objective is that, soon, the governance of the ecosystem of this cryptocurrency will cease to be directed by the Beam Foundation to function as a DAO.
Meanwhile, the platform’s cryptocurrency began a constant growth as of August 5, with some corrections. The advance was over 20%, reaching a maximum of USD 0.69 on August 8, although due to the ups and downs , the weekly average closes at 17%.
BEAM’s current capitalization is USD 59 million and the daily trade volume is USD 11.7 million.
Polkadot promotes communication in the networks of its ecosystem
Polkadot’s platform, through a mechanism known as XCMP (message passing between chains), now allows the exchange between parachains (small blockchains) and parathreads . The latter consist of small chains that connect to the network in a similar way to parachains, but that participate in the governance system of the platform.
As explained in a recent publication, XCMP has It was developed through an alliance between Kylin Network, a platform with data infrastructure for DeFi and Web 3.0 powered by Polkadot; and Astar, a decentralized application of this same platform.
It should be remembered that Polkadot is characterized by working through the interconnection of small blockchains (parachains) , which must exchange data with each other and distribute the transactions between the different networks to be able to execute them in parallel.
Until now, the passing of messages between chains was just a concept in process implementation in the Polkadot ecosystem. Therefore, this advance is seen as a step towards the full integration of XCMP and “thus testing cross-string calls for full functionality, facilitating interaction between all strings.”
In this context , the DOT cryptocurrency gained nearly 14% in seven days. The cryptocurrency began to rise substantially from August 4. Its price ranged between a minimum of USD 17.14 and a maximum of USD 21.59 on August 7.
Market capitalization of DOT is estimated at USD 19,864 million and the daily trade volume is USD 814 million.
AVA Labs launches new bridge between Avalanche and Ethereum
In an official blog post, AVA Labs, responsible for the development of Avalanche, announced the implementation of a new bridge between this blockchain and the Ethereum network which replaces the one that had been created in February of this year.
The note indicates that the new bridge, called Avalanche Bridge (AB) , offers greater safety and speed, and is also cheaper. In the words of the founder and CEO of AVA Labs, AB represents a significant improvement in the experience for users and developers of the network.
The letter adds that, from now on, the Avalanche ecosystem projects can upgrade DeFi applications and liquidity pools based on token standards operating on both Avalanche and Ethereum using AB’s bridge.
The price of AVAX, the native cryptocurrency, has maintained a constant advance since August 1, although with corrections. The rise became noticeable on the 6th, reaching a maximum of $ 15.90 on August 7.
This maximum of the price of AVAX coincides with the announcement of the upcoming launch of a series of non-fungible tokens (NFT) of the 2020-2021 Bundesliga, the largest football competition in Germany. The NFT collection will put on sale the cards of the best players, rising stars, and memorable moments from the sporting event.
On average AVAX gained 13% on the week. As of press time, the market capitalization is USD 2,575 million and the daily trade volume is USD 72.6 million.
