From August 23 to 29, 2021, the cryptocurrency market registers a mostly downward trend. About a third of altcoins show growth in averages that reached over 60%, while the rest show a downward trend according to Live Coin Watch statistics.
The weekly top is headed by tezos (XTZ) which was chosen by 3 European banks for the development of new financial products; and decentraland (MANA) , which tests in its metaverse a new tool to create missions in video games.
They are followed by cardano (ADA) , which consolidates in third place by market capitalization upon entering the Japanese market; and avalanche (AVAX) , which added a new project to its DeFi mining incentive program.
The five cryptocurrencies are completed with siacoin (SC), which announced its integration with a web application platform for decentralized storage networks.
After the constant advance that the price of bitcoin maintained in the previous weeks, in these last seven days it registered a slight fall.
On average BTC lost 1.1%, although it remains in a range which is between 45,000 and 50,000 dollars. After having once again exceeded USD 50,000 on August 23 , the pioneer cryptocurrency falls on Thursday 26 to a minimum of USD 46,701.
Despite the decline, analyst Willy Woo has a relatively positive expectation of BTC price action, anticipating changes in a range that goes from lateral movements to a scenario clearly bullish, as published by CriptoNoticias.
On the other hand, ether (ETH), the cryptocurrency of Ethereum, also falls in price. This week its value ranged between $ 3,075 and $ 3,356. On average it lost just over 1%.
On August 27, the Ethereum blockchain suffered an unexpected fork. A bug or An error in the Geth client, the main software used in the nodes of this network, would have been exploited that day generating a new chain of blocks. The developers urge to run a new update of Geth launched on August 24 to correct the error.
Other relevant cryptocurrencies by market capitalization show ups and downs. Litecoin (LTC) loses 7%; polkadot (DOT) down 6%; XRP drops 7%; and dogecoin (DOGE) depreciates by 11%. Only cardano (ADA) rises in price and advances more than 10%, reaching the weekly top.
Tezos will bring smart contracts to 3 European banks
According to information published in a press release, the Tezos blockchain has been selected by the European banks Crypto Finance Group (from Germany), InCore Bank and Inacta (both from Switzerland), to launch a series of financial products related to this blockchain.
According to the brief, the three financial institutions have an interest in using the tokenization standard recently launched by Tezos, called « DAR-1 », to offer its customers new services related to cryptocurrencies.
The information was released on August 24, at time Tezos cryptocurrency XTZ started a steady rise amount that took its value to a maximum of USD 6.10 this August 29. The weekly average closes at 60%.
The publication clarifies that the Tezos DAR-1 standard, developed by Inacta, allows the implementation of smart contracts with n all the functions necessary to support traditional financial markets, including regulations against money laundering to asset governance.
As of press time, the capitalization of XTZ is USD 5,169 million and the daily trade volume is USD 696 million.
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Within the framework of World Video Game Day or Gamer’s Day , which is celebrated this August 29, the Decentraland team has been promoting the launch of a new tool that allows the creation of missions within its metaverse.
«The tool to create such experiences has now been developed for the community from Decentraland, and while is currently only available to a handful of users, will eventually be open to all creators, bringing a powerful new element to the set of he “Game tools”, says the Decentraland blog in a post on August 23.
According to the brief, the positive results of the first round of tests for the creation of missions were seen this week . It happened through the delivery of several POAPs (Ethereum ERC-721 tokens) to the participants in the tests , such as medals or badges in the games «The drink of the gods »And SteamPunk by DappCraft (39.12).
Within the framework of these promotions, MANA, Decentraland’s cryptocurrency gains more than 16% in seven days. Its price ranged between a minimum of USD 0.783 and a maximum of USD 0.987 this August 29.
The market capitalization of the token is estimated in USD 2,138 million and the daily trade volume is USD 140.7 million.
Cardano is trending on Twitter after its launch in Japan
Shortly after having exceeded its all-time high and placed third in the ranking by market capitalization, cardano is back in the news for the launch of ADA in Japan through the cryptocurrency exchange Bitpoint.
According to the announcements on Twitter by the creator of The cryptocurrency, Charles Hoskinson, ADA reached the Japanese market on August 24, the same date on which its price reached a peak of USD 2.95.
The event was became a trend in the social network, considering that exchanges in Japan must comply with very strict rules and only one pe that small amount of tokens can be listed on these platforms.
Hoskinson also announced that Ethereum smart contracts will now be on the Cardano blockchain via a sidechain or sidechain . This, while the network prepares for the Alonzo update , which will be executed on September 12, opening the way to the activation of smart contracts in Cardano.
In the midst of these advances, ADA, the network’s native cryptocurrency, is in the weekly top of CriptoNoticias for the third consecutive week.
The sustained rise in price has been constant since August 14, and has lasted throughout these fifteen days, with some ups and downs. On average, the cryptocurrency appreciated by more than 12% in the week.
Shortly after a correction that had brought its price to a low of USD 2.5, the ADA price rise was made dizzying since August 27. The market capitalization is USD 92,953 million and the daily trade volume is USD 3,687 million.
Avalanche Expands DeFi Liquidity Mining Incentive Program
The Avalanche Foundation announced this August 24 the expansion of the DeFi liquidity mining incentive program , launched a week ago. The initiative, known as « Avalanche Rush «, now incorporates Sushi , one of the largest decentralized finance applications by total locked value (TVL) and volume of transactions.
In this way, the Avalanche project —which started with a liquidity of USD 180 million in incentives— will now incorporate an additional USD 15 million in the next 3 months. They will be contributed by Avalanche Foundation and Sushi in equal parts (USD 7.5 million each).
According to the Avalanche publication, the deployment of Sushi on this blockchain is expected to provide merchants with DeFi access to a new set of products with high-yield agricultural rewards ( yield farming ).
As reported by this outlet, Avalanche Rush, designed to introduce decentralized finance (DeFi) projects in the ecosystem to Avalanche , started operations last week with two of the largest DeFi protocols by total blocked value: Aave and Curve.
The news is giving a significant boost to the price of AVAX, which is in the weekly top for the second week in a row. The cryptocurrency experiences a constant advance in these 15 days. By August 24, it had a peak of more than $ 57 per unit. On average, its advance has been above 11%.
At press time, AVAX’s market capitalization is USD 8,377 million and the daily trade volume is USD 869 million.
New decentralized storage provider joins the Skynet network of Sia
This week, the Siacoin team announced the integration with ArGoApp, a web application deployment platform for decentralized storage networks (DSN).
According to the note published on Sia’s blog this August 25, the goal is that more providers implement Skynet, a distributed data warehousing service introduced by the Sia project in 2020.
Skynet’s platform serves two functions at the same time : one as DSN and the other as an open protocol to host data and applications on the decentralized web, through the Sia blockchain.
«When using Skynet in the back-end, ArGoApp allows developers to implement any front-end hidden implementation ”, says the letter.
The price of SC had been on the rise since August 23 and experienced some corrections when it rose again shortly after the dissemination of this message. It reached a maximum of USD 0.0231 on August 24 and 25, going down the following days. Even so, on average it gained more than 10% in the week.
As of press time, SC’s market capitalization is USD 1,027 million and daily trade volume is USD 69 , 7 million.
