From May 16 to 23, 2021, prices in the cryptocurrency market experienced a bloody week, mainly due to the strong correction recorded by bitcoin (BTC) on May 19. Almost 100% of altcoins registered declines, according to Live Coin Watch statistics.
However, in the midst of the decline, it is worth noting the positive balances of some cryptocurrencies in the last 30 days. Under this premise, the top is headed by ethereum classic (ETC), dogecoin (DOGE), cardano (ADA) and waves (WAVES).
The price of bitcoin experienced a new fall, in this case much stronger than the one recorded on May 12. In the early hours of Wednesday, May 19, the cryptocurrency fell to less than USD 40,000, to continue falling in the following hours and touch a floor of USD 30,000. On average BTC depreciated around 29.7% in these seven days.
The fall in price is attributed to the measures announced by The government of China, which decided to prohibit institutions and means of payment from operating with cryptocurrencies.
Later, on May 21, the Chinese Vice Prime Minister, Liu He, and the country’s State Council Asia, issued a statement where express the need for strict regulation and energetic measures to protect the financial system from the trade of digital currency. They also speak out against “the behavior of mining.”
Added to the above are the unfavorable comments of the billionaire founder of Tesla, Elon Musk, who last week reported that he would stop accepting payments with the pioneer cryptocurrency, due to the alleged environmental impact negative of Bitcoin mining.
Ether (ETH), for its part, also suffered the consequences of the generalized fall. The value of The second cryptocurrency on the market had weathered the effects of bitcoin’s first correction, but this week it was swept away by the low tide. The price of ETH moved between USD 1,952 and more than USD 3,692 in seven days and on average falls 47%.
Other relevant cryptocurrencies by market capitalization also show figures in red. XRP lost 51% and litecoin (LTC) was down 55%. Meanwhile, cardano (ADA) depreciates by 49%; and Polkadot (DOT) decreased 61%.
Ethereum Classic is consolidated as a cheaper alternative than ETH
Since the beginning of May, a significant rebound has been observed in ethereum classic, a cryptocurrency derived from a fork in the Ethereum community in 2016.
So far this month the cryptocurrency has exceeded its historical maximum by trading above the USD 39 registered in 2018. This at the time of experiencing an increase in its rate of hashrate , which reached a maximum of 33Th / s on May 7, as announced on its Twitter account.
According to what is indicated on the social network, in so far in 2021 the growth of the cryptocurrency of Ethereum has been 367%, while that of ETC is around 1,464% in the same period. Apparently this superior advancement of ethereum classic is due to the fact that some retail investors see ETC tokens as a faster way to make money.
The cryptocurrency seems to be attracting the attention of members of the ecosystem, perhaps as an alternative to the high transaction costs in Ethereum.
Analysts suggest that new investors are in search of the Older cryptocurrencies (like ETC and even bitcoin cash) with lower valuations relative to BTC and ETH. This is because the two main cryptocurrencies may have become very expensive for some traders and miners.
Like Ethereum, the Ethereum Classic cryptocurrency is designed to run smart contracts. However, in 2020 it had to face security problems , after having suffered three attacks of 51%. This is a problem that they claim to have overcome with the implementation of a new protocol called MESS.
As of press time, ETC’s market capitalization is USD 5.3 billion and the daily trade volume is USD 2,129 million.
Dogecoin gains momentum thanks to interest from Elon Musk
Dogecoin is among the few cryptocurrencies that registers monthly growth, in the framework of the generalized market decline. All this time Elon Musk has been pushing the price of the cryptocurrency based on a meme insistently. As reported by CriptoNoticias, this week it became known that the founder of Tesla has been collaborating with developers since 2019.
In addition to his advice and having contributed a “vast” list of contacts, Musk would have offered to finance the development of Dogecoin. However, the team behind the cryptocurrency rejected that and other offers from potential investors, said Ross Nicoll, one of the developers.
In this context, the price of The cryptocurrency has been in steady advance since the beginning of May, peaking at $ 0.737 on May 8. After that date the value is decreasing. Some corrections are linked to negative tweets from Musk, but even so the cryptocurrency remains in the top 10 by market capitalization.
At this same time, the investment platform eToro announced that since that date Your users can buy and sell DOGE on your site. The addition responds to “strong customer demand,” according to the company.
To date, DOGE’s market capitalization is USD 35,692 million and daily trade volume is USD 5,048 million.
Cardano rebounds in 2021 and stands out for its growth
A few weeks ago, the Cardano Foundation, responsible for supporting the homonymous ecosystem, offered the native cryptocurrency ADA as an option for the sale of Tesla electric vehicles.
Additionally, the Kraken exchange announced that its customers can now access their staking from ADA through its Kraken Staking Wallet . The service was launched on May 6.
As CriptoNoticias has reported, Cardano has had a very positive year, at least the first quarter of the year. At the beginning of March, with the update Mary was positioned as the third cryptocurrency in market capitalization and exceeded USD 1 in value for the second time in its history.
The Cardano network is also preparing for the Alonzo update, which will be rolled out later this month. With it smart contracts will be introduced in this blockchain.
At press time, ADA’s market capitalization is USD 37,368 million and the daily trade volume is USD 4,502 million.
Waves promotes game-based your NFT
Last April Waves sold the Duck NFT « Perfection »for $ 1,000,000, a non-fungible token based on cryptocurrency. Since that date launched the game Duck Hunters with the goal of encouraging participation in the Waves DeFi ecosystem.
The game consists of spreading the word about the ecosystem Waves through tweets, photos and videos in which Waves technology is presented to new audiences.
As part of the game, the “NFT EGG de Wave” campaign is currently being developed, which involves community members and allows them to perform tasks to earn EGG tokens and mint unique NFTs. On May 20 the NFT duck incubator was launched. In this way, users are allowed to exchange their EGG tokens for the genesis ducks of the game Duck Hunters (Satoshi EGG and Elon EGG) , in order to generate new offspring.
Gambling is among the reasons that have driven the growth of the price of WAVES in recent weeks, taking the value of the cryptocurrency to a maximum of USD 41.27 on May 4.
In the last seven days the price of the cryptocurrency ranged between USD 13.34 and USD 41.27, a maximum that reached on May 4. The market capitalization is USD 1,324 million and the daily trade volume is USD 156 million.
