From April 11 to 17, 2021, the cryptocurrency market is mostly green. More than 85% of altcoins have risen in price with increases of up to more than 100%, according to statistics from Coin Check Up.
The most appreciated cryptocurrencies in these seven days are headed by Dogecoin (DOGE), which achieves a new all-time high driven by its followers on Reddit. They are followed by Ethereum Classic (ETC), which is also gaining popularity among followers on social networks; and Siacoin (SC), which this week began its hackathon on Skynet.
The weekly top is completed with Bitcoin Cash (BCH), which is getting ready for an upcoming network update; and Litecoin (LTC), whose value appreciates after the launch in Germany of a listed product or ETP.
Bitcoin price has continued to break its all-time highs and traded above $ 64,000 on April 15. On average BTC appreciated by 1.4% in these seven days , oscillating between 58,000 and 64,800 dollars.
The expected Inclusion of Coinbase on Nasdaq that occurred on April 14 , resulted in a new push for bitcoin and the cryptocurrency market in general, which came from exceeding 2 trillion dollars in capitalization. BTC flows leaving exchanges towards cold wallets in the hands of long-term holders also influenced.
Ether (ETH), for its part, also benefited from this momentum, appreciating 10.7% during the week. The price of ETH moved between USD 2,121 and USD 2,535 in seven days.
In this period, the value of the cryptocurrency also reached a new all-time high, surpassing the 2,500 dollars . ETH has benefited from developments in decentralized finance (DeFi) and, more recently, from the great boom in non-fungible tokens (NFT), according to an analysis published by CriptoNoticias.
Other cryptocurrencies Relevant market trends are on the rise. Cardano (ADA) advances 12.6%; Polkadot (DOT) gains 6.2%; and Ripple’s XRP appreciates at 29.8%. This, while Litecoin (LTC) grows 40% and is located in the weekly top.
Dogecoin top 10 by market capitalization
The price of DOGE has registered explosive growth since April 16, with a rebound of more than 100% in 24 hours, to reach a new all-time high of $ 0.44976 . Growth has continued in recent hours and the average advance of the cryptocurrency has been almost 400% in 7 days.
Among the reasons that seem to drive this growth is the rapid growth of its followers on social media, particularly your Reddit account. DOGE was even included in the list of 3 cryptocurrencies that will be part of the discussions on WallStreetBets , the Reddit forum that helped drive GameStop’s share price earlier of the year.
Dogecoin managed to surpass USD 50,000 million in market capitalization last Friday, placing at times in the fourth and fifth place of the ranking . At the time of this writing the cryptocurrency continues in the top 10, ranking eighth.
Last February, a report from Coin Metrics pointed to Dogecoin as the cryptocurrency more driven by social networks . An assumption that is evident with the increases it has experienced this year thanks to the tweets of Elon Musk and other public figures, in addition to Mark Cuban’s decision to accept DOGE in the Dallas Mavericks games.
The market capitalization is USD 34,230 million and the daily trade volume is USD 38,960 million.
The price of DOGE reached a new all-time high this week. Source: Coin Check Up
Ethereum Classic reaches a new all-time high
Following in the footsteps of Dogecoin, Ethereum Classic reached a new all-time high , to trade at a top of $ 49.78 on April 17. The ETC team reported the milestone on their Twitter account. The cryptocurrency, which was derived from a hard fork in the Ethereum community, it had not exceeded the value of USD 38.9 since February 2018 .
On average, the cryptocurrency made a 117% advance on the week. The hashrate of the network has also been rising steadily during the last 6 months along with the increase in price, «which has contributed to make the network more attractive to interested miners and to increase general security “, as published by ETC Cooperative in another tweet.
Some analysts comment that something similar to DOGE is happening with ETC, and the momentum comes of users of social networks. In fact, Ethereum Classic ranked third on the list of ten trend tickers on Stocktwits.com , a social network for investors and traders with more than 3 million active users.
In the last month the cryptocurrency seems to be gaining the attention of members of the ecosystem, perhaps as an alternative to the high transaction costs in Ethereum . ETC’s market capitalization is USD 4.66 billion and daily trade volume is USD 18.63 billion.
ETC traded above $ 49 at the close this week surpassing its all-time high. Source: Coin Check Up
Launch Sia’s hackathon to create content on Skynet
This week the Sia team began its hackathon for the development of content creation applications on Skynet, which will close on the 31st next May. As reported by this media, USD 25,000 in prizes will be awarded during the event.
In this context, the price of the cryptocurrency has been in constant advance since the end of March , gaining further momentum on April 16. On average, SC appreciated almost 90% in seven days
Skynet is a distributed data warehousing service launched in February 2020. David Vorick, co-founder and CEO of Sia, said that the purpose of the hackathon is to encourage user participation on this platform. “We want developers to create applications that launch social interactions between users.”
In addition to the event, Vorick announced the launch of MySky, a decentralized identity protocol that gives users control of their data within Skynet.
Meanwhile, the network’s cryptocurrency reached a peak of USD 0.0646 on April 17, starting from a minimum of USD 0.0259 on the 13th of the same month. In this same period, the Sia Foundation also released a new version of software for the network (v.1.5.6).
As of press time, SC’s market capitalization is USD 2.58 billion and daily trade volume is USD 4.4 billion.
SC price started to gain further momentum from April 16. Source: Coin Check Up
Bitcoin Cash prepares for an upcoming update network
The price of Bitcoin Cash has been advancing since the beginning of April, in the middle of the greatest attention that the cryptocurrency market has been gaining in the media and financial markets. BCH, the product of a bitcoin fork, gained around 68% in the course of this week.
In this framework, Bitcoin ABC, the development group behind the project, announces a new version of software (0.23.1) already available for download and aimed mainly at developers . The version will be launched in the next network update, scheduled for May 15.
However, beyond the issue of the update, analysts suggest that new investors are in search of the oldest cryptocurrencies with the lowest valuations against BTC and ETH. This is because the two main cryptocurrencies, with their significant price increases, may have become very expensive for some traders and miners.
This fact could explain the rise of DOGE, ETC and BCH, along with another batch of crypto assets that have had strong rallies in the last month, generating what is known as the «altcoin season».
In that sense, Kelvin Koh, partner at Spartan Group, a fund focused on DeFi, commented on Twitter that “there are a lot of quant funds that play at the convergence between BTC and a handful of liquid altcoins. Whenever altcoins seem cheap relative to BTC, they go into it. When they look expensive, they turn back to BTC. ”
The price of BCH has risen 125% in the last two weeks . In 7 days, it went from a low of USD 696 on April 11 to a maximum of USD 1,187 this Saturday 17. The market capitalization is USD 19,210 million and the daily trade volume is USD 15,300 million.
The price of Bitcoin Cash has seen a significant rise since the beginning of April. Source: Coin Check Up
Germany Digital Stock Exchange trades an ETP of Litecoin
This week ETC Group, a London-based firm reported on the offering of a new cryptocurrency derivative based on Litecoin. It is a listed product, or ETP, which has been operating since April 14 on the Deutsche Börse Xetra trading platform in Germany.
As explained by the firm, the Litecoin ETP is traded with the ticker «ELTC» and has a management commission of 2%. It is the first Litecoin product in this platform. It represents ETC Group’s third cryptocurrency ETP in the last year. In June 2020, the company launched a Bitcoin ETP on Xetra, followed by an ether ETP last March.
The price of LTC has gained up to 40% this week. In the last seven days, it ranged from a low of $ 241 on April 11 to a peak of $ 330 on April 17. LTC has not exceeded the USD 300 barrier for three years , as highlighted by the Litecoin team on Twitter.
Market capitalization is USD 20,150 million and the daily trade volume is USD 23,930 million.
The price of Litecoin reached a maximum of USD 330 this April 17. Source: Coin Check Up
