Over the course of the week of November 14–22, altcoins rise almost at the same rate as bitcoin (BTC). About 95% of the cryptocurrencies on the market see increases in their prices and achieve increases of around 60%, according to statistics from Coin Check Up.
The most appreciated cryptocurrencies in these seven days are headed by Waves (WAVES), with the public launch of its blockchain voting system; Ripple’s XRP, which is advancing the integration of smart contracts; and Litecoin (LTC), for the record of an increase in funds at Grayscale.
The Weekly Top of Featured Cryptocurrencies Completes with Ethereum Classic (ETC) Preparing for an Next Network Update; and Decred (DCR), whose platform is being used by candidates for elections in Brazil.
As for the price of bitcoin, the cryptocurrency follows the rally started a few weeks ago that has led it to overcome milestones. In these seven days BTC has been above the USD 16,000 that it reached a week ago, reaching more than USD 18,000 on November 18. BTC’s weekly advance is estimated at 17.9%.
According to data shown by Willy Woo, the flow of capital entering the bitcoin market is at its highest rate. It is an organic movement that is correlated with the price of the cryptocurrency. The analyst considers that this fact may be a sign that the current bull run is sustainable over time.
The price of ether (ETH), of Ethereum, also advanced substantially this week, oscillating between $ 441 and $ 512, for an average weekly rise of 12.4%. The cryptocurrency breaks the 500 resistance against the US dollar for the first time in more than 2 years.
The network’s hash rate is also on the rise and has reached a new all-time high. Everything suggests that the community is possibly betting on the rise in the price of ETH after the launch of Phase 0 of Ethereum 2.0.
The prices of other relevant cryptocurrencies on the market also register substantial growth, which places them in the weekly top. Ripple’s XRP gains 53%; Ethereum Classic (ETC) appreciates 30%; and Litecoin (LTC) is up 35%.
Waves Enterprise, a business subsidiary of the Waves project, announced the public launch of its blockchain voting system aimed primarily at all organizations that make voting-based decisions, including company boards of directors. The information was released on November 18, while WAVES remains in the weekly top for the third consecutive week. On average, its progress is estimated at 59.5%.
According to what is published on the Waves blog, the voting service has already been created and tested in order to measure its security system, so the commercial version is ready to be used for free until 20 votes. If the number of voters is greater, quarterly packages are offered in the amount of 65 to 590 euros.
This Waves voting technology was recently tested in Russia during its local and parliamentary elections. The team says that the experience showed that the platform is ready for implementation, but the public product has some differences from the one used in Russia.
Meanwhile, in these seven days the price of the cryptocurrency had a constant growth, oscillating between a minimum of USD 4.25 and a maximum of USD 7 on November 20. The price gained greater momentum since this last date. WAVES market capitalization is USD 671 million and last 24 hours trade is USD 257 million.
A new function that allows making smart contracts was implemented on the Ripple (XRP Ledger) blockchain this November 18. This is a new code called “Hooks” developed by Wietse Wind, director of XRP Labs, who explained the details on Twitter. This while the network’s cryptocurrency, XRP, rises in price and achieves a weekly advance of 53%.
As published in CryptoNews, Hooks consists of a series of assembly modules designed for XRP Ledger, which run on the Ripple ledger and are written in non-complete Turing language. Meanwhile, the price of XRP has registered an upward momentum since November 19, which has grown stronger since the 20 and has been accentuated in the last hours. Its value went from USD 0.2736 at the beginning of the week to USD 0.4209 at the time of writing.
The XRP Labs team also announced their advancements on XUMM, a decentralized smart app that combines some features of traditional online banking. This week the latest beta version 0.6.0 was released. To date, XRP’s market capitalization is $ 17.74 billion and 24-hour trading volume is $ 16.23 billion.
The amount of funds in Litecoin that fund and cryptocurrency manager Grayscale Investments has under safekeeping, increased 267% in the last three months, according to a tweet published on November 16. The date of this announcement coincides with the beginning of a sustained rise in the price of LTC, whose growth is estimated at 35%.
According to Grayscale data, the amount of funds in the Grayscale Litecoin Trust to date amounts to USD 53 million, a significant increase considering that last August the figure was USD 19.8 million. The value of LTC peaked at $ 85.14 on November 20. The rise in price has been sustained in recent days with a significant increase in recent hours.
With the increase in LTC assets managed by Grayscale, the cryptocurrency moves to fourth place on the list, outperforming Bitcoin Cash funds in Grayscale, which was previously in fourth place. At the close of this report, the market capitalization of LTC is estimated at USD 5.66 billion and the volume of trade in the last 24 hours is about USD 8.170 million.
Prepare For Upgrade
Ethereum Classic is preparing to roll out Thanos ECIP-1099, its next network update scheduled for November 28, at the 11,700,000 block height. Therefore, all node operators should update their software as soon as possible. Within the framework of this process, the cryptocurrency experiences significant growth, calculated at 30% in the last seven days.
One of the goals of the update is to reduce the size of the directed acyclic graph (DAG) for miners. The idea is to allow miners with 3GB and 4GB GPU systems to resume mining ETC. The price of the cryptocurrency began to rise from November 16, with twelve days remaining for the update. The value of ETC has risen continuously since that date, reaching a peak of $ 6.37 on November 21.
Thanos also seeks to prevent the 51% attacks that the network has been exposed to in recent months. It is intended to avoid the dominance of ASICs, so miners such as Innosilicon 10 and Antminer E3 will be left out of functional equipment for mining. At the time of writing, ETC’s market capitalization is $ 751.3 million and its daily trade volume is $ 1.5 billion.
11 candidates in the mayoral elections of the city of São Paulo in southeastern Brazil use Decred’s blockchain to raise funds for their electoral campaign. At the same time, the price of DCR has been increasing for several weeks, this being the third consecutive week in which the cryptocurrency is at the top. Their average progress is 29%.
In messages posted on Twitter, the company shares media publications on the subject, highlighting that candidates register through the Voto Legal campaign financing platform. There the transaction details and timestamp are recorded on the Decred blockchain. Meanwhile, DCR reaches a peak of 23.2 dollars on November 20, registering a sustained growth rate since the 17th. This after some corrections the previous days.
Donations for candidates are made in Brazilian reals (BRL). So far 24,139 donations have been made to the 11 candidates and a total of USD 607,373 (3,261,597 BRL) has been tracked on Decred since May 2020. Interest in blockchain has become evident in Brazil in 2020. This week, the Superior Electoral Court (TSE) tested four electronic voting systems that use this technology.
At the end of writing this note, DCR’s market capitalization is $ 283 million and daily trade volume is $ 8.9 million.
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