During the week of August 1 to 7, the cryptocurrency market continues to grow. Similar to the movements of the previous week, the increases observed in the vast majority of altcoins exceed 23%.
The price of bitcoin continues to grow in these seven days, with a average increase of almost 2%. The value ranged between $ 11,300 and $ 11,700, according to Live Coin Watch statistics, reaching $ 12,000 on August 2. Market analyst Willy Woo stated his belief that we are in “the beginning of the main phase of the bull market”. In his opinion, the jump to $ 11,000 started this bullish phase.
Ether is also still growing with a weekly advance topping 9%. The price started rising on August 2, when it hits a high of $ 412. ETH monthly growth is estimated at 58%. In parallel, the statistics of the commercial traffic of the DEX in Ethereum during July had an increase of 184%, compared to the USD 1.52 billion traded in June.
Other relevant cryptocurrencies on the market are falling. Ethereum classic loses 7%, and litecoin is down 2%. For its part, Ripple’s XRP grows around 13% and is once again in the weekly top.
The five most appreciated cryptocurrencies this week They are led by Zcash (ZEC), NEM (XEM) and DASH. It is followed by GRIN and Ripple’s XRP.
Zcash Launches update that addresses the Development Fund proposal
From according to the information posted on the Electric blog Coin Company (ECC), company behind the development of Zcash, this August 5 update was released 3.1.0 on the testnet. This version includes code preparations for the fourth update of the network, identified as Canopy.
The trial version includes improvements such as proposal ZIP214, through which new consensus rules are implemented for the Development Fund of Zcash. The creation of this fund is currently reason for debate in the community. The price of ZEC started to rise from August 2 until reaching USD 100 on day 6.
Meanwhile, the cryptocurrency Registration a growth of 23%. It is estimated that Canopy is activated on the main network at block 1046400 (November 2020). As of this writing, ZEC’s market capitalization is $ 93.2 million and daily trade of USD 315 millions.
NEM’s cryptocurrency is traded on the BitFlyer brokerage
According to a message published on the NEM Twitter account, from this August 6 the cryptocurrency XEM is available for exchange in the Japanese brokerage BitFlyer. The announcement coincided with a significant increase in the price of XEM, which peaked at $ 0.065 on the same day.
The value of XEM has been rising since that date. Average growth was almost 18% for the week. Meanwhile, the NEM Trading team believes that with the inclusion of cryptocurrency in BitFlyer there will be a greater momentum and growth of the community, both in Japan and in other Asian countries.
NOT Tambiene offered information to users on the use of XEM to make reservations and pay for tourist services of the company Travala. To date, XEM’s market capitalization is around $ 561 million, with a daily trade volume of $ 18 million.
Dash adjusts miners’ reward and launches VISA card in Mexico
Thanks to the signing of a commercial agreement between Dash and the Tauros platform, Mexican bitcoin users can now exchange their cryptocurrencies for pesos, recharge a Visa debit card and make purchases at any establishment with a point of sale.
The information was released on August 4, while the price of DASH registered an advance on that date, when it began a rise that took its value to a peak of $ 104 on August 6. Cryptocurrency had average growth weekly 15%.
Additionally, this week Dash Core Group decided to adjust the reward of miners and masternodes, as a strategy to produce a positive impact of the price. The Dash community also donated computing power to support the initiative from Folding @ home scientists researching therapies to treat coronavirus. DASH’s market cap ends the week at $ 908 million, with daily trade of $ 229 million.
Grin privacy protocol is implemented on the Nervos network
This August 6 Grin’s plans announced to support the implementation of the Mimblewimble protocol in the Nervos blockchain ecosystem. In this way, the users of this platform they will be able to carry out private transactions using the native token CKB.
As part of this event, the value of GRIN peaked at $ 0.555 on August 6. The development plan for Incorporating Mimblewimble into Nervos is divided into three phases: design of the scheme, technical specifications and implementation. These stages will have a minimum duration of 7 to 8 months, according to a publication on Medium.
The GRIN’s average growth was just over 14%. The Grin and Nervos developers will also explore interoperability between the two networks. At the time of writing, the cryptocurrency’s market capitalization is $ 25.5 million, while the daily trade volume is $ 5.6 million.
Grayscale XRP Mutual Fund Sales Increase
On July 31, the cryptocurrency fund management firm, Grayscale, announced on Twitter significant growth of its investment products through cryptocurrency funds. It points out that XRP purchases went from $ 3.1 million to $ 6.2 million in recent weeks.
Grayscale’s increased investment comes shortly after several posts and comments from the Ripple community indicate that XRP is one of the cryptocurrencies that will be accepted in the VISA payment system. Prior to that, the financial technology platform Nium, a partner of Ripple, had signed an agreement with Visa. Meanwhile, the price of XRP began a gradual ascent which brought its value to $ 0.322 on August 2. During the week its price increased by 13%.
Another novelty is the launch of the new Ripple payments API, which allows more merchants to accept XRP. This week Ripple’s quarterly report was also released, according to which XRP sales increased 1,700% in the second quarter of 2020. As of this date, the market capitalization of XRP is USD 12.967 million. The trading volume in 24 hours has been 785 million dollars.
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Zcash, NEM And DASH Top This Week’s Top Cryptocurrencies