The Most Cryptocurrency Projects That Stood Out During The Week

The Most Cryptocurrency Projects That Stood Out During The Week

By Rubikav® | Rubikav Insider | 27 Sep 2020

According to criptonoticias, During the week of September 19–26, the cryptocurrency market turned red. More than 80% of the altcoins showed falling prices. The few cryptocurrencies that made progress achieved average growth of up to 7%.

The cryptocurrencies appreciated during the week are led by Stratis (STRAT), which is voting on the proposal for a new blockchain. The second place goes to NEXO, a decentralized finance project that was included in the top companies of the crypto valley of Switzerland this 2020.

The 5 cryptocurrencies of the week also include Cardano (ADA), which this week offered details on the launch of a new developer portal. The top is completed with Waves (WAVES) and Monero (XMR).

Formal Throw-Back

The price of Bitcoin, for its part, fell again in these seven days. The cryptocurrency registered a decrease of around 3.4%; it only exceeded the USD 11,000 barrier on September 19 and 20. BTC suffered a substantial decline on the 21st, and since then the price ranges from $ 10,200 to $ 10,700.

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Despite Bitcoin’s decline, on-chain data analytics firm CryptoQuant spoke this week about some long-term bullish bitcoin indicators. Among them, he mentions a BTC indicator that allows measuring its purchasing power when associated with stablecoins.

Disguised Correlation

Ether (ETH) also saw a decline. Its average fall was 9.2%. The price started at $ 368 on September 19 and hit a low of $ 320 on September 23.

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A recent report from the CoinGecko platform estimates that cryptocurrency farmers, who make life on Ethereum’s decentralized finance platforms (DeFi) They pay up to $ 100 a day in commissions.

The prices of other relevant cryptocurrencies are also trending down. Ethereum Classic (ETC) drops 2.4%; Ripple’s XRP Loses 4%; and Litecoin (LTC) depreciates by 6.6%.

Token Exchange

The news related to Stratis this week has to do with the presentation of a new blockchain platform whose token will be called STRAX. It will have a more focused approach on the development of DeFi projects, among other characteristics. With the dissemination of this information, a rise in the price of the cryptocurrency STRAT is observed in the last hours, which brought its weekly average to 7%.

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The idea of the company is to execute a transition process towards the new blockchain, for which it invites the owners of STRAT to participate in a vote between September 25 and October 9 to approve the proposal.

A vote will initially be taken on the supply of the new STRAX tokens from the current STRAT holdings, and the creation of an additional 25 million STRAX. STRAT’s price started at $ 0.475 on September 19, closing at $ 0.507 on September 26.

As explained on the Stratis blog, each vote will be weighted with a value equal to the balance of the respective voting portfolio. “Such voting functionality has been incorporated into Stratis Core Wallet, allowing the user to download and install the latest version and cast their vote.” STRAT’s market capitalization is $ 50 million and daily trade volume is approximately $ 11 million.

A New Banking Generation

A report from the Swiss startup accelerator and investor CV VC places Nexo in the list of the 50 best blockchains of the Crypto Valley (crypto valley of Switzerland and Liechtenstein) during the first half of 2020. Meanwhile, the NEXO token registers an average advance of 6.6% in these seven days.

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In this same period, Nexo adds support for the stablecoin HUSD, an ERC-20 token from the Huobi exchange, pegged 1: 1 to the US dollar. It joins the platform’s roster, which includes XRP, bitcoin cash (BCH), and litecoin (LTC), as well as BTC, ETH, BNB, and NEXO.

Nexo’s native token began to increase in price significantly from September 25, reaching a peak of $ 0.131 on the 26th.

By disclosing the information about the support for HUSD, Nexo explains that with this integration it is possible to borrow fiat or cryptocurrencies against HUSD, through the platform’s credit lines. They claim that holders of the stablecoin can earn up to 10% interest in HUSD through the product “Earn on Crypto”.

NEXO’s market capitalization is $ 72.5 million, and its 24-hour trading volume is $ 1.8 million.

New Portal In Development

According to information published this week on the Cardano blog, the team is preparing for the launch of a new portal for developers to write and implement smart contracts and launch decentralized applications. Within the framework of this announcement, the price of the cryptocurrency ADA obtained a growth of 1.4%.

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According to the publication, developers who join the portal will be able to access documentation, as well as participate in spaces to share ideas, collaborate, promote their projects and join discussions. To this end, they will include articles, videos, infographics, reports, and tutorials, among other materials.

Meanwhile, ADA started to rise in price substantially from September 24, after hitting a low of $ 0.077.

Developers interested in participating in the new portal can sign up for a waiting list. “As an early subscriber, you will have access to exclusive content while the portal is being prepared,” the Cardano team promises.

ADA’s market capitalization is USD 2,923 million and its daily trading volume is USD 147 million.

Gravity Technology

In the midst of the dissemination of information related to the implementation of a system of gateways between chains, called SuSy, the price of WAVES increased by 0.3%.

The new link is part of the Gravity Hub, a set of tools released by Waves in late 2019 to facilitate interoperability between blockchains. Gravity has been on the public testnet since last July and is now joining the developer testnet.

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WAVES peaked on September 26 ($ 2.51), after hitting a low of $ 2.13 on September 22.

The idea with Gravitiy is to demonstrate token exchanges, especially with the Ethereum blockchain. It is estimated that next December it will join the main network.

At time of writing, WAVES ‘market capitalization is $ 247 million and daily trade volume is estimated at $ 31.5 million.

New Software Version

Through a statement, Monero reports that the latest version of its Oxygen Orion software is now available for update. The client arrives prior to what will be the next non-contentious hard fork of the network, to be executed on October 17.

Meanwhile the price of XMR registers a more or less constant growth in these seven days that averages 0.2%.

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According to the CriptoNoticias report, one of the main improvements of the new code is that it will add support for a new type of ring signatures. This will reduce the size of transactions by approximately 25%, while the verification speed will improve by 10%.

The price of the cryptocurrency started the week at $ 92, reaching a low of $ 86 on September 21. On that date, a new advance started that took the value of XMR to a peak of USD 94 on September 26.

According to the group of network programmers, the entire process that will be activated with the update is carried out maintaining security levels.

At the end of this report, the market capitalization of XMR is USD 1,661 million and the trade in the last 24 hours is USD 55.8 million.

See you in the next story! With love 💛 Rubikav® Team!

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