From October 4 to October 10, 2021 the cryptocurrency market records a series of ups and downs that have caused the prices of many altcoins to be down. However, about 60% of cryptocurrencies show rises that have reached over 20%, according to Live Coin Watch statistics.
The weekly top is led by Beam (BEAM) which launched its new staking system; and Polkadot (DOT), which is preparing for the connection of its parachains (small blockchains). Both are in the weekly top for the second week in a row.
This week’s top continues with Stellar (XLM), whose fund opens a new period to finance projects; and Lisk (LSK), which organizes the second version of a hackathon based on its blockchain.
The list closes with Waves (WAVES), whose ecosystem is working on the design of a motivational program for employees, created on its blockchain.
The price of bitcoin (BTC) has been on the rise since last week, gaining almost 10% of its value in the last seven days. The cryptocurrency returned to trade above USD 60,000 on October 15, a value it had not reached for about six months.
Among the reasons for the rise of the cryptocurrency is the potential approval of an exchange-traded fund (ETF) based on BTC futures by the U.S. Securities and Exchange Commission (SEC). On October 15, the agency approved a prospectus filed by ProShares, whose ETF will be launched next week.
On the other hand, ether (ETH), Ethereum’s cryptocurrency, gained more than 8% of its value in this period, trading between USD 3,414 and just over USD 3,959.
With this peak ETH is getting closer and closer to its all-time high reached last May 12, when its price was USD 4,362. All this, amid expectations about its upcoming updates. The smart contract platform is following a roadmap to migrate its consensus mechanism from Proof of Work (Pow) to Proof of Stake (PoS).
Meanwhile, other relevant cryptocurrencies by market capitalization show ups and downs. XRP depreciated by 4.6%, while Dogecoin (DOGE) was down 12.6%. Cardano (ADA) also lost 3.4% of its value in these seven days.
On the rise were only Litecoin (LTC), with gains of 2.5%; and Polkadot (DOT), which rose by more than 16%. The latter is among this week’s top five.
Beam launches staking system for October 21st
In a blog post published on October 14th, the Beam team announced the launch of its staking system for Thursday, October 21st.
According to the post, the system is called
The BEAM Staking Campaign
will last 3 months (about 131,400 blocks). In this time frame a total of one million BEAMX tokens will be distributed as rewards throughout the campaign. This amount represents 2.8% of the 36% of the liquidity mining program or 1% of the total token supply.
The publication explains that by staking BEAM, ” beamers will be able to earn rewards on the new BEAMX governance token,” which will also launch on October 21
, as reported by CryptoNews.
The plan is that, in the future, BeamX can be exchanged for other tokens and many other assets through atomic exchanges. In addition to that, it will allow participation in the BeamX DAO governance system.
The price of the token has been rising steadily since last week, peaking at USD 0.868 on October 17. Its advance has been noticeable since the 14th. The average weekly rise is estimated at more than 25%
At the time of writing, BEAM’s market capitalization is USD 83.9 million and daily trading volume is USD 20 million.
Polkadot to launch auctions for connecting parachains
The founders of the Polkadot platform, Gavin Wood and Robert Habermeier, reported that already the mainnet is technically capable of supporting its first parachains. According to the project’s board, the first auctions to allocate slots will begin on November 11.
The parachains are a group of small specialized blockchains that are expected to connect to Polkadot to create a multi-chain architecture, as specified in the network’s white paper
So far the parachains have been running successfully on Kusama, Polkadot’s “sister network”. According to the white paper, its launch on the main network represents a final stage in the multi-phase development process of Polkadot, a project created in May 2020.
The announcement was made on Twitter
this October 13. The message explains that the first batch of 5 auctions will be held in November, at a rate of 1 new auction each week. This first batch would formally join the network in December.
In the midst of these developments, the value of DOT rose more than 16% in one week . The rise became evident on October 13, when l
he cryptocurrency jumped from USD 34.9 to USD 42.14. It continued to rise over the next few days to reach a high of over USD 44.29 on October 15.
The market capitalization of DOT is USD 42.567 billion and the daily trading volume is USD 1.255 billion.
Stellar opens ninth round for project funding
The Stellar community is preparing for the ninth round of funding from the Stellar Community Fund
, a fund created to support the development of projects based on this blockchain’s ecosystem.
“We have allocated nearly 4 million XLM to distribute based on community vote,” Stellar says in a release
this October 15. It adds that anyone creating a project on Stellar, whether it’s an experimental hackathon-style proof-of-concept or an established product they’re looking to scale, can apply until Nov. 7.
They indicate that once submissions close, a panel of verified community members will evaluate each project and select the strongest ones to advance to the final discussion and voting phase.
Shortly after the announcement, the price of XLM began to rise steadily, rising from USD 0.369 to a peak of USD 0.414 on October 16. On average the cryptocurrency rose more than 10% in a week
XLM’s market cap is USD 9.165 billion and the daily trading volume is USD 901 million.
Lisk hackathon registration opens
, the platform for blockchain applications, is organizing the second version of a hackathon based on its network. Under the name HackOnLisk
the event offers developers the opportunity to create applications using the new Lisk SDK.
This is the second version of the Lisk hackathon, first held last July. This time, the team is celebrating the release of version 3 of their core network, so they want developers to focus on projecting and building applications using the new Lisk SDK.
The DeFi applications to be considered by the jury include decentralized finance (DeFi) and GameFi (in-game finance application) projects.
DeFi apps to be considered by the jury include decentralized exchange (DEX), lending and stablecoins projects. While GameFi apps should relate to blockchain-based games and collectibles.
Lisk has a total of USD 60,000 to award prizes to the winners. The deadline for submission of applications to participate in HackOnLisk2 is November 15.
The information is giving a significant boost to the price of LSK. The cryptocurrency has been experiencing an increasing rise
since October 12, although it records several ups and downs. By Saturday the 16th it had a peak of over USD 3.15 per unit. On average, its advance has been above 8%.
At the close of this edition, the market capitalization is USD 406 million and the daily trading volume is USD 10 million.
Waves Enterprise designs blockchain-based rewards program
In a message posted on Twitter, Waves Enterprise reportedly designed a rewards program for employees of Brightside Academy, an early childhood education provider based in Ohio, United States
As noted in a statement
, administrators will use the new service, created by Waves and based on blockchain, to create and expand a list of tasks for teachers and child care specialists. Examples include: organizing extracurricular activities, receiving positive feedback from students’ parents, or being on time to class.
After completing the assignment, a report will be sent to administrators for approval. Afterwards, the employee will receive a certain amount of tokens assigned to the task performed. The tokens will be stored in the employee’s account, who will be able to redeem them for gift cards or other non-cash bonuses, including the option to use them on Amazon.
In this context, there was a significant advance in the value of WAVES in these seven days. The average growth
was more than 6%. The cryptocurrency peaked at USD 34 on October 14, although the price has been declining in the following days.
The market capitalization is estimated at USD 2.902 billion and the daily trading volume is USD 135 million.
<img src=”//www.w3.org/2000/svg’%20vi ewBox=’0%200%20702%20321’%3E%3C/svg%3E” alt=’price-change-waves’ width=”702″ height=”321″ /> WAVES price peaked at $34 on October 14. Source: Live Coin Watch.