Cryptocurrency : Waves and polygon stand out in the weekly top in a market marked by the downside

By June 13, 2021Polygon
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From June 6 to 13, 2021, the cryptocurrency market is down. Almost all of the altcoins posted significant drops that pushed their balances to the red, according to Live Coin Watch statistics.

In the midst of the general decline, the positive performance of some cryptocurrencies in recent months stands out, mainly considering their developments. According to these data, this week’s top is headed by waves (WAVES), next to the tokens polygon (MATIC), chiliz (CHZ), Y binance coin (BNB).

The price of bitcoin (BTC) presents slight corrections in recent days, with some increases. On average, the pioneer cryptocurrency lost 0.09% of its value in one week and 28% in one month, to trade at USD 35,934 at the time of writing.

In this way, the value of bitcoin remains lateralized, without touching the threshold of USD 40,000 again. This, despite the gestures of support from various Latin American legislators, following the announcement by the Salvadoran president, Nayib Bukele, of adopting BTC as legal tender.

Glassnode firm suggests that institutional demand has lost momentum lately. On this, the analyst William Clemente says that the number of whales, that is, the addresses with possession of more than a thousand bitcoins, has been decreasing, after having reached a maximum in February.

The price of ether (ETH), the cryptocurrency of Ethereum, for its part, is also falling. This week the price moved between $ 2,290 and $ 2,829 in seven days. On average ether fell by 12%.

Among the notable news about Ethereum is the recent announcement that with the London hard fork, OpenEthereum will no longer have support from its developers, who recommend using another client. Such fact will affect 15% of nodes, to be used by another client.

The prices of other relevant cryptocurrencies by market capitalization also fall. XRP lost 10%; litecoin (LTC) depreciates by 8.7%; Polkadot (DOT) down 15%; and cardano (ADA) falls more than 14%.

Waves integrates the Chainlink oracle to its Neutrino protocol

One of the most recent announcements about the Waves has to do with oracle integration from Chainlink to Neutrino, a protocol for multiple stablecoins that runs on the main blockchain of this network.

In this case, the team reports through a blog post, that their goal is for Ethereum-based money markets to can be fed from the Chainlink price feed. Thus, they will support the dollar neutrino (USDN), an algorithmic stablecoin pegged to the dollar and backed by waves tokens.

“This integration occurs ahead of a planned future integration of the Chainlink Proof of Reserve solution, which is intended to ensure that Ethereum-based USDN currencies are fully guaranteed by an equivalent amount of Waves-based locked USDN tokens,” notes the publication.

Waves is also running a game based on the non-fungible token Duck NFT “Perfection” that it launched last April. This game, that takes place in several rounds that award prizes for participating in social networks, is among the reasons that have driven the growth of the price of the cryptocurrency in recent weeks.

The value of WAVES peaked at $ 16.53 on June 6. The market capitalization is USD 1,463 million and the daily trade volume is USD 121 million.

The price of WAVES peaked at more than $ 16 on June 6, although it registered several corrections the following days. Source: Live Coin Watch.

Polygon and 0x team up to attract more users and developers

Polygon, a platform formerly known as the Matic Network, unveiled its partnership with 0x, a decentralized exchange (DEX) exchange, this week. The goal of the alliance is jointly invest a total of USD 10.5 million to ensure the decentralized financial infrastructure of the network, offering support for developers and new projects.

According to a tweet from Polygon on June 10, their goal is to at least one million users choose the Polygon platform and the Ethereum blockchain, via the 0x aggregation API.

They explain that they seek the development of DeFi projects on Polygon using its main component: Polygon SDK, a modular and flexible framework that allows the creation of various types of decentralized applications.

Meanwhile, MATIC, the network’s native token, has gained more than 2% of its value in the last month, despite the market downturn. The price surpassed USD 2.6 per unit before the general downturn on May 19.

Analysts suggest that the uptrend is also due to to the ad linked to the addition of the Google BigQuery web service to the network. Added to this is the investment of billionaire Mark Cuban, who recently revealed that he had invested capital in this in this sidechain that seeks to improve the scalability of Ethereum.

At press time, MATIC’s market capitalization is USD 37,368 million and the daily trade volume is USD 4,502 million.

In the last 30 days, the price of MATIC has gained around 2%, reaching a maximum of almost 2 dollars before the downturn on May 19. Source: Live Coin Watch.

Chiliz token rises amid massive sale of Argentine fan token

On June 11, the Argentine Soccer Team launched its own fan token on Socios.com. As reported by this outlet, the sale of the $ ARG tokens sold out in just 3 hours after the sale started, causing the platform to crash due to high demand.

The massive sale coincided with the increase in the price of the Chiliz (CHZ) token, a native of Socios.com, which peaked at USD 0.356 that same day. On average CHZ rose 2% in seven days.

Launched in 2018, Chiliz tries to be the leading cryptocurrency for sports and entertainment lovers. It is intended that fans may have the ability to participate or influence certain decisions by participating in surveys. Therefore, it goes very hand in hand with Socios.com.

For June 12, in Chiliz earnings reached over 30% in just 24 hours. However, as of this writing there is a decline, with the token trading at roughly $ 0.27, representing a drop of more than 4%.

At press time, CHZ’s market capitalization is $ 1,479 million and daily trade volume is $ 17 million.

The price of CHZ rose substantially on June 11, at the time the tokens of the Argentine Soccer Team ran out. Source: Live Coin Watch.

BNB grows ahead of Binance’s NFT market launch

In the course of these almost six months of the year 2021, Binance Coin (BNB), the cryptocurrency of the eponymous exchange, has surpassed several milestones. One of them was reaching a new historical maximum price, when the token surpassed USD 40, to reach a peak of USD 691 on May 10.

Despite the decline experienced by BNB on May 19, along with bitcoin and the entire market, the price began to rebound from the end of May and the beginning of this month of June. This fact coincides with the imminent launch of its marketplace for non-fungible tokens (NFT), called Binance NFT.

A week ago the exchange announced the campaign “100 creators”, through which it will bring together brands, institutions, musical and visual artists with a track record or renown in the arts around the world. All this within the framework of the marketplace inauguration for June 24. The new market had been announced at the end of April, as CriptoNoticias reported.

In these months BNB has also benefited from the increase in transactions on the exchange. To this must be added the migration of users and developers from DeFi (decentralized finance) to the Binance Smart Chain, along with the tweets and media exposure of the CEO of the exchange house, Changpeng Zhao.

In the last 90 days, the value of the Binance token has been mostly on the rise, despite the fact that the decline at the end of May brought the price to the same levels it was at last April. In the last hours, it is trading at USD 335. BNB’s market capitalization is 51,539 million dollars and the daily trading volume is 1,344 million dollars.

In the last 90 days, the price of BNB reached a maximum of almost USD 700 on May 10, growing on average more than 100% in that period. Source: Live Coin Watch.

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