During the week of October 17–25, the cryptocurrency market recovers, turning almost entirely green. More than 90% of altcoins registered significant increases, with growth that reached 17%.
The most appreciated cryptocurrencies of the week are led by Litecoin (LTC), which was included in the list of cryptocurrencies to be traded on PayPal; and Gnosis (GNO), which a few days ago implemented its portfolio in xDai. They are followed by Waves (WAVES), which announced a new grant program.
The cryptocurrencies of the week are completed with Stellar (XLM), which is preparing for its next update; and Chainlink (LINK), whose random number generator will be used by PoolTogether.
Big Boost
Bitcoin, for its part, is on a substantial rise this week. In these seven days the price advanced by 12.5%. The cryptocurrency manages to overcome the barrier of USD 13,000 on October 21 and 22, staying above $ 12,000 since that date. BTC breaks this psychological barrier for the first time since August.
With respect to last week, we had the touch of the 0.382 of Fibo as we had expected, but with a significant difference that can change the game: we have not yet made a strong break of the upper Bollinger band and we have not crossed one of the high trend lines marked by Fibo Sppebd Resistance Fan.
With the above, there is a probability that the price will retract again to the zone of 0.5 Fibo in exactly 11515. With that logic we are still in a zone of possible liquidation of long positions. We still have to be extremely cautious.
The increase in the price of bitcoin coincides with the announcement of PayPal, according to which “in the coming weeks” the users of the platform will be able to access the purchase and sale of cryptocurrencies and hold funds in BTC, Litecoin (LTC), Bitcoin Cash (BCH) and Ether (ETH). The event seems to have pushed BTC back to $ 13,000, after more than 1 year.
Amazing Recovery
Ether is also on the rise. Its average growth is 10.7%. The price ranged between $ 364 and $ 419. The price rise is observed from October 21, on the same date that the value of BTC rose.
Possibly its inclusion in the list of cryptocurrencies that can be traded in PayPal has influenced the rise. The service will be available for the time being to PayPal account holders in the US.
The prices of other relevant cryptocurrencies on the market also turned green. Ripple’s XRP grows 4.9%, and Ethereum Classic (ETC) increases 5.2%. This, while Litecoin appreciates 17% and is placed in the weekly top.
Accurate Shot
Litecoin now has strong marking resistance at 62.15 roughly limited by the crossover of the EMA9W1 and EMA100W1 and within a 12345 Elliot wave pattern.
Litecoin (LTC) is on the list of cryptocurrencies that will be accepted for trading on PayPal, as announced on October 21, the same date on which the price of LTC began a rise that led to an average advance of 17 %. Litecoin can be traded on the payment platform along with three other cryptocurrencies.
LTC was also included in the list of cryptocurrencies that can be earned interest through the CredEarn program, which allows Uphold clients to make and receive loans with their cryptocurrency assets, the Litecoin Foundation announced on October 22. That same day the value of LTC reached a maximum of $ 56, closing the week at $ 55.
Litecoin also made headlines this week by being listed on the German stock exchange’s cryptocurrency exchange Borse Stuttgart. The platform activated LTC, XRP and ETH trading, after having traded for more than a year with only bitcoin. The market capitalization of LTC is $ 3,638 million and the daily trade volume is $ 3,772 million, at the time of writing.
Implemented Wallet
In a message issued this October 20, the Gnosis team reports that their wallet, Safe Multisig, is now available on Ethereum’s sidechain, xDai. Shortly after the announcement, the network’s cryptocurrency, GNO, began to rise in price, advancing by 16% during these seven days.
According to the Twitter announcement, Gnosis Safe will support transactions and asset management for both individuals and groups. In a note on the official Gnosis site it is explained that, thanks to this implementation, it will be possible to enable Gnosis Safe in xDai using the Ethereum METAMASK wallet. The price of GNO shows a sustained rise since October 20, reaching a peak of USD 62.81 on the 22nd. Although in the last hours the price tends to fall.
The decision to implement the Gnosis wallet in xDai responds to the increasing transaction costs that the main Ethereum network has registered in recent months. That is why Gnosis decided to partner with xDai, the team clarifies. They add that the sidechain is the only ready-to-go Layer 2 solution. To date, GNO’s market capitalization is $ 56.5 million and 24-hour trading volume is $ 1 million.
Interoperability Chains
Waves Association announced a new grant program for the development of interoperability between chains. The program has one million WAVES tokens, worth approximately USD 3.4 million. The publication of this message was made on October 21, coinciding with the increase in the price of the cryptocurrency, whose average weekly growth was 13%.
Through this fund, interested projects will be eligible for grants of up to 300,000 WAVES to develop inter-chain communication and interoperability solutions. The cryptocurrency started the week with a price of $ 2.95, closing with a value of $ 3.40. Its maximum price was recorded on October 23.
Along with the previous information, this week it was learned that the WAVES ERC-20 token will be accessible on the Ethereum network through Waves.Exchange, making inter-chain exchange possible. To this end, a gateway was created, which provides WAVES holders with access to dApps and DeFi protocols, while Ethereum users will know the WAVES currency.
WAVES ‘market capitalization is estimated at $ 352.7 million and the trading volume in the last 24 hours was about $ 119.6 million.
Rescheduled Update
Despite the fact that Stellar had to reschedule its next update, which was scheduled for October 28, the value of the XML cryptocurrency seems to have been positively affected by the growth of Bitcoin in the week, to a greater extent than the other currencies. Their average advance was 11.8%.
In a statement published on her blog, the detection of a flaw in software version 14 that would be implemented in the network is reported. The announcement was made on October 20, as part of the XLM price hike.
In order to fix the flaw in version 14, which could have caused the validators to crash, Stellar releases version 15 on the testnet to replace it. Meanwhile, XLM maintains a sustained growth in these seven days, oscillating between USD 0.0789 on October 17 and a maximum value of 0.0870 on October 22.
Stellar has a vote scheduled to validate the update to Protocol 15 on November 23. Anyone running Stellar Core must install v15.0.0 prior to voting. The market capitalization of XML is $ 1,752 million and the last 24 hours trade is $ 162 million.
Built-in Functionality
The PoolTogether lossless gambling protocol will use a VRF (Verifiable Randomness Function) random number generator designed by Chainlink, specifically for smart contract encoding. The information was released this October 22 on the Chainlink blog, at the same time that the price of LINK experienced a growth of 9%.
According to what the brief explains, Chainlink VRF offers the lottery platform a unique set of security guarantees “that ensure that no one, including developers, can alter the randomness provided to manipulate the outcome of a contract.”
The goal of PoolTogether is to strengthen security and avoid determinism in all aspects of its protocol, in order to build trust in users. The value of LINK began to rise substantially from October 22, reaching a peak of $ 12.25 that same day.
Using Chainlink’s functionality aims to eliminate the reliance on a centralized authority to provide the randomness needed to choose the winners, PoolTogether notes. At the time of writing, LINK’s market capitalization is $ 4,626 million and its daily trade volume is $ 1,488 million.
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