During the week of September 25 to October 4, the cryptocurrency market shows signs of recovery. About 40% of the altcoins showed rising prices. The advances made by some of them reached an average growth of up to almost 19%, according to criptonoticias.
The most appreciated cryptocurrencies of the week are led by Storj (STORJ), which this week offered details about its alliance with NEM to incorporate improvements in the nodes of the Symbol platform. The second place in the top of the week goes to Zcash, whose “armored” withdrawals were enabled in Gemini.
Great Fallback
The 5 cryptocurrencies of the week are completed with Monero (XMR), after the United States Tax Service (IRS) hired Chainalysis and Integra FEC to develop a tracking system for their transactions.
Also included is Siacoin (SC), which currently has a hackathon running. The top closes with Ethereum Classic (ETC) and its new protocol to prevent 51% attacks.
The price of Bitcoin, for its part, fell again in these seven days, registering a decrease of around 1.7%. Throughout the week it remained in a range between $ 10,400 and $ 10,900. The cryptocurrency suffered a substantial decline on October 2.
On this same date, users of the BITMEX exchange withdrew more than 48,000 bitcoins (BTC) from the platform in just a few hours.
This, after the United States Commodity Futures Trading Commission (CFTC) accused the exchange of violating anti-money laundering regulations.
Also you can look a complete Bitcoin technical analysis reading this last post “Factors That Say That Cryptocurrencies Market Bitcoin Could Fail Next Days”
Final Descent
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Ether (ETH) is also on the decline. Its average fall is 1.5%. The price started at $ 368 on September 25 and hit a low of $ 337 on October 2.
This week one of the main Ethereum mining groups, SparkPool, created a new tool for calculating the commissions to pay to issue a transaction in Ethereum, which will be confirmed soon.
It arises as a response to the problems that network users have been experiencing lately, due to the increase in commissions and the congestion generated by the DeFi fever.
For its part, the price of other relevant cryptocurrencies is slightly rising. This is the case of Litecoin (LTC) and Ethereum Classic (ETC) which grew 0.02% and 0.04%, respectively. However, Ripple’s XRP depreciates by 2.9%.
Tangible Association
Storj Labs announced on September 24 the integration with NEM and technology company IoDLT, with a view to accelerating synchronization times for the new Symbol platform that the NEM team aims to launch in December.
The information has been widely disseminated on social networks and blogs of both projects. Shortly after the announcements, the price of Storj and NEM’s native cryptocurrencies started to rise over the course of the week. STORJ in particular achieved a growth of 18%.
According to information posted on the Storj Labs blog, the goal of the association is to improve the performance of connecting new nodes to Symbol.
To this end, NEM will use Storj’s Tardigrade platform for the storage and distribution of the MongoDB (NoSQL database) snapshots required to configure a Symbol node.
Meanwhile, the value of STORJ begins a recovery from September 28, reaching a maximum of USD 0.5299 on the 30th.
The note adds that developers who want to test the combination of Storj and Symbol can try running a node on Symbol devnet of IoDLT. “This node will have all the normal functionalities of a complete Symbol node,” they say.
To date, STORJ’s market capitalization is around USD 92.4 million, with a daily trading volume of USD 28 million.
Armored Withdrawal
New York-based exchange for bitcoin and other cryptocurrencies Gemini announced on September 29 that it has enabled “shielded” withdrawals for operators of Zcash (ZEC), a privacy-focused cryptocurrency.
Although the news generated mixed opinions on social networks and cryptocurrency forums, it positively influenced the price of ZEC, which experienced a growth of 14%.
According to the information, Gemini explained that the storage of Zcash in the accounts of the operators is usually done through “t” addresses. Therefore, those who wish to withdraw privately must send the funds protected to a “z” address.
The value of ZEC began to rise substantially from September 29, reaching a peak of $ 68 on October 1. After slight corrections, the upward trend continues to date.
In the Zcash project there are two types of addresses to carry out transactions: those of the “t” type or transparent and the “z” addresses, shielded. In the second case the information about the sender, the receiver and the amount of the transaction is not disclosed.
ZEC’s market capitalization is USD 632 million and its daily trade volume is USD 811 million.
Transactions Tracking
The United States Revenue Service (IRS) hired companies Chainalysis and Integra FEC to increase its taxation on cryptocurrencies.
In particular, he requested a system that allows them to track transactions in Monero and in the second layer solutions for Bitcoin and Ethereum. The information, released on the official IRS site, appears to have influenced the rise that XMR recorded this week, estimated at 9%.
In total, the IRS will pay $ 1.25 million to develop a pilot that will go into testing in up to eight months. The agency explained that there are currently limited resources to track transactions related to private cryptocurrencies, among which Monero stands out.
The price of the cryptocurrency started the week at $ 93.2, reaching a high of $ 112 on October 1. It closes these seven days at USD 101.
The Chainalysis and Integra FEC proposals will focus on three objectives, among which it stands out to provide information and technical capacity to agents to track incoming and outgoing transactions to a specific user.
XMR is in the weekly top for the fourth week in a row. The market capitalization is USD 1,813 million and the trade in the last 24 hours is USD 1,212 million.
Extended Closing Date
Sia’s team announced on October 2 that the Hack the Rainbow virtual hackathon, which has been running since September 15, will conclude on October 4.
In a tweet published on October 1, the company reports that it is extending the closing period, initially scheduled for September 30. The publication of this message coincides with the increase in the price of SC, whose average weekly advance was 2.3%.
As Sia explains in his tweet, the closing period was extended so that the 413 contestants have more time to develop their projects. They are working on the design of a next-generation application or development tool based on NEARProtocol’s blockchain, with a user interface that will be hosted on Sia’s Skynet platform.
Meanwhile, cryptocurrency SC started the week with a price of $ 0.0027, closing with a value of $ 0.0028. Its maximum price was registered on September 30, when it was quoted at USD 0.0032.
Siacoin offers the winners of this hackathon a prize of 1.5 million SC (about $ 4,200).
SC’s market capitalization is estimated at $ 125.9 million and the trading volume in the last 24 hours was about $ 1.4 million.
Attack Prevention
As a mechanism to counter the 51% attacks, on September 28 Ethereum Classic implemented a new security solution in its testnet called “Modified Exponential Subjective Scoring” (MESS).
The news was released on October 1, giving a new boost to the price of ETC, which had been experiencing growth since September 26. Their average advance was 0.4%.
MESS was approved by the platform community. The developers put the protocol through a series of stress tests and mock attacks prior to this implementation. They hope to include it as a set configuration on the mainnet on October 10.
Simultaneously, ETC hits a high of $ 5.65 on September 27. After staying more or less constant the following days, the price of the cryptocurrency falls on October 2. After some upward corrections, the downtrend returns in the last hours.
To enable testing with MESS, ETC Labs recommends network miners to download and update to v1.11.15 of the node software. As of press time, ETC’s market capitalization is USD 608 million and daily trade volume is USD 133 million.
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