During the past week the cryptocurrency market managed to recover lightly, after several weeks of a bearish trend. The price of Bitcoin, the cryptocurrency with the highest market capitalization, went from 7,350 dollars per coin to 7,717 US dollars per coin. The current price of Bitcoin is 7,452 dollars, with a market capitalization of around 127.2 billion dollars, according to CoinMarketCap.
The price of Ether, the second cryptocurrency on the market in terms of market capitalization, started the week at 567 dollars per coin and then rose up to 618 dollars per coin. According to CoinMarketCap, the market capitalization of Ether increased by more than 25 billion dollars and it currently stands at almost 59 billion dollars. The current price of Ether is 589 dollars per coin.
The aforementioned growth was taking place during the entire week. The cryptocurrency on the following list reached their maximum prices last week between May 30th and June 3rd. However, the price of Bitcoin did not rise too much during the aforementioned period as opposed to some other occasions, which is why we cannot talk about a general tendency of the cryptocurrency market during this period.
The fifth place on the list is occupied by GXChain, a platform that allows its users to store and control their personal information using the blockchain technology.
During the past week the price of this cryptocurrency went up by 26%. GXChain started the week at 2.83 dollars per coin and a market capitalization of 170 million dollars. On May 30th, 2018, the price reached 3.63 dollars per coin, after which it suffered a light correction, but it went up again in the meantime and it is currently standing at 3.88 dollars per coin, according to CoinMarketCap. When it comes to its market capitalization, it is currently standing at around 232.5 million dollars.
The only important advance in the GXChain community in the past week was the launch of a decentralized app called Moneyhorse. It is a simulation game that allows the players to raise and exchange virtual horses. Here is what the official announcement says about the game: “Moneyhorse is the first guessing and simulation game based on GXChian in China. Patterns contain horse breeding, riding, trading, feeding and guessing. Participants can name horses and get rewards.”
Golem, a platform that allows the exchange of computing processing power through a blockchain network, occupies the fourth place on the list. The native token of this platform is called Golem Network Tokens (GNT) and its price went from 0.475 dollars at the start of the week to 0.666 dollars on May 30th, which presents an increase of 31%. The market capitalization of Golem rose from 399.1 million dollars to 522.7 million dollars. The current price of the cryptocurrency is 0.567 dollars per coin, according to CoinMarketCap.
Even though no important updates or advances took place in the Golem’s network last week, an article was published recently in which the platform was mentioned. John McAfee, a British-American businessman, predicted that the price of Golem would reach five dollars at the end of July this year. As it happened in the past as well, the comments made by John McAfee usually make the price of the cryptocurrencies he mentions go up. However, this growth usually does not last long and the higher price is not maintained over a longer period of time. McAfee said the following about Golem: “Golem (GNT) is an absolutely revolutionary idea; a concept manifesting through blockchain with a token expected to skyrocket. Golem is a global, open source, decentralized supercomputer that can be accessed by anyone. It is made up of combined power of users’ machines, from PC’s to entire data centers. Golem is capable of computing a wide variety of tasks, from CGI rendering, to machine learning and scientific computing. Many are convinced that this platform is already succeeding at enabling users to buy and sell computational power from other users in a peer to peer environment as Golem creates a decentralized sharing economy of computing power and supplies software developers with a flexible, reliable and cheap source of computing power. Golem utilizes the Ethereum-based transaction system to settle payments between providers, requestors and software developers and all computations take space in sandbox environments and are fully isolated from the hosts’ systems.”
The third position on the list is reserved for Nexus, a platform that offers a protocol called 3DC. This protocol promises to achieve better scalability and security than other blockchain networks. In the last week, the price of Nexus went up by 35%, going from 1.99 dollars per coin to 2.80 dollars per coin between May 27th and June 3rd. However, the price later dropped to 2.71 dollars and it is currently standing at 2.59 dollars, with a market capitalization of 149 million dollars.
The most important news related to this cryptocurrency that could have influenced its price was the publication of its white paper in which the company detailed important advances for its blockchain network, especially when it comes to its scalability. More details were provided in an article published by Spaid, a crypto enthusiast and owner of MicroCapCrypto.com on Medium: “Nexus Cryptocurrency (NXS)has increased steadily in value since the release of the Tritium Whitepaper, which detailed plans for the evolution of blockchain on May 29th. With the whitepaper, Nexus has reclaimed a spot in the Top 50 coins on Coinmarketcap as people begin to discover its potential. The core team has expanded recently with the addition of a new CEO and marketing director, and the community is excited about the upcoming annual Nexus conference in September.
The Tritium Whitepaper details the plans to solve many of the issues found in the traditional blockchain. Tritium will address scalability by eliminating the need for each node to respond to each message. This is accomplished by using an existing technology called LISP, which is a protocol assisting in the distribution of network data to each node in a linear fashion. Incorporating this technology greatly improves the Nexus network from being decentralized to being distributed.”
Huobi Token (HT) is on the second place this week. The cryptocurrency launched and maintained by Huobi, one of the largest cryptocurrency exchanges in the ecosystem appeared several times on this list in the last several weeks. In the past week, the price of Huobi Token went from 3.76 dollars to 5.23 dollars per coin, while its market capitalization increased by almost 80 million dollars and it is currently standing at 291.1 million dollars. The current price of the cryptocurrency is 5.82 dollars, according to CoinMarketCap.
The reason for the growth of the price of HT, just like in the previous weeks, were the airdrops (free delivery of coins) performed by the cryptocurrency exchange. Huobi gives free coins to the owners of Huobi Tokens, which makes the investors buy more coins and this makes the price go up. This is the airdrop that took place on June 1st, as announced on the Huobi’s official Twitter account: “Launched of EKT on HADAX! #Deposits for EKT will be available from 14:30 June 1, 2018(GMT+8).
#Trading will be available from 14:00 June 4, 2018(GMT+8).
Exclusive #airdrop of 60,000 EKT to HT holders.”
Theta Token is the cryptocurrency that experienced the highest growth last week. Theta Token is the native token of the Theta platform that allows its users to transmit videos using a decentralized blockchain network. During the past week, the price of Theta Token rose by 59%, going from 0.160 dollars per coin to 0.259 dollars per coin. The cryptocurrency reached its highest value of 0.290 dollars per coin on May 30th, 2018. The current price of Theta Token is 0.252 dollars per coin.
The market capitalization of this cryptocurrency rose from 100.9 million dollars at the beginning of the previous week to 185.5 million dollars on May 30th. However, it descended later to its current value of around 161.4 million dollars.
The reason for the high growth of Theta Token was the decision of Binance, one of the largest and most important cryptocurrency exchange platforms in the world, to list this token. Here is the official announcement published by Binance: “Binance will open trading for THETA/BNB, THETA/BTC and THETA/ETH trading pairs at 2018/05/29 07:30 AM (UTC). Users can now start depositing THETA in preparation for trading.”
The cryptocurrency market seems to have recovered its bull trend again. However, due to the high volatility the market has shown in the previous weeks, we cannot be sure this behavior will be maintained this week as well.