The value of the cryptocurrency market descended during the last week. In the past seven days, the total market capitalization of the cryptocurrency market went from 381.8 billion dollars down to 325.9 billion dollars, which presents a 14.6% drop.
Bitcoin, the most popular and the cryptocurrency with the highest market capitalization, lost 14% of its value, with its price going from 8,527 dollars per coin to 7,327 dollars per coin. When it comes to Ethereum, the second cryptocurrency on the market in terms of market capitalization, this cryptocurrency lost 18% of its value and its current price is around 539 dollars per coin.
The majority of the cryptocurrencies reached their lowest price last week on May 24th. On that day, the cryptocurrency market lost almost 10% of the value in a single day. The cause for this drop might be the changes of the privacy policies performed by Bitfinex, one of the largest cryptocurrency exchanges in the world. The cryptocurrency exchange platform now requests personal information from its users.
As it usually happens, when the price of Bitcoin goes down, other cryptocurrencies follow. Despite the general drop, the cryptocurrencies on this list managed to recover their initial price and even surpass it, thanks to advances and updates of their platforms or their adoption by important cryptocurrency exchange platforms.
Electroneum is the fifth cryptocurrency on this top five list of the cryptocurrencies with the highest appreciation last week. Electroneum offers security and privacy to its users and its goal is to become a payment solution on a global level. It also offers an application that allows the users to mine Electroneum using their mobile devices.
The price of Electroneum is 1.19% higher than its initial price on May 20th. Until May 24th, the price of this cryptocurrency went from 0.022 dollars per coin to 0.018 dollars. However, Electroneum later managed to recover its value when the price went up to 0.023 dollars. At the moment, the price of Electroneum is 0.020 dollars per coin.
The reason for the recuperation of Electroneum is a new update of its blockchain network that is scheduled to launch on May 30th. The new update will increase the speed and reduce the size of the transactions, as well as fight against the use of ASIC miners in the Electroneum blockchain network. Here is the official announcement from the Electroneum development team: “This major release is aimed at increasing transaction speed and minimising transaction size, in preparation for mass adoption and an exponential increase in global transactional volume.
Implementation of ASIC resistance.
We have increased our base fee from 0.01 ETN to 0.1 ETN.
Disabling RingCT & Mixin privacy features means we can fit significantly more transactions into each block than with them enabled. This means less wait to get a transaction into a block and a leaner blockchain size. Wallets are still private as we will continue to use a new stealth wallet address for every blockchain transaction so there is still significantly more privacy than with Bitcoin or Ethereum, but considerably less privacy than with a privacy focused coin like Monero.
During times of high transactional volumes you will now have 3 days for the transaction to complete rather than the current 24 hours period.
We are moving from one to two minute blocks which will significantly decrease the chance of an orphan block being created.
We are doubling the block reward to ensure that the daily ETN block reward is unaffected.
We are reducing the difficulty window to check every 360 blocks to adjust the difficulty every 12 hours (in line with current adjustment period).”
Next on the list is Mixin. This cryptocurrency allows unlimited interaction between different blockchain networks. Between May 20th and May 23rd, the price of Mixin went from 851 dollars per coin to 695 dollars per coin, which presents an 18% drop. However, the cryptocurrency managed to recover and reach the price of 862 dollars per coin. At the moment, its price is 827 dollars per coin.
The motivation for the recuperation of Mixin was the decision of BigONE, a cryptocurrency exchange, to list this cryptocurrency in the pair with EOS on May 25th.
iExec RLC is again on the top five list. This platform offers the users to exchange the processing power of their computers for cryptocurrencies, as if the processing power was a financial asset. During the last week, this cryptocurrency lost 24% of its value, but it managed to recover and even gain one percent over its initial value. The current price of iExec RLC is 1.99 dollars per coin.
Just like in the case with Electroneum, iExec RLC managed to recover thanks to an update of its network. The version 2 improves various characteristics of its blockchain network, such as the decentralization of the users’ processing power storage and the creation of a market where the users could make selling agreements. This is what the development team said about the new update: “This week, we celebrated the first anniversary of the RLC token’s release on mainnet. Now, one year later, we are edging closer to iExec Version 2. This is a major release for the team and this Dev Letter will introduce its various innovations that have never been seen before in cloud computing. iExec introduces a new paradigm in cloud computing: it will allow the trading of computing resources as commodities; in the same way we may observe with resources such as oil, gold or rice. In Version 2, we’re introducing a new element that will become central to the iExec cloud: the marketplace. Here, you will be able to view all the different worker pools, the prices for using resources, the available resources and so on.
Based on these different offers, users and developers will select the corresponding pool to execute their task. The marketplace is implemented as a smart contract and is already part of our ‘PoCo’ protocol. Version 2 will also provide an easy-to-use interface so that users and developers can see how the market and ecosystem is dynamically evolving.”
CyberMiles is on the second place on the list this week. This platform offers the creation of smart contracts for companies operating in the digital commerce sector. CyberMiles offers the users a series of templates to facilitate the creation of smart contracts.
The value of this cryptocurrency was not affected too much by the general drop that took place on May 24th since the reasons for its rise were published on May 20th. On that day, the development team behind this platform announced the launch of the main blockchain network in the following days, but without mentioning any concrete date: “Our mainnet being released soon, more and more candidates are announcing their interest in running a CyberMiles’ supernode. One of them is Shuanghua Capital, also involved in the #EOS’ Block Producer election under the name of @eosbeijing. #EOS #CMT”
Moreover, Iconomi, a cryptocurrency exchange platform, decided to list the token, which also contributed to the growth of CyberMiles. This is what the cryptocurrency exchange published on its official Twitter account: “The next digital asset in our series of ten added to the #ICONOMI platform is the CyberMiles token. $CMT powers the @cybermiles decentralized ecosystem for e-commerce. Diversify your digital portfolio now at http://iconomi.net”
Due to all this, the price of this cryptocurrency went from 0.276 dollars per coin to 0.346 dollars per coin between May 20th and 22nd. Even though the general drop also made the price of CyberMiles drop to 0.267 dollars per coin, the price quickly recovered and it is currently at 0.332 dollars per coin.
MaidSafeCoin is a platform that provides secure solutions for the storage of data using the blockchain technology. It occupies the position number on this week’s list and it is the only cryptocurrency that managed to maintain its value on May 24th when the general drop of the cryptocurrency market took place. Between May 20th and yesterday, the price of MaidSafeCoin increased by 26% to 0.468 dollars per coin, with the current price standing at 0.432 dollars per coin, according to CoinMarketCap. This makes this cryptocurrency the best performing cryptocurrency out of the first 100 cryptocurrencies according to their market capitalization.
The reason for the growth of MaidSafeCoin is the launch of a new consensus mechanism called PARSEC (Protocol for Asynchronous, Reliable, Secure and Efficient Consensus). The new mechanism will be used by the platform and it promises to provide more security that the mechanisms currently used by its blockchain network. This is what the company says: “Today we’re delighted to announce the release of a new consensus mechanism that we believe will radically change the world of distributed computing. Whilst we rarely engage in the hype that’s all too common within the crypto sphere, this one is worth shouting about — because we’ve created the world’s first (as far as we’re aware!) completely decentralised, open source, highly asynchronous, Byzantine Fault Tolerant consensus mechanism.
PARSEC (Protocol for Asynchronous, Reliable, Secure and Efficient Consensus) has been built to power the SAFE Network. PARSEC will be released under a GPL v3 licence (with linking exception). It will be free for anyone to build upon and likely prove to be of immense value to other decentralised projects facing similar challenges.
PARSEC consensus does such things as enabling a user to store a piece of data and enables the Network to confirm a Safecoin transaction.”
By looking at the percentages on this list, the general drop of the cryptocurrency market severely affected the prices and the market is showing a downward trend, with the exception of the cryptocurrencies that made important announcements about updates of their blockchain networks or about their adoption by cryptocurrency exchange platforms.