Solana and Tezos Lead Crypto Week
Solana rose nearly 26% after being added to the Grayscale fund. Tezos rises 23% after opening a music gallery at NFT.
The cryptocurrency market shows recovery signs after the decline experienced the previous week. According to Live Coin Watch statistics, most altcoins have risen in price, along with bitcoin (BTC), and recorded rises of up to more than 30%.
In these seven days, Solana (SOL) leads the most appreciated cryptocurrencies, included in the list of crypto assets of the Grayscale capitalization fund. Tezos (XTZ) opened a music gallery on NFT, and Filecoin (FIL) launched an accelerator program for startups working with blockchain.
Waves (WAVES) rounded out the weekly top, including new features for its digital duck competition at NFT. Stellar (XLM) partnered with a digital asset custody company to offer Lumen to banks financial institutions.
The price of bitcoin is back on the rise again and is again approaching $50,000. On average, Bitcoin surged more than 10% in these seven days, ranging from $41,000 to over $48,000.
Several analysts announced this recovery, including PlanB, who had predicted that BTC would close the months of August and September, moving between $43,000 and $47,000. An accurate prediction since the cryptocurrency was trading at $47,968.
The market rise has also benefited ether (ETH), Ethereum's cryptocurrency, whose advance was above 13%. The price moved between $2,752 and $3,448 in seven days. According to information provided by developer Danny Ryan on the Ethereum blog, Altair will be the first update to the Ethereum 2.0 Beacon Chain mainnet. Altair activates on October 27.
Other relevant cryptocurrencies in the market also show growth. Polkadot (DOT) gains 8%; Litecoin grows by 12%; Ripple's XRP appreciates by 10.8%, and Dogecoin (DOGE) advances by 6%. Only Cardano (ADA) loses slightly in value and depreciates by 0.6%.
Grayscale adds Solana to its digital equity fund.
Cryptocurrency mutual fund manager Grayscale Investments included Solana's SOL and Uniswap's UNI tokens in its large-cap digital fund "Digital Large Cap Fund."
According to information published on Grayscale's Twitter account this October 1, this is the first time these cryptocurrencies will be included in an investment vehicle of the company, highlighting the Digital Large Cap Fund as one of the most important. The fund was launched in February 2018 and has $495 million in assets under management.
Grayscale explains that they adjusted the Digital Large Cap Fund's portfolio following the construction criteria in this investment instrument. To do this, "certain amounts of the existing Fund Components in proportion to their respective weightings and using cash proceeds to purchase SOL and UNI."
The release adds that, by listing in the Digital Large Cap Fund, Solana already accounts for 3.24% and becomes the fourth largest holding in the fund, dominated by bitcoin. The cryptocurrency is part of a total basket of 7 cryptocurrencies.
During this announcement, SOL's price began to rise noticeably on October 1, reaching a peak of $176 this Sunday. On average, SOL value surged over 25% over the week. Solana ranks at the top for the third week in a row. SOL's market capitalization is $50.347 million, and daily trading volume is $3.935 million.
AmplifyX launches NFT music gallery on Tezos.
AmplifyX, a Tezos-based platform that aims to build an inclusive and interconnected digital economy for creators and collectors, this week launched a gallery of emerging music in NFT format.
The gallery launched on September 29 at a physical venue located in Detroit, U.S. Attendees at the event could purchase the non-fungible tokens with a credit card and received a free NFT.
According to some media outlets, AmplifyX features Rocky Badd, Jay Vinchi, Tiny Jag, Kid Vishis, among other emerging artists. They add that the NFT technology presented "provides access to unreleased songs, audiovisual works, and exclusive experiences."
They also claim that the cultural marketplace ensures that artists get paid correctly and that fans can acquire a piece of the story through NFTs.
Meanwhile, the price of XTZ, the Tezos cryptocurrency, was moving between $5.43 and a high of $8.89 this October 3. On average, it advanced more than 23% in seven days.
Filecoin boosts projects based on its platform.
Investor interest in Filecoin tokens began to increase in the days leading up to the launch of Filecoin Launchpad Accelerator, held on September 28. A Twitter thread explains a 12-week program powered by Tachyon, a startup accelerator company using blockchain and Web 3.0.
Some 20 companies from 11 countries presented their projects built on Filecoin, whose platform allows to store digital assets in peer-to-peer ecosystems instead of central servers during the launch. Users pay data storage fees using their native FIL tokens.
The launch of this accelerator joins other recent Filecoin use cases. Last August Dapper Labs integrated with this platform to offer a gaming metaverse on the Flow blockchain. Similarly, Near Protocol adopted Filecoin as its storage provider.
FIL's price has been on the rise at the beginning of this October. By Day 2, it reached a high of $73.5. On average, FIL appreciated 19% in seven days. The market capitalization is $7,629 million, and the daily trading volume is $841 million.
Waves launch metaverse for its NFT duck competition.
As part of Waves' six-month-old NFT digital duck competition, the team introduced new game options this week, including a new space called the "duck metaverse." These are other ways for Waves Ducks participants to use NFTs, allowing them to "interact on different planets and in the real world of ducks, divided by collective farms."
The Waves metaverse starts from a home planet called Duck World, where players can hatch and raise new ducks. They can also transport their NFTs to other planets, taking them to other games created by third-party developers in different portals.
As Waves reports in a blog post, "every user will find opportunities to earn money or have fun, either as a new player or as the owner of a large farm." The note clarifies that the goal is to create a metaverse economy with a greater focus on the Waves ecosystem, increasing the value of NFTs.
Meanwhile, the Waves native cryptocurrency has been rising since September 30, growing as much as 17% in one week. WAVES price started its steady advance since September 30 and reached a high of $6.44 this October 2.
The market capitalization is $2.751 billion, and the daily trading volume is $117.5 million.
A Digital asset custody firm partners with Stellar
In a press release disclosed by GK8, the company, which offers end-to-end custody solutions for managing and safeguarding digital assets, announces its partnership with Stellar Network.
Thanks to this partnership, the self-managed custody solution GK8 offers to its institutional clients is integrated into the Stellar Network, making it possible for banks and financial institutions to use it to provide custody and tokenization services, including Stellar's Lumen (XLM) token.
"GK8's proprietary end-to-end custody solution is the only solution that allows Stellar's institutional users to authorize a transaction without connecting to the Internet," the brief notes.
He adds that integration with Stellar will allow the company's clients to adopt digital assets "in a more secure way, taking advantage of the speed and cost benefits provided by Stellar's platform."
In this context, Lumen's price started to slowly increase since September 27, touching a peak of $0.325 this October 2. On average, XLM appreciated by more than 14% in these seven days. The market capitalization is $7,479 million, and the 24-hour trading volume is $481 million.