Decentraland grows more than 60% due to its possible entry into Grayscale funds. Chainlink is also on the trust list of Grayscale and growing more than 13%.
The week of January 18 to 23, 2021, brought many surprises. The market has continuously shown ups and downs. According to Live Coin Watch statistics, altcoins have shown a downward trend, while a few experienced a growth that surpassed 65%.
Decentraland is leading (MANA), which is also in the list of cryptocurrencies of the trust applications of Grayscale as well as Chainlink (LINK), which follows at the top. The same happened with Tezos (XTZ), which ranked third.
The list of crypto assets is now complete with Polkadot (DOT), with an alliance to intensify its staking system, and Avalanche (AVAX), which implements a new application for DeFi.
A Critical Drop challenged Bitcoin’s Price
In these seven days, the price of Bitcoin suffered a relevant drop, after recovering the previous week (when it was approaching $ 40,000 again). However, on January 21, BTC’s value falls back to USD 31,200, reaching a low of USD 28,900 the next day. On average, BTC suffered an average weekly drop of 14.5%.
Among the reasons that would be pushing the price down are the institutional investors. There are doubtful traders regarding the cost of BTC, which will surpass $ 40,000 again and create an over-demand in the market thanks to bitcoin derivatives. There is also an influence of the political transition in the presidency of the United States.
Ether (ETH) also registers a slight drop in value, which is possibly driven by Bitcoin. Its average decline was 0.9% last week, with a price ranging between $ 1,047 and $ 1,426. This past week the cryptocurrency broke its all-time high of 2017 and exceeded its ATH, dated from January 2018.
The breakout shook users mainly because many saw in this event an approach of the altcoin season or dominance of the market by more reasonable alternatives. Bitcoin seems to keep its consistency, but it also might fall again.
Decentraland Enters Grayscale New Registered Funds List
This week, MANA, the cryptocurrency of virtual reality game Decentraland, created headlines thanks to its inclusion into the group of six trustable currencies of Grayscale.
On January 22, valuable information about the Registration to create a Grayscale Descentraland Trust appeared in many media outlets, which came in parallel with the high peak that the token had shown during that time.
Although the firm did not clarify enough points about this launch of the fund, its Registration seems to be a very probable event in the future.
On January 20, the release of version 2.0 of the Decentraland LAND API saw the light of day as an announcement meant on Twitter. This update aims at improving secure access to market metadata, facilitating the use of construction tools with required data on the land.
By: Jenson Nuñez
