This week’s crypto market winners: NAS, SC, MKR, NEXO. What is the reason behind their mini-rallies?
During the last few weeks, the cryptocurrency market has remained stable, compared to the volatility it experienced in the first few months of the year.
Global market capitalization has remained between $214 billion and $225 billion over the past seven days and has not exceeded $240 billion since the beginning of August, two months ago.
Bitcoin, the most capitalized crypto currency, contributing 52% of the total market, has maintained its price between $6,400 and $6,600 in the last week, after having undergone large price fluctuations during late 2017 and early this year.
In this list we will show the five cryptocurrencies, among the top 100 of CoinMarketCap, that have risen most in value in the last seven days.
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NEBULAS
Nebulas, as it states on its website, is a project that seeks to improve the ecosystem by valuing block chains, to allow cryptocurrency projects to scale without the need for bifurcations.
In the last week, the price of NAS, a cryptocurrency native to Nebulas, increased 19.14% from $1.41 to $1.70 per unit. In relation to the BTC, its price went from 21,547 to 25,896 satoshis and reached its highest point on September 30, with 25,896 satoshis (equivalent to $1.70).
On that day, the Nebulas development team announced the release of the software development kit (SDK) and the Nebulas Rank code, which can be used to calculate the value of different cryptocurrency projects.
In addition to this, the NAS token has been integrated by several applications, such as the e-sports and games platform WeOne and the asset management group TokenMania.
SIACOIN
The second asset on this list is siacoin (SC) by Sia, a cloud storage platform that uses distributed ledger technology to store and manage its data across network participants.
In the last week its value increased 19.30%. In dollars, its price went from $0.006 to $0.008 on October 3, and then dropped to $0.007, a price it currently has. In satoshis, the SC went from 93 to 124 sats, between September 29 and October 3, and is at 110 sats at the time of writing.
One possible reason for this increase is the announcement on October 1 of a hard fork, which will prevent the use of specialized ASIC mining equipment on its network. This action could result in a splitting of the chain, so some investors could buy the coin to receive free fork coins.
Let’s remember that a few months ago, Monero’s developers pushed a hardfork in their network, which resulted in the emergence of alternate chains that maintained the previous code.
MAKER
The third project on this list is Maker, a project based on Ethereum’s smart contracts that supports the stable currency Dai, which offers peg to the U.S. dollar.
In the last week, Maker’s native crypto, the MKR, has increased 32%, from $484 (0.0738 BTC) to $641 (0.0977 BTC). This increase began on October 4, about a day after BitcoinMagazine published an article on stable currencies and mentioned this project.
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On top of that, two days earlier the integration of this asset into TheBigCoin payment processor was announced, which may also have boosted its price.
NEXO
The next project in this story, with a 65% increase, is Nexo, a lending platform backed by cryptos.
Its price went from $0.062 (952 sats) to $0.112 (1,715 sats) between September 29 and October 4, representing an increase of almost 100%. After this, it dropped to $0.103 (1.576 sats), the price it currently has.
This increase may be due to the fact that on October 4th the Binance Exchange, the fourth largest trading platform according to Coinhills, published an article promoting the use of this asset in conjunction with BNB, Binance’s native token.
A few days earlier, on October 1, the project reported that the CoinMarketCap portal integrated a button that allows borrowing using this currency on its page, which can facilitate the use of the platform and increase its adoption.
NEXO
The next project in this story, with a 65% increase, is Nexo, a lending platform backed by cryptos.
Its price went from $0.062 (952 sats) to $0.112 (1,715 sats) between September 29 and October 4, representing an increase of almost 100%. After this, it dropped to $0.103 (1.576 sats), the price it currently has.
This increase may be due to the fact that on October 4th the Binance Exchange, the fourth largest trading platform according to Coinhills, published an article promoting the use of this asset in conjunction with BNB, Binance’s native token.
A few days earlier, on October 1, the project reported that the CoinMarketCap portal integrated a button that allows borrowing using this currency on its page, which can facilitate the use of the platform and increase its adoption.
DIGITEX FUTURES
Finally, we present the cryptocurrency that has increased its value the most in the last week: the DGTX of Digitex Futures. It is a platform that allows you to trade Bitcoin futures in their pair against the dollar, but using the currency of the platform.
The DGTX price increased 126%, rising from $0.035 (537 sats) to $0.082 (1,264 sats). Early in the week, between September 28 and October 1, two news portals published reports on this project. GlobalCoin Report featured him as one of the 5 blockchain-related companies to watch during 2019, while NewsBTC published an interview with Digitex Futures founder Adam Todd.
We can see that the projects that increased their value most this week are related to the integration of crypto technology to traditional financial services, such as loan systems or futures trading.
The latter instrument has had a lot of resonance in the ecosystem, as the launch of bitcoin futures markets in December 2017 was one of the catalysts for the rapid rise in its price.
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