From 4 to 10 October 2021, the cryptocurrency market maintains the bullish cycle that began the previous week. Most altcoins show increases that have reached over 200%, according to statistics from Live Coin Watch.
The weekly top is led by Shiba Inu (SHIB) which goes out after a tweet from Elon Musk; And Siacoin (SC) , which submitted its Q3 report and announces the token burn. They are followed by Layers (STRAX) , which begins a new STRAT token exchange period for STRAX; And Beam (RADIUS) , which is preparing to launch a new governance token.
The weekly top ends with Pois (DOT) , added to eToro’s list of crypto assets.
The price of bitcoin (BTC) has been on the rise since last week, gaining nearly 15% of its value over the past seven days. The price of the cryptocurrency has remained between USD 47,000 and over USD 55,000.
According to the analysis by JPMorgan Chase the growing interest of institutional investors in bitcoin is one of the reasons for the recent rally of cryptocurrency.
He adds that the statement by US authorities that they will not ban bitcoin, as China has done, is another cause of the increase. Added to this is the growth of the second level network, Lightning Network, due to the adoption of BTC in El Salvador.
Ether (ETH), the Ethereum cryptocurrency, on the other hand, wins almost 4% of its value in this period, trading between USD 3,284 and just over USD 3,600.
CryptoNews recently looked into how Ethereum miners have discovered new ways to get around the limitations of Nvidia GPUs to mine cryptocurrency. Some computer scientists managed to unleash the mining power that Nvidia represses in some of its video cards using NBMiner and Gminer, two programs dedicated to mining cryptocurrencies such as ETH.
Meanwhile, other cryptocurrencies relevant by market cap are also showing growth. XRP and Polkadot (DOT) up 12%; Dogecoin (DOGE) earns 10%; and Litecoin (LTC) appreciated by 5.6%. Only Cardano (ADA) has lost 0.9% of its value in these seven days.
Shiba Inu shoots himself after a tweet from Elon Musk
Again a tweet from Tesla’s billionaire owner Elon Musk triggers the price of the cryptocurrency meme. As with Dogecoin, Shiba Inu’s value is often driven by what happens on social media, which makes it very volatile.
On this occasion, Musk tweeted on October 3 a message showing a picture of her Shiba Inu puppy, called Floki, along with the phrase Floki Frunkpuppy .
Shortly thereafter, the price of SHIB started rising steadily, going from a low of $ 0.000008 to a high of $ 0.000035. With that, it approached its all-time high of USD 0.000038 reached on May 10th. It has also positioned itself above Litecoin and Avalanche given the increase in its market cap, in 13th place in the ranking of cryptocurrencies.
Although the price decreased slightly in the following days, on average, the cryptocurrency rose more than 224% in one week. As posted on CriptoNoticias, Shiba Inu is a cryptocurrency founded in August 2020 by an anonymous nickname “Ryoshi”. The only thing that is known about its founder is that he has a love-hate relationship with Dogecoin (DOGE), the memecoin born in 2013.
Although SHIB calls itself “DOGE Killer” -dogecoin killer-, it uses a meme very similar to that of its alleged opponent. Both are symbolized with the image of a Shiba Inu dog.
The market capitalization of SHIB is USD 15,484 million and the daily trading volume is USD 5,812 million.