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The capitalization of the cryptocurrency market sank by Friday by $ 70 billion, dropping to $ 1.25 trillion. In the ranking of the top 30 by the end of the week, there were no digital currencies with a positive trend, except for Cosmos (ATOM) and Monero (XMR), whose growing dynamics completely ignored the negative of fundamental news.
In part, the problems of the cryptocurrency market were one of the reasons why investors were recruiting ATOM and XMR as a hedging tool.
An increase in the number of international sanctions, supported by a number of stock exchanges, returned Monero to the top 30 rating. The cryptocurrency blockchain has previously proved the effectiveness of anonymous transactions by getting XMR into the lists of assets prohibited by some regulators.
The inclusion of Monero in the chain of exchanges helps investors break the thread of tracking the relationship of transfers between wallets of other types of digital currencies. The rise of XMR this week is caused by the fact that blockchain developers are preparing to increase the security of the network and reduce commissions.
Speculators bought cryptocurrency after the successful launch on Monday of the test version of the upcoming hard fork. The main network update will take place on July 16.
The hard fork will increase the number of participants in ring multi-signatures to 16 validators and improve the bulletproof mechanism, which ensures the reliability of stored information. On the technology driver, XMR quotes rose by 5% over the week.
The collapse of the ust algorithmic stablecoin, which added problems to the cryptocurrency market, drew investors’ attention to Cosmos. The stablecoin was issued on the Terra blockchain, whose service token LUNA lost 99% of its value, dropping out of the top 10 cryptocurrency rating.
The network was built in the Cosmos ecosystem, consisting of 28 similar sidechains with 49 types of their own digital currencies in circulation. Large-scale panic sales on the blockchain did not disrupt the overall functioning of the system, proving the reliability of the technology of the parochans.
Now Cosmos is perceived by a number of investors as an underrated competitor to Polkadot, which occupies the 11th place of the rating. ATOM is now in 26th place in the CoinMarketCap rating.
Purchases of the token this week are associated with the expectation of the upcoming launch of Interchain Security. This platform will provide developers with their own blockchain or corporate network, a set of validators and protection of transactions by PoS consensus from the main network.
At the same time, the fee for commissions and gas will remain available to developers, subject to the launch of the network in the DAO format. The rest of the ecosystem settings remain completely in the hands of the creators, who have access to a simplified interface: launching airdrops, creating inflationary / deflationary models for issuing tokens, etc.
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