The cryptocurrency market maintained the bearish trend from the previous week, despite the events that were held, among which Consensus 2018 can be pointed out.
Bitcoin, the world’s most popular cryptocurrency, started the week with the price of around 8,700 dollars and then the price dropped below 8,000 dollars, to 7,990 dollars. The current price of Bitcoin is around 8,400 dollars per coin. Ether, the second cryptocurrency on the market in terms of market capitalization, changed its value many times during the previous week. The price of ether at the beginning of the last week was 736 dollars per coin and then dropped in the middle of the week to 664 dollars per coin. The current price of ether is around 702 dollars.
The last cryptocurrency on this top five list is Huobi Token, a native token of the cryptocurrency exchange known as Huobi. Last week, Huobi Token was on the first place on the top five list. During the last week, the price of Huobi Token went up by 25%, going from 3.57 dollars per coin to 4.32 dollars per coin. At the same time, its market capitalization rose by 37 million dollars and it is currently at 217 million dollars.
The reason for the rise of the price of Huobi Token are the airdrops (deliveries of free coins) the cryptocurrency exchange performed during the last week when Huobi listed new cryptocurrencies on its platform.
iExec RLC is a cryptocurrency associated with a platform that offers decentralized computing services in the cloud using the blockchain technology.
During the last week, the value of iExec RLC went from 1.67 dollars per coin to 2.11 dollars, while its market capitalization rose from 134 million dollars to 168.8 million dollars, which presents an increase of 25%. Among the reasons that could influence this rise of the price we can point out various partnerships that were announced by the company with large companies such as RSK and Intel. Moreover, the cryptocurrency was listed on two cryptocurrency exchanges – gate.io and Tokenjar, which also contributed to the rise of its value and market capitalization.
Decred is a platform that offers the interoperability and the votation processes between different blockchain networks. In the last week, the price of Decred rose by 26% and its price went from 84 dollars per coin to 105 dollars per coin. At the same time, the market capitalization of Decred rose from 600.9 million dollars to 757 million dollars.
Even though there was no important development or alliance during the last week, the development team behind the platform executed a strong marketing campaign during Consensus 2018. The development team used the company’s official Twitter account to announce the support obtained from important figures in the cryptocurrency ecosystem, such as Jimmy Song, Charlie Lee and Erik Voorhees, among others.
Zcash is a cryptocurrency focused on the privacy of the transactions and its price experienced an accelerated rise between May 14th and May 15th, after the New York State Department of Financial Services (NYSDFS) allowed Gemini, a cryptocurrency exchange owned by the Winklevoss brothers, to operate with this cryptocurrency, which made Zcash the first cryptocurrency approved by the NYSDFS.
Thanks to the aforementioned approval, the price of Zcash rose by 53% between May 12th and May 15th, going from 246 dollars per coin to 378 dollars per coin, after which the price went down to its current price of 333 dollars per coin. The market capitalization of Zcash is around 1.3 billion dollars at the moment.
The cryptocurrency with the highest appreciation in the last week is Cortex. Cortex is a platform whose goal is to facilitate the creation of smart contracts and decentralized apps for the artificial intelligence (AI) sector.
During the last week, the price of Cortex went from 1.34 dollars per coin to two dollars per coin, which presents a growth of 42%. The market capitalization of this cryptocurrency rose by around 100 million dollars and reached 300 million dollars. The reason for this growth is that Cortex was added by DEx.top, a decentralized cryptocurrency exchange platform created by Bitmain, one of the largest companies in the cryptocurrency mining sector.
The cryptocurrency market is usually highly unpredictable. In other situations, events such as Consensus 2018 push the prices of the main cryptocurrencies up, but as we can see, this time this was not the case. We shall see what this week will bring to the cryptocurrency market and how the prices will behave.
