Shiba Inu and avalanche, the altcoins that rebound the most after the resounding fall of bitcoin

From January 17 to 23, 2022, the cryptocurrency market registered a resounding fall, after the drop in the price of bitcoin experienced on January 21, which has been accentuated this weekend. Close to 100% of cryptocurrencies lost value in this period, closing the week with balances in the red according to statistics from Live Coin Watch.

The list is headed by shiba inu (SHIB) , located among the few that began to rise in price this Sunday, January 23. This, after learning of its entry into the batch of crypto assets that are traded on Uphold.

It is followed by avalanche (AVAX) , which has just integrated the DEX 1inch decentralized finance protocols into its network; and cosmos (ATOM) which launched an ETP on the Swiss stock exchange.

The top closes with decentraland (MANA) , in whose metaverse the Australian Tennis Open is also being played; and dogecoin (DOGE) , identified as one of the most widely adopted cryptocurrencies in the United States.

The price of bitcoin (BTC) had a significant drop in these seven days, with an average loss of around 18% . The negative balance is due to the fall suffered last Friday, which took its value below USD 40,000. (with a minimum of USD 34,000 by January 22).

According to what was stated on the CoinGlass statistics site, the decline in BTC has been linked to the fact that liquidations in exchanges, for January 21, exceeded USD 727 million.the drop strongly affected the price of all altcoins.

Now, with the price hovering around USD 35,000, the big question for investors and market analysts is whether or not BTC will continue to decline. According to the analysis of the professional trader Willy Woo, bitcoin would be very close to reaching the bottom , to then rebound and continue its upward trend.

However, the analyst Juan Rodríguez stated that in the world macroeconomic environment there are reasons that explain the break of the support of USD 40,000, among them the threat of the Central Bank of Russia to ban bitcoin. This and other factors make you think that the price of BTC will not recover in the short term.

Ether (ETH) also lost value this week , with an average drop of 27%. The Ethereum cryptocurrency went from trading at $3,362 on January 17, to a low of $2,329 on January 22.

A few days ago, a team of analysts from JP Morgan warned that the Ethereum blockchain lost 15% of its share of non-fungible token (NFT) trading. According to the report, the cause of the decrease would be related to high gas rates (network commissions) and network congestion.

Other relevant cryptocurrencies by market capitalization also saw significant declines during the week. Cardano (ADA) fell 14%, while dogecoin (DOGE) lost 24%, and polkadot (DOT) fell 34%. For its part, avalanche (AVAX) saw a weekly drop of 31%, while litecoin (LTC) depreciated by 26%, and XRP by 22%.

Uphold Adds Support for Shiba Inu Transactions

US-based cryptocurrency trading platform Uphold this week added the Dogecoin-inspired memecoin: Shiba Inu (SHIB) to its trading listing, which is now available for purchase and sale.

The Uphold team announced the news on January 21 through its Twitter account. There he confirmed the rumors that had been running for a few days about the inclusion of SHIB on the platform.

Among the reasons for supporting SHIB is the value it has achieved within its community, according to Uphold's message, where they also ensure that "they are convinced that memes do have value."

In their tweet, the team clarifies that SHIB will only be available for commercial operations in certain regions, depending on the regulatory frameworks applicable to cryptocurrencies in each country.

After these announcements, the price of the cryptocurrency began to rise, although it later fell along with the rest of the market. Even so, it is among the few that began to rebound rapidly this January 22.

SHIB has risen around 13% in the last 24 hours after reaching a peak of $0.0000237 earlier in the day. The market cap is $13.36 billion and the daily trading volume is $2.535 million.

1inch DeFi protocols expand to the Avalanche network

As of January 20, several DEX 1inch Network protocols are also available on the Avalanche blockchain.

According to the 1inch post , the protocols being added to Avalanche are: 1inch Limit Order Protocol, Aave, Baguette, Canary Exchange, Pangolin, SushiSwap, and Trader Joe. They also report that the 1inch Limit Order Protocol was added to the Gnosis Chain platform.

The note explains that with the integration of this series of protocols, the capabilities of these platforms within the decentralized finance (DeFi) space are expanded. With this integration, Avalanche joins other blockchains that have already added the protocol of this decentralized exchange, among which Ethereum and Binance Smart Chain stand out.

"1inch's goal is to provide the best deals in the blockchain space and give users options for fast and cheap transactions," said Sergej Kunz, co-founder of 1inch Network, in the writing released on January 21.

Meanwhile, AVAX, a native token of the Avalanche network, grew more than 12% in one day. The cryptocurrency was also affected by the market crash and, although it had a slight increase after the 1inch announcement, its value decreased substantially between January 21 and 22 .

AVAX price was another one of the few that started to stoke after the general downturn, reaching a peak of $67.12 this Sunday, January 23. The market cap is $15.678 million and the daily trading volume is $797 million.

ETP Tracking the Cosmos Blockchain Debuts on the Swiss Stock Exchange

Cosmos, with its ATOM cryptocurrency, is another of the projects with slight growth this Sunday, January 23. The rise seems to be related to the decision of the company 21Shares AG to launch an ETP (exchange-traded product) that tracks the Cosmos blockchain.

The announcement was made on January 20. According to the 21Shares publication, the new product, identified as 21Shares Cosmos ETP (ATOM), is listed on the SIX Swiss Exchange in Swiss francs, euros and US dollars with a total expense ratio (TER) of 2.5 %.

The note highlights Cosmos as a platform "that can power everything from DeFi to the metaverse." The project, which calls itself “the Internet of blockchains”, was created in 2016 and seeks to facilitate the development of an interconnected decentralized economy.

The blockchain is preparing for an upcoming network update that, under the name of Theta, is scheduled for next March 31. With it they plan to expand the number of Cosmos applications that can be connected with Ethereum.

ATOM price made a 24-hour high of $34.16. The cryptocurrency appreciated by more than 11% in one day. The market cap is $7,753 million and the daily trading volume is $1,505 million.

Australian Open is played in the Decentraland metaverse

The Australian Open (AO), one of the most important annual tennis tournaments in the world, kicked off its 2022 edition on January 17 by entering the space of metaverses and non-fungible tokens (NFTs) through Decentraland.

During these days, AOmetaverse participants have the chance to interact with other fans, play tennis mini-games, and watch real-time replays of matches . This, in addition to walking around the city of Melbourne to see its buildings in 3D with superimposed historical anecdotes, among other activities.

Those interested in participating in the AO metaverse can enter by following the link and instructions given on the official Twitter feed of the competition, or on the official Discord channel.

In this context, the price of MANA, the native token of Decentraland, registered a rise of more than 7% in the last day. It reached a high of $2.15 this Sunday, with a bias to the downside in the last few hours.

The market capitalization of MANA is USD 4.49 billion and the daily trading volume is USD 400 million.

Dogecoin: the favorite of the United States… and of Elon Musk

According to the most recent survey conducted by the Australian firm Finder, the United States is the country with the highest percentage of Dogecoin followers.

The study , whose data corresponds to the consultation made in December 2021, had 93,528 responses from users in 27 countries. With them, the levels of adoption and the preferred cryptocurrencies in representative nations of the five continents were determined.

Finder statistics indicate that the US has the highest adoption of DOGE of any country surveyed, with 31.6% of cryptocurrency owners.

In that sense, it is worth remembering that the cryptocurrency, which is also Elon Musk's favorite, was at the top of the last week, after the billionaire owner of Tesla confirmed that the electric car manufacturer accepts DOGE for the purchase of accessories.

Although DOGE registers red balances in its weekly average, in the last hours it has a growth that is estimated at just over 7% . At press time, the market capitalization is $18.093 million and the daily trading volume is $991 million.

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