Bitcoin (BTC), Ethereum (ETH), Tron (TRX), Ripple (XRP), EOS, Stellar (XLM): Weekly Roundup of Latest Updates
Just as one started to think that things had turned south once again for the digital asset sector, Bitcoin and Ethereum, the world’s top two alt-coins by total market capitalization, made an impressive recovery by crossing their respective $6,500 and $200 physiological barriers .
Chart courtesy of Coinmarketcap.com
Additionally, it is also worth noting that Ether’s market cap has once again risen above the $20 Bln mark for the first time since September 10, thus signalling that investors have not yet lost faith in this premier digital currency.
Ether’s fall from grace is largely being attributed to the recent ICO sell-off which saw various projects dump nearly 160,000 ETH within a span of 10 days. As a direct consequence of this, cryptomarkets from across the globe started their downward spiral— eventually culminating in ETH hitting a 16-month low of $167.
In a recent interview with a crypto media outlet, altcoin savant and eccentric millionaire, John Mcafee, made it abundantly clear that “Bitcoin is still the alpha dog of the digital currency market”.
Taking a mathematical approach to things, McAfee tried to reason that the numbers associated with BTC clearly indicate that the asset is all set to touch the million dollar mark by the end of 2020.
Elucidating further on his bullish stance, he said:
“Why don’t we look at the last Bitcoin? We have thousands of people to mine one coin. What is that coin going to be worth? Maybe billions. Mathematics doesn’t lie. Say what you want, mathematics doesn’t lie. If it’s not a million dollars in 2020, it has to be. The end of 2020, December. That’s my prediction, I’m going to stand by it…it is the number 1 coin for processing transactions. Run the numbers.”
In the wake of Bittrex’s plans to add a TRX/USD trading pair to its platform on September 17, the price of the digital currency has increased by over 6% within a span of 24 hours.
Chart courtesy of Coinmarketcap.com
After touching a relative low of $0.017 on a September 12, the world’s 13th largest cryptocurrency by total market capitalization has continued its strong market performance and closed over the $0.020 mark for the second day running.
In addition to this, supporters of the Tron project will also be happy to know that cryptocurrency trading platform, Exodus, too has announced support for TRX on its native UI. This news was made public by Justin Sun, the founder and CEO of Tron, via a tweet earlier today.
A technical analysis of Ripple’s 3-Month performance chart shows that the world’s third largest cryptocurrency by total market capitalization is finding support around the 0.2500 region. Additionally, if Ripple is able to cross its 0.3500 neckline, the currency could experience an upward movement that could see the price of the digital asset rise quite dramatically in the coming days and weeks.
Chart courtesy of TradingView.com
Earlier this week, Takashi Okita, the CEO of SBI Ripple Asia, announced via twitter that his firm was all set to launch a new Ripple-based cross border payment app by the end of this year.
Dubbed as ‘MoneyTap’, the project will allow users to make fast monetary remittances throughout the world without any charges. The app is all set to be released on the Google and Apple app stores around the same time– most likely by the fall of 2018.
While not a lot of technical details are known about the project at this time, the developers behind MoneyTap have announced that the service will initially be available only to customers based in Japan.
A gambling dApp by the name of EOSbet that claimed to be one of the safest punting apps in the market was recently scammed to the tune of 40,000 EOS (around $200,000).
A spokesperson for EOSbet quickly took to the internet to explain the situation by noting that miscreats had exploited ‘vulnerabilities in the dApps’ smart contracts’ and that the primary bug which has since been detected and rectified was ‘not a minor one’. However, forensic examinations and investigations are still underway.
At press time, EOS is currently trading at $5.27, a price point that is nearly 13% higher than the asset’s exchange value just under a week back.
Despite what can only be described as a financial bloodbath that has been taking place within the global crypto sector over the past fortnight or so, Stellar’s XLM cryptocurrency has been one of the few alt-coins to have remained afloat throughout this entire ordeal.
As things stand, XLM is currently trading at a stable price point of around $0.20. This strong performance has been directly linked to IBMs announcement regarding the launch of its latest Stellar-backed payment app ‘World Wire’.