CoinGecko Shares Quarterly 2019 Bitcoin Report, Details Crypto Market Dynamics and Developments
CoinGecko offers in-depth information that consumers and investors can use to learn about the entire crypto market. The company regularly follows along with crypto asset price, volume, network data, and other fundamental data.
On April 17th, CoinGecko released their Q1 2010 report, which is 48 pages long, describing the current state of the market, while summarizing the events that happened during that time as well.
The report begins by describing last year, as “tough” for the majority of companies, investors, and other included entities in the industry. However, in an uplifting change of tone, the founder said that the first quarter of this year “has not disappointed.” In January, the market welcomed two privacy focused coins – Beam and Grin – which are both based on Mimblewimble.
Considering the substantial role that Mimblewimble plays in the market right now, it would help to understand the concept a little better, and the CoinGecko report lays out the protocol beautifully.
The whole goal of this protocol is to improve privacy, which the creators do by combining multiple innovations to force a cryptocurrency to be considered private by default, which means there is no need for add-ons. Some of the innovations included in this program are CoinJoin, Cut-throughs, and Confidential Transactions.
The following month, the founder points out the newfound popularity of Initial Exchange Offerings, led by Binance. Initial Exchange Offerings (IEOs) are much different, as the report outlined in a chart. The report does not show any similarities to these two concepts, though IEOs have clear advantages, including that the exchange plans to screen projects and that the exchange listing is immediate with no additional listing fees.
Binance’s first IEO through their Launchpad was BitTorrent, which has been a major sale that has been promoted greatly by TRON founder and CEO, Justin Sun.
March was the month that Cosmos launched and exposed a lot of truth about fake volumes in the industry. Cosmos, as the report states, is “a network of independent blockchains that can scale and interoperate with each other.” Before this platform was created, all blockchains remained independent of each other with no ability to communicate at all, but Cosmos has a new vision.
One of the greatest activities in the first quarter is how absent volatility has been. The total market capitalization saw a steady increase of 16% through the quarter. Trading volume also went up, but there are more exchanges that are presently being tracked.
The only one of the top 5 coins not to see healthy and progressive performance is XRP. While Litecoin rose by over 100%, it is worth mentioning that the halving of this token is expected to take place in the first week of August.
The top 30 coins made some progress too. Even though there were many altcoins to see an increase during the quarter, Bitcoin did not see the same. In fact, the dominance that Bitcoin has over the entire market actually dropped by 1.5%. The market dominance of BTC, XRP, and ETH together dropped by 5%.
With these statistics in mind for the performance of crypto assets, one of the most exhilarating changes was the Lightning Network Trust Chain. The Layer 2 payment protocol was implemented for Bitcoin’s transaction capacity, but it paved the way for the Lighting Torch.
Proponents of the network took it upon themselves to create a social experiment to show the capabilities of the Lightning Network, as each participate contributes 100,000 in satoshi, which is posted to the next user. The concept is that users would continue to add more satoshis and sent the transaction to the next person, eventually reaching its final destination where it was contributed to charity.
Bobby Ong, the co-founder of CoinGecko, mentioned that this quarter celebrated the ten-year anniversary of Bitcoin entering the market. This milestone is not just a testament to the strength that Bitcoin holds, but how the entire cryptocurrency industry has thrived.
It went from a single coin and a single whitepaper to an entire industry that has infiltrated so many countries already. Ong stated that the CoinGecko platform is “very proud to support the crypto asset industry since 2014,” adding that these reports are meant to educate the public within the community.
To view the report in its entirety, visit https://assets.coingecko.com/reports/2019-Q1-Report/CoinGecko-2019-Q1-Report.pdf.
Live Bitcoin (BTC) Price:
1 BTC/USD =$38,247.5791 change ~ 11.65%