Cryptocurrencies continue to move higher after 1-month rout, BCH up 102% since Monday
Dec 20, 2018
Top 5 Cryptocurrencies sorted by 24 hour Volume
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Top 5 Cryptocurrencies sorted by 24 hour Price Percent Change
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Crypto Market Recap
- Cryptocurrencies are continuing to move higher following a harsh one-month downturn as the price of Bitcoin (BTC) is up 6.36% in the last 24 hours, trading just above the USD$4,100 level. Bitcoin Cash (BCH) is leading the broader market in gains, up 37.88% to USD$165.69 -- BCH is up 102.53% since Monday. EOS (EOS) lags major cryptocurrencies today, flat in the last 24 hours and trading at USD$2.71. Total cryptocurrencies market capitalization has added USD$8bn in the last 24 hours and currently sits at USD$132.6bn.
Crypto Developments in Financial Services
- Dr. Prash Puspanthan, CEO and Founder of Caleb and Brown, Australia’s largest retail crypto brokerage service, discussed in an interview that Australian financial advisors are beginning to accumulate Bitcoin (BTC) and other cryptocurrencies for their clients’ portfolios. While speaking to local news outlet Micky, Dr. Puspanathan explained, “These are wealth managers, who have their own personal cryptocurrency portfolios. They see value in it... I’ve dealt with five or six of them personally already.” Dr. Puspanathan also added that many advisors are wary, however, because of the uncertain regulatory state of cryptocurrencies.
- After cryptocurrency exchange ratings and analytics service CER accused South-Korea based crypto exchange Bithumb of faking up to 94% of its daily trading volume, Bithumb is publicly denying the allegations. A spokesperson from Bithumb told news outlet Forbes that, “Bithumb is doing nothing to inflate trade volume. Bithumb is not selling mining-based coin. Bithumb is trying to get more customers by providing various promotions just like any company in the world as a normal business.” While Bithumb is ranked as the second-largest cryptocurrency exchange in the world by daily reported trading volume on Coinmarketcap.com, it does not even place in the top 100 for adjusted daily trading volume on Coinmarketcap.com.
General Crypto News
- A new research report published by Chainalysis finds that only 37% of total Bitcoin (BTC) address are, “economically relevant.” Among the total 460mm addresses on the BTC network, 172mm addresses actually hold BTC. Additionally, out of those 172mm addresses that hold BTC, 86%, or 147mm addresses, are owned by a named service rather than individuals.
- Civil, a prospective blockchain media startup whose token sale flopped earlier this year, is set to launch in February. Civil set out a goal earlier in 2018 to generate USD$8.00mm of capital through its token sale, but only raised USD$1.43mm from 1,012 investors. Despite this, Civil will launch in February with a plan to sell its SVL tokens again, this time without time limits, soft caps, or hard caps.
- Changpeng Zhao, CEO and Co-Founder of Binance, called 2018 a, “correction year,” for cryptocurrencies and expressed optimism for the industry’s future in a Bloomberg interview published Wednesday. In the interview, Zhao discussed that he believes the industry will continue to grow from developers who make applications with, “real use cases,” that will drive cryptocurrency adoption. Zhao added that the bear market is not affecting the plans of Binance, saying that they plan to launch two or three exchanges, “in the next month or so,” and adding, “None of our plans changed, we are still pushing forward very aggressively.”
- More than 90% of Monero (XMR) that will ever be in circulation has already been mined, per data on MoneroBlocks.info. A total of 18.4mm XMR tokens are set to be in circulation by Mary 31st, 2022, while 16.6mm XMR tokens currently trade on the secondary market. As the Monero network nears May 31st, 2022, the project will begin implementing a tail emission system where miners receive a consistent mining reward of 0.6 XMR.
*Data in Price Return and Updated Real-Time (with a delay), Source: StockDio