Cryptos catch bid in New Year trading, Ethereum regains spot as top altcoin
Jan 02, 2019
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
- Cryptocurrency markets rallied in New Year trading while Bitcoin (BTC) lagged the broader market, up just 0.3% since Monday’s close to USD$3,843.71. Ethereum (ETH) has been the top performing major cryptocurrency in New Year trading, up 9.0% since Monday’s close to USD$149.44. Binance Coin (BNB), meanwhile, has lagged the broader crypto market in New Year trading, depreciating 2.1% since Monday’s close to USD$5.98. Total cryptocurrency market capitalization currently sits at USD$130.9bn, up 1.7% since Monday’s close.
Crypto Developments in Financial Services
- Saudi Arabian customs authorities have successfully completed a pilot that links its cross-border trade platform, FASAH, with IBM and Maersk’s TradeLens blockchain platform, according to an official press release. Created in August 2017, TradeLens is meant to serve as a platform for digital supply chains -- nearly 100 entities took part in the platform’s pilot after its launch. Ahmed Alhakbani, Saudi Arabia’s Customs governor, said in the release that, “The pilot comes in line with our strategy that aims to facilitate trade and enhance security levels, while working to establish the kingdom as one of the world’s premier logistics hubs.”
General Crypto News
- “Few tangible uses for Bitcoin (BTC) and its underlying blockchain technology have emerged,” said the Wall Street Journal (WSJ) in its recent article, “Crypto’s 2019 Goal: Technology People Can Use”. As part of a larger documentary on the crypto industry in Japan and Hong Kong, the WSJ published this article highlighting that cryptocurrencies and blockchain technology did not find many, if any, practical use cases in 2018. The article quotes Andy Bromberg, founder of Coinlist, who said, “Bitcoin and the hundreds of other digital currencies that have popped up over the years and are still largely usable only by developers.”
- The Massachusetts Institute of Technology (MIT) Technology Review published an article Wednesday arguing that 2019 will be the year that blockchain technology becomes normalized. The article discusses that blockchain technology is, “a revaluation that was supposed to disrupt the global financial system,” in 2017, but that it disappointed in 2018. Despite this, the article highlights that, “many innovative-sounding projects are still alive and even close to bearing fruit,” while projecting that 2019 will be, “the year that blockchain technology finally becomes normal.”
- After rallying 87% from a low of USD$83/token on December 15th to a high of USD$149/token in today’s trading, Ethereum (ETH) has retaken the spot as the crypto industry’s largest altcoin. ETH has appreciated 9.52% in the last 24 hours while it trades with a market capitalization of roughly USD$15.5bn, more than USD$0.5bn above Ripple’s (XRP) market capitalization. The Ethereum Network is expected to implement its Constantinople hard for at block 7,080,000 around January 16th, 2019 -- the largest impact of this hard fork will be a 50% block reward cut from 3 ETH to 2 ETH.
- DDM.com Ltd., a Japanese e-commerce giant, announced that it will shut down its cryptocurrency mining business due to falling profitability. According to a report by local business magazine Toyo Keizai, Dmm.com will sell its company mining hardware through the first half of 2019. Dmm.com initially announced their foray into the crypto mining industry in September 2017 with a focus on Bitcoin (BTC), Ethereum (ETH), and Litecoin (LTC). Dmm.com’s e-commerce business currently maintains more than 27 million clients across the globe.
*Data in Price Return and Updated Real-Time (with a delay), Source: StockDio