Hottest crypto currency in China is not Bitcoin or Ethereum or Bitcoin Cash, It’s onecoin designed by Chinese tech company Xunlei.
In September, China announced in a shocking statement that country is looking forward to shut all Bitcoin exchanges put a ban on Initial Coin offerings, which led to crash in Bitcoin prices, price of one bitcoin at that point of time was around $4000 and after the news it went to as low as $2900 plunged more than 30% , but Chinese market wasn’t as big as some of the investors perceived and price recovered dramatically after that and reached the recent level of as high as $19000 and currently trading at $17000.
OneCoin, designed by Chinese tech company Xunlei is the hottest crypto currency in China at the moment, Since its launch in mid-October, OneCoin’s value has jumped dramatically in secondary markets,at one point more than 80 times, according to numerous reports. That’s despite OneCoin not being available for trade in any major marketplace. Its crazy ride has helped Xunlei become the best-performing stock on Nasdaq for most of the past two months.
OneCoin, also known as Wankebi, can then be used to purchase value-added services provided by Xunlei, for example, extra storage on its cloud service, or faster download speeds for its torrent downloader software.
OneCoin is designed in a similar way to bitcoin. Currently, there are over 1.6 million OneCoin up for grabs every 24 hours. The reward will cut in half annually, and OneCoin’s total number will be capped at around 1.5 billion.
Xunlei hasn’t published the code for OneCoin, whereas major cryptocurrencies like bitcoin and ethereum are open-sourced. The company runs a wallet app for OneCoin that supports peer-to-peer transactions but not centralized exchange services. As shown by the app’s installation files, OneCoin runs on a private blockchain based on the ethereum network, according to Xiao Lei, a Beijing-based bitcoin analyst.
Xunlei has said that OneCoin miners should be focused on the idea of shared computing rather than making money on speculation. But apparently people are flocking to OneCoin for the wrong reason, as far as its creator is concerned.
According to a report from the Beijing News, by the end of last month OneCoin traded at around 8 yuan ($1.21) in numerous chat groups on QQ, a popular social network. That means it had increased in value more than 80-fold in 40 days since its launch. What’s more, the OneCloud device, that storage-cum-mining tool was reportedly being sold online for around 2,000 yuan by enterprising types, more than five times its original price tag. Meanwhile over 24 million people have pre-ordered the device on the website of Xunlei, which has struggled to meet demand.
The rally of both Xunlei’s shares and OneCoin’s price halted at the end of last month, after Xunlei fell into a dispute with a partner called Shenzhen Xunlei Big Data Information Services Company, which runs online services selling wealth-management products.
After that fallout, price dipped, but demand is still there and Chinese investors are pouring their money into this crypto currency.
Crypto market stabilizing gradually
Crypto market is stabilizing around $450 billion market cap after gradual increase in overall value in recent weeks.
Leading crypto currencies are on the rise, lead by Bitcoin, Ethereum, Bitcoin Cash and Ripple. Although increase in bitcoin value is less as compared to other crypto currencies but overall market is on rise with current market of $440 billion.
Bitcoin is currently hovering around the $9300 mark after being rejected at $10000 mark couple of times in last days, Ethereum is on the charge as well but the most surprising one is Bitcoin cash. Bitcoin cash was at $600 couple of weeks ago and now at $1600, shows rapid growth in recent weeks.
Crypto currency of the month has to be EOS, investors of EOS are enjoying a massive rise in value in past few weeks, EOS started April at $5 mark and now is at $18 , value of EOS increased more than 3 times within one month.
Current top 5 crypto currencies
- Bitcoin : $9388
- Ethereum: $741
- Ripple: $0.83
- Bitcoin Cash: $1630
- EOS: $18.28
Take a Crypto Pill
Crypto market is crashing, we all know that, panic sellers are taking over the market with massive sell-off. You can’t control that, just calm down and take a Crypto Pill to make things easy.
Crypto Pill is the term being used by industry leaders to make things calm down from recent fiasco, yesterday a leaked news from CFTC about Bitfinex and Tether made things even more difficult for crypto traders, short sellers went all into the market with massive short bets, and they won, Bitcoin price slipped below $10000 level to as low as $9500, but later on recovered to $10K , but selling pressure is still there.
First South Korea and now US
First it was South Korea, the country with massive trading volumes in crypto market, they announced to ban anonymous crypto trading and ban took place effective from 30th Jan 2018, then a sudden news came from US market when Bloomberg broke the news that US financial regulatory authority CFTC investigating Tether and Bitfinex, but later on it was confirmed that news was from December last year, which made market calm down a little bit after all that tension and hype about US crackdown on crypto currencies.
HODLers will take over market soon
Despite of all this fiasco, Hodlers are still holding their Crypto currencies, they are not giving up and they holding for their dear life, it is very much possible that they take over this market in near future, making another uptrend in coming months.
Venezuela is the cheapest country to mine Bitcoin
Cost of mining one Bitcoin in Venezuela is just $531
Most expensive country to mine Bitcoin is South Korea, where cost of mining one bitcoin is $26,170
After recent crackdown by Chinese Government on Bitcoin miners, most talked about topic in bitcoin community is that which country would Chinese Bitcoin miners chose to shift, as many research firms were working to find the best possible option for the miners, one of the best option is Venezuela, where cost of mining one bitcoin is the cheapest, just $531, as compared to China where cost of mining one bitcoin $3172.
Others with lower costs are Bangladesh, Belarus, Paraguay, Serbia and Trinidad & Tobago. The most expensive is South Korea at $26,170 per coin. The U.S. cost is $4,675.
Calculations for the amount of energy consumed were based on the average usage of three popular types of mining equipment: the AntMiner S7, the AntMiner S9 and the Avalon.
Bitcoin mining consumes a lot of energy and according to one estimate, Bitcoin mining currently consuming energy which is more than 159 countries, including countries like Ireland
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