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Alts are pumping

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Cryptocurrencies

Altcoins are pumping like never before, having the best week in recent months. All major crypto currencies are in green, XRP leading the charge with whopping 100% gain within this week.

In 2018, Crypto market had one of the worst years ever as the brutal bear market affected everyone. Bear market started in January when crypto market’s total market cap dropped from $800 billion to $400 billion within one month and market never recovered from that.

This week is an exception, with all major crypto currencies are in green, Bitcoin, Ethereum, Litecoin, Bitcoin Cash, Cardano, Stellar and many other crypto currencies are up but the biggest story of the week is Ripple (XRP) , second biggest crypto currency in the market gained a whopping 100% in value in just one week, leaving every other major currency behind and reached number 2 spot in market cap, leaving behind Ethereum.

Bitcoin is actually the least performing one, with almost 10% gain for the week, but all other currencies are up by more than 30% on average and that has changed things for Bitcoin as far as its market dominance is concerned. Bitcoin’s market dominance dropped from 57% from start of the week to 52%

Ripple gained second position 

 

Today, XRP surpassed the market cap of Ethereum to be the number 2 crypto currency in the world according to coinmarketcap.com

At the time of writing, XRP is at number 2 but Ethereum giving a tough fight to XRP

XRP gained in value due to recent news from the company about their new product called xRapid

What is xRapid?

Latest bull run in the crypto market shows that this market could be down but definitely not out yet, although this bull run need to sustain a bit in order to regain market confidence and it seems like market is gaining positive momentum, next week would be crucial as this bull market will face challenge from the sellers.

The Bitcoin Phenomenon 

Just like old days in the past, Bitcoin is not moving much in this bull market of Alt coins, Bitcoin is on wait and watch mode. Buyers are waiting for the decisions from regulatory authorities about the future of Bitcoin ETF’s , if that happens then we can enter a real Bull market with strong fundamentals, till then we can say that the market is a bit fragile and after this short bull run, consolidation is needed.

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Bitcoin under $4000

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Bitcoin is crashing again in crypto market along with other cryptocurrencies, as Bitcoin again dipped under $4000 mark.

2018 will be remembered as one of the worst years for crypto currencies, after spectacular boom of crypto market in 2017 in terms of adoption and increase in market cap, this year so far has proven to be the opposite of that, Crypto market cap reached the level of $800 billion at the start of 2018 and now the total worth of crypto market is $125 billion which shows more than 80% of decline in overall market cap.

Bitcoin dipped below the level of $3500 few days ago and now market is crashing one more time, shows that bottom is still not here and we are far away from bottom as of now, market dynamics are changing, shows that all the speculators in the market are taking a big hit from this bear market.

It will be interesting to see, how bitcoin will survive this crucial time period, but the biggest question is, where is the bottom? because according to many analysts in crypto market, bottom lies somewhere between $2000-$3000

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India’s largest Mobile & Internet industry forms Blockchain Committee

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India is promoting the blockchain ecosystem in the country and the latest move in this regard is the country’s influential internet and mobile industry association has formed a committee dedicated to the decentralized (blockchain) technology.

India’s most-read business daily the Economic Times reported, with the new blockchain committee, the Internet and Mobile Association of India (IAMAI) is batting an eye on the government to widen the blockchain industry and startups.   India’s most-read business daily the Economic Times report.

The focus is to use blockchain technology to facilitate job creation and reduce the unemployment rate in the country.  This will give a boom to the new digital economy in the country, the report added.

The new committee within the influential non-profit will be chaired by Tina Singh, digital chief at private lending giant Mahindra Finance.

She told the publication:

“Blockchain is undeniably the technology of the future, slated to bring decentralization and trust and accountability into multiple areas of business. However, in order to be more effective and enter the mainstream, blockchain technology needs the intervention of government bodies, regulatory authorities, and corporates.”

The committee includes several includes many well-reputed executives of major corporate giants spanning tech and financial sectors such as Microsoft, Mastercard, IBM and HDFC Bank, India’s biggest private bank.

Interestingly, the committee also includes Sandeep Goenka, founder of major Indian bitcoin exchange Zebpay. The app-only exchange was among India’s earliest and largest exchanges until it closed trading services less than a month ago. However, Zebpay continues to provide a wallet service to users, the exchange said it was “unable to find a reasonable way to conduct the cryptocurrency exchange business” following the central bank’s comprehensive ban that bars banks from providing services to exchanges and the wider crypto sector.

Despite the ban and less viability on the cryptocurrency sector, which remains unregulated, the formation of the blockchain committee proves the consistent effort to integrate the groundbreaking tech into wider society.

Singh added:

The IAMAI Blockchain Committee will focus on creating dialogue between all stakeholders; curate and create content to aid skill development and move towards creating a participative economy with the usage of blockchain.”

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BTCC Chinese Crypto firm plans to start its services in South Korea

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BTCC, China’s first cryptocurrency exchange, has planned to expand its services in South Korea on October 31, 2018.

Initially known as BTC China, the cryptocurrency trading exchange was one of the largest in the world in terms of trading volume. However, owing to  China’s crackdown on crypto trading and initial coin offerings (ICOs), the exchange was asked to shut down its services in the country in September last year and transferred to Hong Kong in January 2018.

According to a report, BTCC’s Korea operations will be headed by Lee Jae-beom. He said that BTCC Koplannedaned to highlight a new vision of cryptocurrencies. The exchange will first launch its beta services this month, with the official debut set for November.

Furthermore, the exchange stated that it will provide not only the trading, buying and selling services to its customers, but it also plans to create own a wallet, a mining pool, and a consumer payments service. However, there is still no information about the coins listed on an exchange. On the South Korean version of its website, the company has not yet specified which coins will be supported on the exchange.

Commenting on the launch, Lee said: “Cryptocurrency exchanges are facing a turning point due to a downturn in local exchanges while global exchanges are making a leap here. BTCC Korea will be able to present a new strategy and vision of crypto exchanges.”

The report said, BTCC also plans to expand its services and it wants to achieve this via strategic tie-ups with local and global firms. Recently, the company announced that it had joined hands with Defytime, a producer of anti-ageing products. The partnership will helpDefytime to adopt blockchain in healthcare products.

In Hong Kong, BTCC offers a range of services and products for trading to a global customer base. In particular, the exchange facilitates the trading of five cryptocurrencies against the USD – BTC, BCH, ETH, LTC, and DASH. In addition, BCH, ETH, LTC and DASH can also be traded against BTC.

 

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