Crypto Market Update: Focus on BTC, ETH, LTC, EOS, ADA, TRX, DASH, ATOM
This article provides a quick overview of how the crypto markets have been doing—with the focus on Bitcoin (BTC), Ether (ETH), Litecoin (LTC), EOS, Cardano (ADA), TRON (TRX), Dash (DASH), and Cosmos (ATOM)—over the past 24-hour period.
Overall, September 8th is proving to be quite a good day for the crypto, with only 13 of the top 100 cryptocurrencies in the red at press time (around 07:00 UTC).
Although many media outlets continue to push the narrative that the US-China trade war, the economic crisis in Argentina, and other macroeconomic factors have a big impact on the price of Bitcoin, not everyone agrees with this view.
One economist and trader who continuously tries to explain that Bitcoin is not yet a macro hedge is Alex Krüger (@krugermacro on Twitter). Here is his latest attempt to explain on September 5:
- "Please repeat with me: bitcoin is not yet a macro asset. Those who claim the opposite either cherry pick or are in the business of generating click-bait."
- "I wouldn't comment on this would I not be constantly exposed to a whole industry claiming how bitcoin is driven by gold/yuan/stocks/the dollar/etc. It often feels like mass delusion, not that different from the "this is a new paradigm, not a bubble" narrative of late 2017."
- "Macro assets 1) Are mostly driven by macroeconomic & geopolitical factors 2) React in real-time consistently to major macro news 3) Move in days of large market moves 4) Do so in a predictable manner 5) Have relatively consistent correlations with risk-assets"
- "Bitcoin is not *yet* a macro asset. It should become one as the market matures, as it's increasingly seen as digital gold and is a hedge against the TAIL-RISK of fiat systems collapsing, i.e. a put option on central banks without expiry."
Meanwhile, Los Angeles Chargers' Offensive Tackle Russell Okung, who is also the Vice President of the NFL Players Association (NFLPA), still appears to be evangelizing Bitcoin:
It’s time to have more casual conversations about Bitcoin with friends and family. It’s time to share the good news with more precoiners.— Russell Okung 🇳🇬 (@RussellOkung) September 7, 2019
On September 4, Coin Metrics, "a provider of crypto asset market and network data", published Issue 15 of its "State of the Network" report, which included some very interesting charts, one of which Coinbase CEO Brian Armstrong took as a bullish indicator:
Great charts from Coinmetrics, showing crypto industry growth. For instance, the number of addresses holding at least 10 Bitcoins recently hit an all-time high. https://t.co/t5HspfauJM pic.twitter.com/Yo1UNu6mZR— Brian Armstrong (@brian_armstrong) September 6, 2019
And when Gabor Gurbacs, the digital asset strategist/director at VanEck/MVIS commented that "Bitcoin wallet number growth for smaller amounts (0.1 to 1 BTC) is probably a better indicator of industry adoption/growth," Nic Carter, Co-Founder of Coin Metrics, was ready with another bullish chart:
😉 pic.twitter.com/7V7UqQvt40— nic carter (@nic__carter) September 6, 2019
The aforementioned report from Coin Metrics also looked at Ethereum addresses:
The number of Ethereum addresses holding at least one ten-billionth of current supply also recently hit an all-time high. As of September 1st, 5,923,953 ETH addresses hold at least one ten-billionth of ETH supply. Currently, this is the equivalent of holding at least 0.0108 ETH (worth $1.86 USD at current prices), given ETH’s supply of 107,568,118 as of September 1st.
As covered by CryptoGlobe yesterday, on September 6, Hudson Jameson, Community Manager at Ethereum Foundation, confirmed that the "Istanbul" hard fork is expected to be activated on testnet Ropsten on or around 2 October 2019.
As Coindesk reported recently, Charlie Lee, the creator of Litecoin and the managing director of Litecoin Foundation, has confirmed that he "remains committed to funding the Litecoin Foundation despite rumors that its financials are in the red."
Lee told CoinDesk:
The goal, of course, is to get Litecoin Foundation to be self-sustaining from donations, partnerships and merchandise sales. Until we get to that point, I have and will continue to support the Litecoin Foundation financially as necessary.
On August 20, Lee provided an update on progress of Mimblewimble development:
Updates on MimbleWimble progress:@davidburkett38, the main developer of Grin++, is now working with @ecurrencyhodler and I on the design. We've been ironing out the mechanism of getting LTC in and out of MW/EB. Also figured out how to handle MW fees in a clean way.— Charlie Lee [LTC⚡] (@SatoshiLite) August 20, 2019
Among the top 20 cryptoassets (by market cap), EOS was the top gainer, with the price up 12.58% in the past 24-hour period.
As IOHK mentioned in a blog post published on September 6, Cardano Shelly is soon (this month, but not earlier than September 15) entering Phase 2 of the testnet rollout, i.e. network implementation:
Now that the node is more stable, we can challenge the network stack to see how it holds up and check how our predictions on its behavior measure up... the goal here is to test and iterate until we are confident we have a stable network.
And once Phase 2 is complete, Cardano Shelley will enter Phase 3 (the final phase of testing), i.e. the incentivized testnet, which is explained below:
In reality, this is more than a testnet. Instead, it will effectively be a replica of the Cardano mainnet. We will take a UTXO snapshot of the mainnet state and migrate it to the testnet, offering Shelley era functionality within a controlled, sandboxed environment. This will be different from a typical testnet, however, since it will offer real rewards for delegating your ada stake. Jörmungandr will be decentralized, and users will be able to create stake pools or delegate their stake to a stake pool and collect their rewards.
As Justin Sun, Founder and CEO of TRON Foundation, noted on September 4, perhaps as a "recognition to the prosperity of the #TRON ecosystem," TRON (TRX) has become a quote currency on Binance, with two trading pairs—BTT/TRX and WIN/TRX—added on this day:
Thrilled to see Binance accept $TRX as a quote currency! Congrats to #BitTorrent and #WINk! Huge recognition to the prosperity of the #TRON ecosystem! More exchanges will adopt TRX as quote currency soon! #TRX $BTT $WIN https://t.co/FvC4jzUzcx— Justin Sun (@justinsuntron) September 4, 2019
Dash News reported on September 5 that Dash Foundation "has partnered with cryptocurrency ATM and merchant solution provider IQ CashNow, adding an additional over 1,000 Dash-accepting merchants as well as integration into over 250 additional ATMs, growing Dash merchant adoption significantly."
Featured Image Credit: Photo via Pixabay.com