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October 16, 2018

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Crypto Market Update (30 May 2018)

General Market Outlook

 

Bitcoin price is sitting at $7,370 representing a loss of 1% in the last 24 hours. Ethereum price is sitting at $555 representing a loss of 0.7% in the last 24 hours. However, the overall cryptocurrency market cap jumped from $305 billion to $321 billion, and some sources are calling this the bull reversal, however indicators are not truly that strong. The Buy Markets Percentage that signaled the last reversal in March came at 4.29%, which is the same percent that data point is on at this time.

 

Major Headlines

 

New IOTA mobile wallet is more than customer-centric

 

The IOTA Foundation now has a more “user-friendly” mobile wallet. IOTA didn’t have to do very much to get this project off the ground - the wallet is also user/community-developed as well. The community did such a good job with the programming that “Trinity” was adopted by the IOTA Foundation in order to provide assurance to the wider community that the wallet is safe to use, and as free from the threat of user error as possible. To make this happen, they gave the programming two external reviews, a threat modelling exercise and a security audit, to ensure maximum security for our users. The adoption is more of a relationship between the IOTA foundation and the community, rather than a takeover. They still work closely with their community to perfect the wallet.

 

Among all the other hype, Bitcoin is still being developed

 

People talk about the downfalls of Bitcoin as if the tech community is blind to it. In reality, there are people out there still making strides to keep it relevant. A new layer has been proposed to improve upon the Lightning Network - “eltoo.” It was only in March this year that the Lightning Network was deployed on the Bitcoin Blockchain, and we already have a fully developed whitepaper explaining big improvements. The Lightning Network allows people to transact instantaneously and reduce transaction fees by keeping them off the main network. This new proposal addresses the problems with how much data the Bitcoin network takes up on a user’s computer, as well as improving user wallet security. It is designed for mobile wallet to store only the most recent transactions.

 

 

Finding loopholes to quietly increase user adoption

 

The company that holds 96% of the Korean messenger app market is now working on blockchain applications - similarly to Telegram’s coming token. The solution is fairly simple. Millions of people are already using certain apps. A big network exists and just needs a cryptocurrency to be integrated. Messenger services have an advantage since they already have an established user base. Kakao is primarily used for messaging, but has more functions than something like Telegram. Their new blockchain division “Ground X” will be integrating blockchain tech a little differently as well, both for technical reasons and the fact that ICOS were banned in Korea. However a proposal to lift this ban has been announced as well.

 

 

Top 5 Gainers

 

Version (V) +128.88% at $0.006833

Indicoin (INDI) +119.89% at $0.041152

Arbitracoin (ATC) +95.22% at $0.013889

EXRNchain (EXRN) +89.38% at $0.000144

Rupaya (RUPX) +69.27% at $0.108410

 

 

Top 5 Losers

 

Bastonet (BSN) -93.94% at $0.000147

Fitrova (FRV) -83.79% at $0.000152

Titanium BAR (TBAR) -65.27% at $0.036991

BelugaPay (BBI) -37.74% at $0.305531

Transcodium (TNS) -35.12% at $0.067428

 

 

New Coins Listed

 

Loki (LOKI) listed to Cryptopia

Mobius (MOBI) listed to KuCoin

Odyssey (OCN) listed to Bittrex

 

 

 

By: BGN Editorial Staff

 

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