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Crypto Market Update (07 March 2019)

March 7, 2019

 

General Market Outlook

 

The market is continuing a subtle upward movement, without much movement for the biggest cryptocurrencies by market cap, but many within the top 100 still making double digit percentage gains. Trading volume has slowed somewhat from yesterday, but still remains high comparatively to the rest of this year - trending between $31 billion and $32 billion in 24 hours. Aurora (AOA), Ravencoin (RVN) and ABBC Coin (ABBC) are the major stand outs of the top 100 coins by market cap - up over 30%, 21% and 21% respectively in the past 24 hours. The value of Bitcoin (BTC) is trending right around $4,900 again for no significant change and a total market dominance of 51.6%, and the value of Ethereum (ETH) is nearing $140 for no significant change in the past 24 hours as well. Market cap for the overall cryptocurrency market gained just $1 billion, rising to almost $134 billion total.

 

 

Major Headlines

 

Argentinian Government Investing In Blockchain

 

Investing in blockchain companies could be viewed as extremely risky or extremely progressive and forward thinking. The government of Argentina is making a move to support the growth of the blockchain technology industry, while supporting startups from their own country as well. The blockchain industry is extremely globalized as it functions primarily via the internet. Countries with favorable laws for associated businesses attract startups easily. Argentina will match investments into 10 blockchain project from their country up to $50,000. These investments are specific to startups coming from the Binance Labs incubator program, and LatamEX Founders Lab. They expect the investments will take place over four years. ‘‘Latin America presents one of the most attractive markets for blockchain adoption and real use cases and Argentina is leading the way by serving as the market-opening gateway,’’ said Pablo Orlando, founder and CEO of LatamEx and Founders Lab.

 

Kraken Cryptocurrency Futures Significant Growth

 

Potentially a sign for sustained and more steady growth to the cryptocurrency market, Kraken’s data is showing strong growth in cryptocurrency futures on their platform. The growth is notably a change once the platform acquired a lesser known cryptocurrency provider called Crypto Facilities last month. The trading volume has increased more than 500% since Kraken acquired the futures exchange at the beginning of February for $100 million. Crypto Facilities provides  bitcoin, ether, XRP, litecoin and bitcoin cash futures. Nearly $1 billion in crypto futures have been traded over the past month overall.

 

BlockFi Offering Compound Bitcoin Interest

 

A new service from BlockFi highlights one of the biggest issues that has fueled the grassroots growth of the cryptocurrency industry - traditional bankings downfall for the average citizen. Many times, standard interest rates for savings accounts with large banks does not even match the rate of currency inflation.The BlockFi Interest Account (BIA) is live and offers customers an annual interest rate of 6%. Interest paid on a monthly basis in cryptocurrency. Customers can choose from deposits of BTC or Eth. And because it is a compound interest rate, the result is a 6.2% annual percentage yield or APY. “It helps crypto investors grow their wealth with one of the most powerful tools in finance – compound interest,” Brad Michelson, director of marketing at BlockFi told CoinDesk.

 

 

Top 5 Gainers

 

BitMax Token (BTMX) +142.09% at $0.053314

Beetle Coin (BEET) +75.06% at $0.025601

Coni (CONI) +73.54% at $0.013426

BitBall (BTB) +51.07% at $2.57

Super Bitcoin (SBTC) +44.05% at $0.080522

 

 

Top 5 Losers

 

Ourcoin (OUR) -40.68% at $0.017625

The Currency Analytics (TCAT) -30.64% at $0.002846

Stakinglab (LABX) -29.79% at $2.95

Sphere (SPHR) -25.52% at $1.30

RealTract (RET) -22.35% at $0.000061

 

 

New Coins Listed

 

Lisk (LSK) listed to Bitpanda

EthereumX (ETX) listed to Bitex

Tezos (XTZ) listed to LiveCoin

 

 

 

 

By: BGN Editorial Staff

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