In recent time, the crypto market has been painting a mixed picture as Bitcoin, and other leading digital currencies such as Ripple (XRP), Ethereum, and Litecoin continue to oscillate within the latest ranges. For instance, the total market capitalization of all virtual currencies in circulation appreciated marginally by about a billion US dollars to land at $271 billion from about $273 since Tuesday. However, the daily trading volume of the cryptocurrency market has been depreciating, dropping to $84 billion amid slow market activity.
Over the past 48 hours, the cryptocurrency market has been witnessing a particularly volatile period of exchanging after the number one cryptocurrency asset; Bitcoin spread its wings above the 9,000-dollar mark only to tumble moments later and settle at the $8,500 mark.
As expected, a majority of the virtual currency market was affected by this volatility with leading assets such as Ripple’s XRP depreciating by a total of 7 percent over the past 72 hours. However, Ripple (XRP) remains a force to reckon with as it stays up by a total of 41 percent over the past 30 days.
The cryptocurrency market, as it stands, is a supreme mixture now. One can tell quickly that some of the coins do not depend on Bitcoin performance anymore, their individual positive or negative momentums now affect their prices directly. Let’s find out how the market is playing currently.
At the time of writing, Bitcoin is hovering above 8,500 USD following the Thursday evening plunge that sent tremors in the market. As it was predicted on May 30th by various cryptoanalysts, Bitcoin managed to break past its resistance level of 8,900 US dollars to even step above the 9,000 US dollar mark to trade at a high of 9,091 US dollars.
Despite its impressive run, BTC’s move might have been too ambitious as it made way for bears to come in and push for revenge. At the moment, it is not yet clear whether it was the entrance of the bears or action of traders taking advantage of the situation to make profits by creating fresh demand for the coin at a lower price that destabilized Bitcoin.
Either way, Bitcoin prices depreciated substantially below some of its main support levels such as 8,600 and 8,400 US dollars. As for BTC/USD, the pair extended the depreciation dropping under the 8,100 US dollar level. Fortunately, the re-emergence of the bulls just above the 8,000 US dollar mark saved the day, stopping further losses.
Since then, Bitcoin has managed to correct above the 24 percent Fibonacci retracement level recorded between the last sing-high of about 9,100 US dollars and a swing of 8,000 US dollars.
Meanwhile, there is a bullish momentum gathering speed above the 8,500 USD mark having 8,600 USD in its focus with buyers being supported by appreciating the RSI that currently sits at 42.42.
As it has become its norm, Ripple is keeping on with its quest of taking over the payment settlement industry by enlarging its wings further in the industry. Notably, Ripple seems not to be slowing down, introducing new inventions daily to drive out other reputable players in the industry.
Recently, Weitse Wind, XRP TipBot creator, publicized the creation of a new mobile application, Xign, that is expected to revolutionize the money transfer market. That has left a good effect on XRP prices but not a significant one, at least yet.
At the time of writing, Ripple’s XRP is exchanging at about 0.43 US dollars following a 1 percent price depreciation in the last 24 hours. However, XRP price looks stagnant for now, but following the announcement of the development of Xign, it is expected Ripple’s XRP is going to surge further making way for an impressive bull run soon.
EOS witnessed a sharp price surge this week to exchange above $7 mark. EOS price appreciation that was seen earlier this week was so impressive that the virtual asset managed to record a new high this year at 8.464 US dollars. However, the bulls didn’t last long for the coin. The current price stands above the primary resistance levels of 7.600 USD but below 8.000 USD as the coin is available for trade at $9.91 at the press time.
Ethereum and Litecoin
In the past 24 hours, Ethereum has shown mix behavior. After the Thursday (May 30th) spike, the second best crypto’s price went down, but it has managed to stabilize in the last 48 hours. Notably, on Thursday, Ethereum managed to exchange at a new 2019 high at about 289 USD level before sliding back. The decline took Ethereum’s price below the 250 US dollar support level, but it is currently trading at $267 again.
As it has become the norm for Litecoin prices to be closely related to Bitcoin price advancements, Litecoin recovered alongside the crypto king in the last 24 hours. But the six best cryptocurrencies by the highest market cap still trades in slightly red numbers (0.77%) if we take the last 24 hours into account.
Last but not least, here comes Tron. Surprisingly, the 11th biggest cryptocurrency in the world is up by a whopping 17.31% over the previous 24 hours as we write this post. Tron price surged significantly as CEO Justin Sun teased used Twitter again to announce a pre-announcement.
Quoting his recent tweet where he promised the crypto community of something ‘massive’ coming up, the Tron CEO claimed he had made a ‘big win.’ Right after the tweet, the crypto’s prices jumped.
— Justin Sun (@justinsuntron) June 1, 2019
Although Sun’s tweet has made Tron’s price to surge big time, he, however, has asked the community to wait till June 3rd for the details on his new success. At press time, TRX trades at $0.038842 after spiking by 17.31% in the last 24 hours.
Bitcoin: Crypto-Like Global Monetary System To Be a Boon For BTC
On Friday, the Bank of England’s governor made a comment that was music to the ears of Bitcoin and crypto proponents.
According to reports from Reuters and Bloomberg, Mark Carney dropped a bombshell on a group fo central bankers and press at a meeting in Jackson Hole, Wyoming, stating that he believes that a Libra-like crypto asset is likely to replace the U.S. Dollar.
While he didn’t expound on the comment, he made it clear that the current system isn’t working in his eyes, saying that “in the longer term, we need to change the game”. Carney even explained that he believes the Dollar is playing a “destabilizing” role in the global economy.
Of course, this was not a recommendation to adopt Bitcoin, but it was an acknowledgment that traditional fiat monies are on their way out and digital assets are getting more and more viable.
Bullish for Bitcoin and Gold
According to Raoul Pal, the former head of Goldman Sachs’s hedge funds sales division and the chief executive of Real Vision, the implementation of a new monetary system is likely to be a boon for Bitcoin.
In a tweet published in the wake of Carney’s comment, the former Wall Streeter explained that while he doesn’t believe Libra will be the cryptocurrency to become the world’s next reserve currency, something similar will take its place.
The implementation of this system, he claims, will be “good for Bitcoin and gold”. In a sub-tweet, Pal further explained his thoughts, responding “exactly” to a comment claiming that a fiat digital asset will as an on-ramp for the cryptocurrency market.
Pal isn’t the first to have mentioned this theory. In a tweet, Jeremy Allaire, the chief executive of Circle, wrote that the launch of Libra (whitepaper) will be a “massive inflection point in [the] global adoption of cryptocurrency.”
It is important to note that this isn’t the only reason why the former Goldman Sachs executive is bullish on the leading cryptocurrency. As reported by NewsBTC previously, Pal claimed that today’s most popular asset classes make no sense for millenials with ten- to 20-year outlooks.
He claimed that with equities and real estate pushing extreme valuations, and bonds posting “virtually zero yields”, the best alternative is something like Bitcoin, which he believes will be the backbone of an alternative/parallel financial system.
Pal added that buying Bitcoin now is like buying bonds and equities in 1982, which is prior to the absurd asset inflation bubble that has inflated since then.
Mining Hashrate on Litecoin’s Network Drops By 28% Since August 5
Since the last Litecoin halving event, the Litecoin network has not remained the same. The Litecoin halving event 2019 took place on the 5th of August. The event saw the reduction of the mining reward on the network by 50%, from 25 LTC down to 12.5 LTC. Since the reward on the network was slashed, the mining hash rate on the Litecoin’s network has dropped by 28 percent.
Litecoin Mining Difficulty Has Dropped to 11.4 million from 15.93 million prior to the Halving – Litecoin News Today – Cryptocurrency News Today – Crypto News Update
The mining difficulty of Litecoin (LTC) was 15.93 million a day before the halving of the reward on the network – August 4. However, that number has gradually reduced to about 11.4 million as of August 22. This data was gotten from a BTC.com – a mining pool. According to the data from the mining pool, the hash rate of the Litecoin network has plunged by 28 percent since the block mining reward halving occurred.
Mining difficulty and hashing power are a measure of the amount of computing power being contributed to the network of a digital currency, including securing transactions on the blockchain. Mining difficulty and hash rate also give a snapshot of the rivalry involved for miners looking for the reward of a block.
Litecoin (LTC) Price Today – LTC / USD
Litecoin (LTC) Is Feeling the Aftermath of the Halving – Litecoin News – Crypto News – Cryptocurrency News Update
After the Litecoin halving event, miners on the Litecoin network now receive only 12.5 LTC for mining a block. This reward value is half of what they used to receive prior to the halving event. In addition, LTC USD price has been on a downward trend since the beginning of this month. A few weeks to the halving, LTC to USD price was over the $100 mark. However, the beginning of this month saw LTC to USD price fall below the $100 level. On the day of the halving, the price of Litecoin (LTC) surged to a high of $107. However, the digital currency has plunged heavily below that level and it is now struggling around the $74 range.
Some crypto analysts predicted that the digital currency market would experience turmoil after the Litecoin halving event. The supply of Litecoin has reduced in form of regular block rewards. However, the uncertainty around profitability and mining has caused the price of Litecoin to dip. The founder of Litecoin – Charlie Lee – predicted that an event like this would occur. However, he also said that the readjustment in mining difficulty would smooth things out for Litecoin to a large extent.
Send Token Payouts With Ease Using Bitcoin.com’s SLP Dividend Calculator
On August 23, Bitcoin.com released a new application called the SLP Dividend Calculator. The new platform allows users to build a transaction to make dividend payments to any Simple Ledger Protocol (SLP) token holder.
Testing the New SLP Dividend Calculator From Bitcoin.com
Over the last year, SLP tokens have been extremely popular among BCH proponents, and so far supporters have made thousands of unique coins on the BCH chain. As time has progressed, the SLP ecosystem has matured a great deal and there are many third-party solutions supporting the token infrastructure. This week, Bitcoin.com added a new platform to our Tools.Bitcoin.com portal called the SLP Dividend Calculator. The application provides users with the ability to make grouped dividend payments to specific SLP token holders. For instance, if you distributed fractions of an SLP token to a group of three people, then you could enter the token’s ID and send funds to all three holders at a specific point in time. With the ability to pay BCH dividend payments to SLP token holders, the new tool opens the door to all kinds of real-world use cases.
After the new tool was released, I decided to test the service in order to highlight just how easy it is to use the new Bitcoin.com SLP Dividend Calculator. I tested the app with my cousin, Andrew Brow, because back in June I sent him some custom SLP tokens called “Andy Coin (ABC)” just to show him how simple it is to create tokens. At the time I created 21 million ABC coins and sent 10 million to my cousin’s Badger wallet. Last night I opened up the SLP Dividend Calculator and pasted the token’s unique ID number into the first window.
Then I decided to pay $1 to the Andy Coin token holders, which means it will be split in half between both of us, because we are both ABC token holders. The SLP Dividend Calculator can pay a lot more than just two addresses, but for this test two was enough. After making sure the SLP token ID and the number of funds I wanted to send were correct, I decided to make the funds available at the last confirmed block height. You can also choose to broadcast it as is in the latest mempool state or you can choose a custom block height as well.
The service gives you two choices after the customization is complete: you can either press the button “Start over” or “Build the transaction.” After I chose to build the transaction, the application showed me exactly what would happen after I paid the unique payment invoice. The SLP balances were scanned at block height 597121 and I sent a dividend payment of 0.003176 BCH, which would be paid to the token holders of the Andy Coin token ID number. The platform also told me that two addresses would receive a BCH dividend payment after I paid the QR invoice code through Pay.Bitcoin.com. Any wallet that supports invoices, like the Bitcoin.com Wallet, can pay the invoice by copying the URI scheme or scanning the QR code. I used the Electron Cash wallet to pay the invoice, because I had some available funds in the wallet and I wanted to see exactly how the transaction was built and executed from the client perspective.
Opening the Door to a Decentralized Stock Market, Trust Payments and Bearer Bonds
After paying the invoice, the transaction broadcasted and my cousin Andrew and I were both sent $0.50 in BCH each. The transactions confirmed in the following block and the entire test can be seen on Bitcoin.com’s Block Explorer or Simpleledger.info as well. The tool could be used for a variety of interesting dividend payment ideas. For instance, Bitcoin.com’s executive chairman, Roger Ver, recently sent BCH dividend payments to Cashgames.Bitcoin.com Dividend Test Token (CGT) holders for being Cashgames.Bitcoin.com patrons.
A person with four children could create four separate non-fungible (NFT1) tokens with the kids’ names attached to them and call them Trust Tokens. After a specific block height, the Trust Tokens can be sent a BCH dividend payment in order to leave an inheritance to the children. Or a business could have people invest in the company by initiating an initial coin offering (ICO) and token holders could reap the profits in the form of dividend payments over time.
The sky’s the limit when it comes to the variety of concepts that can derive from people using the Bitcoin.com SLP Dividend Calculator. Since the application was launched, a bunch of BCH supporters have tested the platform to send funds to certain token holders. “Fantastic,” one BCH enthusiast wrote on the Reddit forum r/btc. “[This] gives us decentralized stock market… dead easy to use.”
“Holy crap the new SLP dividend tool is awesome. Just played around with it and sent all holders of the MIS token their share of .01 BCH just to test it out,” another BCH user said on Twitter. “This is magic internet money for reals.” If you have created SLP tokens you can try sending a dividend payment to token holders by using the SLP Dividend Calculator. The process takes less than two minutes to complete and you don’t need to be a tech wiz to use the new tool. Check out the platform at Tools.Bitcoin.com and send your first BCH dividend payment today.