Crypto Markets See Little Movement, Bitcoin Continues to Trade Just Below $6,500

Saturday, Oct. 20: Crypto markets are seeing little momentum, with virtually all of the major cryptocurrencies seeing slight growth and losses between a 1-2 percent range, as Coin360 data shows.

coin360

Market visualization by Coin360

Tether (USDT) has mostly settled back in to its characteristic trading pattern. Having briefly lost its U.S. dollar peg last week, the asset has since reclaimed its historical trading range close to a 1:1 ratio to the greenback. Today the stalwart stablecoin has seen an almost 1 percent drop to trade at $0.979.

Bitcoin (BTC) is trading at $6,473 at press time, seeing negligible price change on the day according to CoinMarketCap. Following its short-lived ascent to $6,965 Oct. 17, correlated with Tether’s price tumble, Bitcoin has corrected back to a trading range just a little higher than at the start of its weekly chart.

Earlier this month, Bitcoin achieved a 17-month low volatility rate, recording its highest level of stability since mid-2017, and the trend has continued over the past few days.

Coupled with low volatility, BTC trading volumes remain low; as of press time the figure is around $3.55 billion.

On the week, the top coin has seen a gentle increase of around 3.3 percent: on its monthly chart, growth is just 0.23 percent.

BTC

Bitcoin 7-day price chart. Source: CoinMarketCap

Ethereum (ETH) is seeing similarly slight momentum, up just 0.63 percent to trade around $205, according to CoinMarketCap. Over the past week, the leading altcoin has seen a similar trading pattern to Bitcoin, spiking to $220 Oct. 15 before correcting downwards and then sideways in recent days.

This brings Ethereum to a 3 percent gain on its weekly chart; monthly losses are roughly equal in the opposite direction, at 2.7 percent.

ETH

Ethereum 7-day price chart. Source: CoinMarketCap

Most of the remaining top ten coins on CoinMarketCap are in the green.

The strongest top-ten performer is fourth largest coin Bitcoin Cash (BCH), up 1.4 percent on the day to trade around $447. Anonymity-oriented alt Monero (XMR) is seeing a modest 0.21 percent change on the day to press time.

In the context of the top twenty coins, the market picture is also stable, with virtually all assets seeing minor growth of below the 1-2 percent mark. The exception is Zcash (ZEC), which has relatively “soared” almost 4 percent on the day to trade at $124.86.

The alt dislodged Dogecoin (DOGE) from its spot as twentieth largest coin by market cap earlier this week, and has seeing sustained growth atypical for the wider market.

Native exchange token Binance coin (BNB) is one of the only top twenty coins in the red, but down only 0.56 percent..

Total market capitalization of all cryptocurrencies is at around $209 billion as of press time. Since its intraweek peak at $220.2 billion Oct. 15., the market has tapered downwards and has continued evenly around the $210 billion mark for several days.

Total

7-day chart of the total market capitalization of all cryptocurrencies from CoinMarketCap

A new report from Big Four auditor Ernst and Young has found that among the “top” initial coin offerings (ICOs) that raised capital in 2017, 86 percent of project tokens are trading below their listing price, with 30 percent having lost “substantially all value.” Beyond investment returns, the auditor found that only 29 percent of studied projects had either a working product or prototype – up just 15 percent from at the end of last year.

In other altcoin news, developers at Ethereum – the platform the underpins most ICO tokens – yesterday reached a consensus to delay a planned hard fork of the protocol until January 2019. The fork, dubbed “Constantinople,” was supposed to be activated by the end of Oct.-Nov. this year, but faced a number of hurdles during its testnet trial last weekend.

Ethereum Devs Reach Consensus to Delay Constantinople Hard Fork Until January 2019

Ethereum (ETH) core developers have reached a consensus to delay a planned hard fork of the protocol until January 2019, in a meeting Friday, Oct. 19.

The fork, dubbed “Constantinople,” was first trialed on Ethereum public testnet Ropsten on Oct. 13, and had been slated to be activated on the main Ethereum blockchain by the end of Oct.-Nov. this year. A testnet is essentially a simulated version of the primary network that allows developers to try out smart contracts or upgrades without having to pay “gas” (computation fees) for their execution.

Towards the end of their hour-long meeting yesterday, the devs finally reached a consensus that the Constantinople will at “the earliest” come in late January 2019.

During the meeting, one dev quipped it might be less controversial, or “political,” to change the term for the transition from “hard fork” to “update.”

Yesterday’s meeting followed after Constantinople’s debut on Ropsten Oct. 13 had run into a series of hurdles; ahead of its activation at block 4,230,000, the fork stalled at block 4,299,999 for two hours, with testnet miners failing to activate the transition. Ethereum client developer Alfri Schoeden explained at the time this was due to “a consensus issue” that had triggered a “three-way fork” between Geth and Parity (two Ethereum clients).

In notes published ahead of yesterday’s meeting, Schoeden outlined that “[r]ecently added hashpower caused reduced blocktimes and caused this hardfork to happen much earlier than expected on a Saturday,” which he suggested is “by all means the worst time for a hardfork.”

He pointed to the fact that the fork happened just six days after the latest Geth client release, and 1 day after Parity’s, leaving users without sufficient time to upgrade. The devs also discovered a consensus bug in Parity, according to a “post-mortem” posted to the “Fellowship of Ethereum Magicians” earlier this week.

Schoeden noted that “not a single” user was mining the Constantinople chain, hence the two-hour delay to start processing block 4,230,000. Moreover, the community does not currently have a testnet fork monitor, he said, aside from http://ropsten-stats.parity.io, which “does not reveal details about the different chains.”

In light of the issues, developer Hudson Jameson picked up on another dev’s “good” proposal during yesterday’s meeting, which would be to “regularly spawn and min[e] temporary testnets to test transition into Constantinople […].” On a “baby” testnet, Jameson considered, “if something goes wrong we’ll know it pretty quickly.”

As previously reported, the Constantinople hard fork is is a system-wide Ethereum update designed to increase the network’s efficiency, and notably includes plans to reduce block rewards for miners, as well as to introduce changes to the network’s consensus mechanism that would make it more resistant to ASIC miners.

As of press time, Ethereum is trading at $203, up around 1.4 percent on the day.

AltcoinToday.com

Photo via Shutterstock.

Source: Cointelegraph

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Cryptocurrency Market Update: A New Brave Browser Boosts BAT

Another flat Saturday as markets are stagnant; Only BAT and DGTX heading higher.

The weekend has brought no joy to crypto markets which have remained immobile for the past few days. The slow downward slide seems to have halted just below $210 billion market capitalization where things remain for another day.

Bitcoin is at the exact same place it was on Friday, $6,480 and there is no sign of a breakout just yet. A similar story is being played out in the Ethereum camp during Asian trading this morning. ETH is immobile again today at around $204.

Alcoins are nearly all in the green but gains are so small they are hardly worth mentioning. The biggest movement in the top ten is Stellar which has inched up 2.2% to $0.244 this morning. The rest are static with small upwards movement of around one percent on the day.

The top twenty is a little more mixed with more red creeping in. Zcash is also up 2.2% trading at $120 right now but the rest have moved less than a percentage point in either direction. Interest in altcoins is at rock bottom this month.

Today’s big pump is BAT which has jumped 16% to $0.240 on the day. A new Brave browser release with BAT integrated for tipping websites was launched a couple of days ago which is driving momentum now. Trade volume has quadrupled from $6 to $24 million, over 60% of which is on Binance.

Basic Attention Token has made 33% since this time last Saturday and is also up over 50% on the month. Digitex Futures is also in pump mode, adding 15% to its price levels over the past 24 hours and Aeternity is looking strong with a 10% gain.

Getting the red end of the digital stick is Polymath, as yesterday’s pump predictably dumps today. POLY has dropped 11% of its previous gains in this tired pattern of ups and downs. Komodo is also shedding some today with a 7% decline.

Total crypto market capitalization has not moved since Friday morning and is still at $208 billion. The daily lows are getting shallower though so it could get back over $210 billion during Euro and US trading today. Since last weekend markets have climbed 3.5% but they are still very flat.

FOMO Moments is a section that takes a daily look at the top 20 altcoins during the current trading session and analyses the best performing ones, looking for trends and possible fundamentals.

AltcoinToday.com

Coins image via Shutterstock.

Source: Newsbtc

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