Tag: USDT

Its been an exciting week in the crypto world. TikTok Zoomers grabbed the Doge market by the leash driving price up well over 100%. The DeFI craze also continued. DeFi coin LEND on an almost year long run bull run is up over 50% in the past week. Another DeFi coin Ampleforth also rose up to 300%.

In this weekly spot we focus on the metrics that caught our eye. This data based approach helps provide solid grounding to the events of the previous week. Using the data can also help forecast future events and evaluate the fundamentals to certain cryptocurrencies and the crypto market as a whole.

Bitcoin

In terms of price it was another stagnant week for Bitcoin. Price continuing to hover steadily around the 9000$ mark. This is highlighted perfectly by the continued decline towards all time lows in FTX’s Bitcoin Volatility Token.

Volume on a number of Bitcoin derivatives exchanges has also reached new quarterly lows.

In some other Bitcoin based metrics it was not as stagnant. Using data provided by Glassnode we can see that Bitcoins mining difficulty after slowing down over the past few weeks has once again propelled itself to new all time highs.

The number of Bitcoin wallets holding more than 0.1BTC again reached new highs.

Ethereum

Like Bitcoin, Ethereum has remained steady with traders waiting to see which way the chips will fall. Continuing to orbit to 250$ level.

Mirroring Bitcoin again the number of ETH wallets holding coins has again continued to increase. With the number of ETH wallets holding more than 0.1ETH reaching new highs.

Wallets holding more than 32ETH also reached new highs. Both metrics boding well for the continued adoption of Ethereum.

Altcoins

Chainlink

The larger altcoin that stood out this week was LINK with its continued growth in both price and user growth. Its price continued to climb making all time highs as LINK Marines rejoiced.

LINK Exchange inflows also rocketed. Presumingly to do with holders taking some profits on its price increase.

Fundamentally LINK also made gains. (May be in line with price increase) The the transaction volume of LINK also made a 5 month high.

Alongside this the percentage of LINK tied up in smart contracts made new highs. Demonstrating the interest in LINK smart contracts.

KyberNetwork

Speaking of smart contracts after KyberNetworks Katylast upgrade its supply in smart contracts jumped up 4% to 20%.

USDT

USDT as ever remains a vital tool for the cryptocurrency industry. This week the amount of USDT being held on exchanges reached a new 4 month low. This may be symptomatic of the lack of volatility in the major crypto markets or holders putting their Tether to use in other ways for example through DeFi.

It’s the year 2020, and things haven’t been well for the entire world, but cryptocurrencies hold on. They are still here, and that speaks loudly for the industry. More coins are created every once in a while, and more money is invested with each passing day.

Cryptocurrencies may not be as popular as in December 2017 when everyone found out about “this new type of money” called Bitcoin. What happened back then was a massive boost for the industry, but not an accurate display of the real popularity of cryptos. Instead, the crypto world continued to make progress, as blockchain and crypto specialists continued to develop new features and technologies to improve the industry.

The result is slow and gradual progress. Consequently, more people are interested in investing in cryptocurrencies. The thing is — some cryptos are just better than others.

If you consider investing in cryptocurrencies in 2020, make sure to check out the cryptos we listed. But before that, let’s take a look at some interesting stats related to bitcoin trading.

Cryptocurrency Stats — The Crypto Sphere Holds On

Here are some statistics that prove how the crypto market is still strong:

• Right now, there are 5,573 cryptocurrencies recorded on CoinMarketCap. This means that there are new tokens added to the list almost every day.
• Moreover, the current market cap for all cryptocurrencies is $279.1 billion, and the average daily trading volume is $83.7 million.
• The top 10 digital currencies make up about 88% of the entire value of the crypto market, with BTC being the most dominant cryptocurrency.
• Those who want to trade cryptocurrencies can do it on 300+ available crypto exchanges.

There are many other impressive stats related to cryptos, but not essential to trading. For example, startups based on blockchain technology have managed to raise more than $31 billion. Although ICOs are not as popular anymore, there are still many blockchain-based projects being financed in different ways. Since the middle of 2016, more than 1800 token sales were recorded, especially in 2018, when crowdfunding was popular.

Bitcoin

Bitcoin is still the most dominant cryptocurrency in the world, and it occupies 64.7% of the entire market cap of all cryptocurrencies, at $180.58 billion. The price of a single BTC is $9819 at the time of writing this text.

Of course, you probably already know that the price is very volatile and fluctuates almost every minute, so it may be completely different when you’re reading this text. However, what probably isn’t going to change is the fact that Bitcoin is the king of all cryptocurrencies. Although many other cryptos, such as Ethereum or Tether, are doing a fantastic job, they are still nowhere near BTC’s popularity.

Therefore, it’s safe to assume that Bitcoin is still the most popular and most reliable cryptocurrency in the world. If you’re new to the crypto world, investing in BTC is the place where you want to start.

Ethereum

Ethereum has been regarded as one of the most reliable cryptocurrencies for a long time. The sheer fact that it is made to support the Ethereum platform means that people trust it. ETH has also recorded a gradual increase in popularity over the year, and its current market cap is $27.45 billion. As you can see, it’s very popular — but still not nearly even half as popular as Bitcoin.

A single unit of Ethereum costs $246 at the moment. The cryptocurrency reached pick in January 2018, when the price of a single unit was approximately $1300. There was another peak in March 2018, when the price was about $850, but then it fell down to the point where a single unit was a bit more than $90. Since then, Ethereum’s price has been somewhat stable, fluctuating between $100 and $300.

Tether

Tether is the third most popular cryptocurrency in the world. What makes it different from the other two cryptos above is that USDT is a stablecoin. Essentially, it means that Tether is pegged to the value of the American dollar, and 1 USD = 1 USDT. Typically the currency floats between 96c and just over a dollar depending on demand as well as investor sentiment.

What strikes as amazing about Tether is that thousands of investors are interested in obtaining it. The market cap for this cryptocurrency recorded a rapid increase. In April 2017, the cryptocurrency’s market cap was about $59 million. A year after that, it was $2.2 billion. In June 2020, the market cap for Tether is $9.1 billion, as this stablecoin became the third most important crypto in the world right behind Bitcoin and Ethereum.

Ripple

Ripple has always been close to the top, as it has been experiencing growth for the past couple of years. It’s market cap recorded a gradual decline, but that doesn’t change the fact that XRP is the fourth most popular cryptocurrency right now, with a total cap of $8.8 billion. Ripple is cheap to obtain as the total supply is set to 99 billion XRP, with almost half of them already in circulation.

Conclusion: Things Rapidly Change in the Crypto World

If this article was written in 2019 or any previous year, Bitcoin would remain #1 cryptocurrency. Ethereum would make it to this list as well, and the chances are that you would find Ripple or Tether too.

Although things seem to be the same in the crypto world, that’s far from being true. The crypto sphere is changing at a breakneck pace as new coins emerge, and some old ones fall into oblivion. It seems that the top cryptos are unchanged, but they experience ups and downs almost every day, too. Therefore, even if you invest in BTC or any other crypto listed here, you’re making a small gamble, so be extremely careful whole you investing and trading if you want to make a profit.