Over the past year or so, TRON (TRX) has grown into one of the most promising cryptocurrencies in the world, and experts believe that it has not yet reached its full potential. In addition to that, the fact that TRON separated from Ethereum completely has also been regarded as a monumental step in the development of the project.
For those who have watched the growth of TRON closely, the decoupling from Ethereum was regarded as the cryptocurrency’s ‘Independence Day,’ and there was optimism that it was going to go on a sustained bull run.
Ripple’s XRP is the world’s third-biggest cryptocurrency in terms of market capitalization, and over the past fewyears, the company has been engaged in extensive deal-making in order to make the cryptocurrency go mainstream in a big way.
The company has also built up a wide range of products in its ecosystem that seeks to make the usage of XRP more prevalent in the global economy, and one of those products is Xpring. The Xpring initiative is aimed at building what is called the ‘internet of value’ and making the participants in the ecosystem use XRP …
Bitcoin (BTC) is eyeing fresh gains after a 30% correction from one-year highs. The crypto elicited some selling pressure after a spike to the $13,800 level. A pullback from its one-year highs initially raised concerns as to whether the flagship crypto would continue gaining.
Bitcoin Price Analysis
A plunge below the $10,000 level appears to have triggered some buying pressure because Bitcoin has once again started surging, consequently taking out the $12,000 mark, be it for a brief moment. A bounce back to the $12,000 level could as well signal that bulls are still in control, …
New data is laying bare the extent of altcoin losses in 2019 as Bitcoin 00 steals lion’s share of the cryptocurrency market.
Top 70 ‘Alts’ Down 19 Percent Against BTC
Published by digital asset firm Bletchley, a variety of indices put some altcoin losses at over half since April this year. The trend has remained intact in recent weeks, despite volatility in the Bitcoin price.
At press time, it was smaller-cap tokens which showed the worst performance, trading 54 percent down in the past three months.
That number improves slightly among other indices tracking altcoins with larger market caps, such as the top ten.
Overall, Bletchley notes, the top 70 altcoins – selected according to meeting various criteria – has gone from 0.048 BTC to 0.039 BTC since April 1, a shift of 18.75 percent.
“There are plenty of people who still think ‘alt season’ is just around the corner, but all eyes are on Bitcoin right now,” crypto journalist and commentator Kyle Torpey wrote in comments on the figures.
Altcoins’ Dot Com Boom
As Bitcoinistreported, that idea that the ongoing Bitcoin price rally will ultimately spark a knock-on effect for altcoins is being increasingly called into question.
Unlike in 2017, analysts worry that this time around, Bitcoin is definitively differentiating itself from the rest of the crypto sphere.
According to veteran trading guru Peter Brandt last week, for instance, every token from Ethereum downwards is on the losing end, and only a few will survive the rout.
Brandt likened the current climate to the Dot Com Boom of the early 2000s, noting how a return to form from the initial crash failed to materialize for all but a handful of companies such as Amazon.
Traders should be focused on Bitcoin only at this point, he had said, eyeing a potential trajectory to $100,000.
“No other market in my 45 years of trading has gone parabolic on a log chart in this manner. Bitcoin is a market like no other,” he summarized on social media.
Indeed, in terms of attention, Bitcoin will continue to profit more than ever into 2020, thanks to the launch of multiple institutional investor products.
Three of these will be physically-delivered Bitcoin futures, where investors take delivery of Bitcoins, not cash. Bakkt, first of the thre will begin a trial later this month.
Crypto exchange Binance and trading platform ErisX will also follow suit, the latter having received US regulatory permission last week.
What do you think is the future for altcoin markets? Let us know in the comments below!
If you’ve ever been interested in fundraising your startup, you’ve probably heard of an Initial Exchange Offering, or IEO. IEOs are becoming more popular than ICOs and are considered the next stage in the evolution. However, the concept hasn’t crawled out of its crib yet, and many people are confused about its reliability and benefits. Today, we’ve decided to have a closer look into this matter and present you with a thorough list of pros and cons for Initial Exchange Offerings.
What is an IEO?
An Initial Exchange Offering, similarly to an ICO, is a crypto …
Six months in and initial exchange offerings (IEOs) are refusing to die. Following a year of ICO stagnation in 2018, it appeared that the crypto crowdfunding bubble had popped, sending tokenized projects back to the drawing board. Instead, the medium has been reborn under a different banner. In 2019, IEO token issuance is all the rage, but how long will the trend last?
Initial exchange offerings are commonly used to bootstrap new crypto businesses – not profitable companies that have already been around for years. Nevertheless, when Wirex shared details of its proposed initial exchange offering on June 10, there was a certain inevitability about it. Despite having survived since 2015 without a token, the crypto payment app will soon be complemented by a native WRX token. A private sale will be held to verified users of the Wirex app, followed by an IEO on Okex’s Jumpstart launchpad on June 26.
Like any serious crypto project, the WRX token comes with its own whitepaper, which details ambitious plans to roll out Wirex to users in India, Japan, and Africa in the coming year. Wirex is seeking to raise $8M from its private in-app sale and subsequent IEO, but has been at pains to stress that this is not a cash grab, stating: “This is not Wirex’s top priority, which is why we’re only putting 1% of the total token supply up for sale during the IEO. Ultimately, the long-term success of Wirex and the eventual adoption of a token economy are our primary concerns.”
Initial Exchange Offerings Are Getting Meta
As the craze to tokenize everything by IEO intensifies, it has led to some curious collaborations between companies that might otherwise have been regarded as competitors. Bitfinex’s LEO token is now listed on Gate – whose Gatechain Token (GT) is in return tradable on Bitfinex. Six months ago, exchanges listing one another’s tokens would have seemed unthinkable, but as the market share of runaway leader Binance, aided by its native DEX, grows, exchanges are learning that the enemy of their enemy is their friend.
That several initial exchange offerings to date have been for exchanges issuing their own token seems recursive, but is indicative of an industry that is still struggling to find practical applications for tokens other than trading them for other tokens – speculation, in other words. Following its $1B private sale, the Bitfinex LEO token has been on the rise, having gained 50% in the last week, and is now worth double its initial $1 price. Elsewhere, Bitsdaq will begin trading of its BQQQ token, which was issued via IEO last week, later today. The new exchange, which will gain its liquidity from Bittrex, is predictably planning to serve as an IEO launchpad for Asian crypto projects.
Raj Kadam of crypto data site Blockmodo told news.Bitcoin.com: “We’re seeing a lot of FOMO with IEOs, as exchanges clamor over whose sale sells out fastest, and retail investors pile in, without even fully understanding the token they’re buying. That said, there are some clear benefits to this model over the ICO.”
He elaborated: “With previous investments, both in terms of venture capital funding and initial coin offerings, the public were left as bagholders at the point of exchange listing. IEOs have flipped that and now a lot of the price discovery is occurring on-exchange, when tokens are listed. This makes for a much more level playing field, and incentivizes a wider community of token holders.”
What are your thoughts on IEOs? Let us know in the comments section below.
Images courtesy of Shutterstock, Coincodex and Inwara.
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