TronWeekly

Crypto World News

You are here: Home / Archives for market cap

market cap

Here’s Why Bitcoin Will Double Its Market Share According To Michael Saylor

by

Former MicroStrategy CEO Michael Saylor asserted in a recent interview with Bloomberg that Bitcoin is destined for a protracted period of market dominance, possibly double its present value.

He claims that this rise would mostly be brought on by the United States’ evolving regulatory landscape, which he predicts will eventually lead to a market dominated by Bitcoin.

Stablecoins, crypto derivatives, and tokens will become less popular, according to Saylor, who claims that Bitcoin is the only widely accepted digital good that regulators are prepared to accept. His prediction is based on the idea that as regulators tighten their control over the cryptocurrency market, many crypto-assets will either be outlawed or lose their relevance, leaving Bitcoin to command attention.

Saylor believes that since there will be less rivalry and muddle in the market, this inevitable sector contraction will be extremely beneficial to BTC.

Since the beginning of the year, BTC’s market share has already increased from 40% to 48%, he pointed out.

Saylor believes that the business models of cryptocurrency exchanges will be considerably strengthened by this rise in Bitcoin dominance. He contends that a tenfold increase in the price of Bitcoin will guarantee their profitability notwithstanding any potential restrictions these platforms might encounter in a more stringent regulatory environment. Because of legislative clarity, he anticipates a flood of institutional capital flooding into Bitcoin.

Bitcoin’s Combined Market Cap with Ethereum Surpasses 80%

80.5% of the overall cryptocurrency market value is currently made up of the market caps for Bitcoin, Ethereum, and stablecoins combined. The market capitalization is at somewhere around $1.05 trillion.

The price of altcoins significantly dropped last week. This happened as a result of litigation the U.S. Securities and Exchange Commission (SEC) brought against cryptocurrency exchanges Binance, Binance.US, and Coinbase, classifying a number of tokens as securities. The value of some of the tokens cited in the cases, including Binance’s BNB, Cardano’s ADA, and Solana’s SOL, dropped by up to 30% over the course of the week.

The research report from K33 shows that the legal issue can continue for a very long time. It further stated,

“Funds will likely retort to a hands-off approach due to excess compliance work and overall low trading volumes, disincentivizing market participants to engage. This could limit liquidity further onwards and lead to a prolonged slow market.”

Chainlink [LINK] and Cardano [ADA] Enjoy Greener Pastures as altcoins show how its done

by

July has been a consistent week for the cryptocurrency industry as several of the major tokens maintained their price support. Even though users expected resurgent movements, they were forced to be content with a minute increase in market cap and volume.

On Monday, users expected bigwigs like Bitcoin, Ethereum and XRP to gain but it was the altcoin gang that stood the test of the bear. An analysis of the cryptocurrency charts showed that IOHK’s Cardano and LINK were one of the best performers at the start of the new week.

As the altcoins resurgence began, Cardano led the charge as the sixth-ranked cryptocurrency saw a 6.6 percent value increase over the previous 24-hours. This spike was an added boost to the cryptocurrency’s surge, which had gained by a mammoth 34 percent in the last week. At press time, ADA was trading for $0.13 with a total market cap of $3.43 billion. The bull run also lifted the daily trading volume to $473.76 million.

ADA

Cardano’s Relative Strength Index had broken above the overbought zone, making it a profitable buy-in sector for investors. This was also a sign that there was a reversal in the negative sentiment associated with purchasing ADA tokens. The Chaikin Money Flow indicator was also positive for Cardano as the graph was much higher than the zero line.

Despite its reputation of being low-lying, Chainlink was the best performer in the top 10 club. The tenth-placed cryptocurrency was well above the pack with a daily growth rate of $24.5 percent. Chainlink was also the biggest weekly grainer with a stellar 62 percent spike in the last seven days. At the time of writing, LINK was trading for an increased $7.75 while holding a market cap of $2.7 billion. The daily volume had clinched a better spot with a value of $1.612 billion.

Chainlink

Chainlink’s CMF was well above the zero line as the capital coming into the market overtook the capital leaving the market. At the same time, the Relative Strength Index followed a similar path to that of Cardano’s, breaking above the overbought threshold zone. The week has started off well for the altcoins giants and it is safe to assume that there will be a slight flattening soon.

Cardano Rules the Roost as Altcoins such as Bitcoin Cash and Tron Show Slow Bullish Movements

by

Over the last few days, the cryptocurrency market has been slow, with several of the top assets clinging to their previous support. Bitcoin, which was expected to hit the $10,000 mark, was still trading close to the $9000 range.

While bigshots like Bitcoin did not meet expectations at the beginning of July, other altcoins showed who the boss was. Bitcoin Cash, which held its 5th position on the charts, ensured that it would compete against its closest rival, XRP.

Bitcoin Cash

At the time of writing, Bitcoin Cash was trading for $223.61 with a total market cap of $4.125 billion. A 0.51 percent price increase over the previous 24-hours had elevated the daily trading volume to $1.127 billion. Many BCH supporters still expect a rise in the price after a strong performance in June.

Bitcoin Cash

The Chaikin Money Flow indicator for BCH showed that the amount of capital coming into the BCH ecosystem was much higher than the capital leaving the market. This signified a renewed interest in the altcoin industry as more developers joined the fray. The RSI was closer to the overbought zone now as more investors were holding onto their BCH rather than sell it.

Cardano (ADA)

The Charles Hoskinsion founded cryptocurrency has always claimed that it focusses on creating a wholesome ecosystem where users can easily transition from the mainstream financial world. The cryptocurrency has not had much success in 2020 when it came to price but it was still enough to keep it in the top 10 club. At press time, Cardano (ADA) was trading for $0.09 with a total market cap of $2.478 billion.

cardano(ADA)

Cardano (ADA) was one of the biggest gainers over the past day as the 10 placed cryptocurrency rose by a respectable 3.2 percent in the space of 24-hours. This also increased its daily trading volume to $190 million. IOHK and Charles Hoskinson have both stated that ADA will be used for technical purposes rather than being used as a form of transaction like XRP, ETH or BTC.

Tron

The Justin Sun founded digital asset has not had a great 2020 as the cryptocurrency is still struggling to break into the top 10 club after six months into the new year. Despite announcing various updates and developments, the cryptocurrency is yet to find its stride when it comes to the trading sphere. Currently, Tron was struggling to climb above privacy-oriented Monero which held the 16th place on the charts.

Tron TRX

Tron’s latest trade value was $0.017 and held a total market cap of $1.143 billion. A feeble 0.5 percent increase did not do much to elevate its status but its 24-hour market volume had climbed to $714.042 million. Although the cryptocurrency was not one of the best performers, hardcore Tronics still rallied behind the cryptocurrency and expected it to surge at any moment.

 

XRP Receives Australian Love as Market Volume Overtakes Bitcoin’s

by

The latest bull rise in the market has caused a substantial increase in prices with several cryptocurrencies climbing in value. Apart from the price, other factors such as market cap and 24-hour market volumes have also taken a bullish tangent.

XRP enthusiasts would have been enthused over the weekend when they discovered that the cryptocurrency’s volume was 4 times higher than that of Bitcoin on BTCmarkets, a popular Australian cryptocurrency exchange. 

Market volumes have usually been considered a key metric in judging the performance of a cryptocurrency. In the wake of this, several enthusiasts made it a point to clock the volumes during peak bullish hours. On February 16, it was spotted that XRP’s volume had trumped that of Bitcoin’s to reach 7.244 million AUD on BTC Markets.

At the same time, Bitcoin’s volume on the Australian exchange was 1.772 million AUD after a 2.11 percent drop in value. Ethereum came in third place with a total market volume of 999.567 million AUD. Smaller cryptocurrencies such as POWR had also jumped on the list to overtake bigshots such as Litecoin, Bitcoin SV and Bitcoin Cash.

POWR had witnessed a 14.67 percent surge in price which also caused its market volume to rise to $477.768 million. Many members of the cryptocurrency community have come forth and commented on the volume spike because of it affects the trading markets. It is also a known fact that BTC Markets is one of Ripple’s ODL exchange partners.

BTC Markets successfully partnered with RIpple for the On-Demand Liquidity platform in Australia which leverages XRP. The third-largest cryptocurrency in the market was set to act as a bridge currency to eliminate the need for pre-funding in cross border payments. The organization had also announced a new CEO Caroline Bowler three weeks ago to set higher goals for the exchange that trades crypto worth $8 billion. She had said:

“Our clients are assured by our complimentary asset protection fund, safe in the knowledge their crypto assets are secure. Our on-going priority is to look after the interests of our loyal customer base with continuous innovation and valued partnerships. My experience will drive our strategic direction, and ultimately our growth strategy for Australia and beyond. I look forward to working with industry stakeholders as we continue our key role, leading Australia towards a digital economy.”

XRP, in general, has had a rollercoaster ride over the past few weeks. The cryptocurrency was now trading for $0.28 with a total market cap of $12.42 billion. XRP’s total 24-hour market volume was $43.71 billion after a 4.08 percent price increase in the last 7 days.