Ethereum is still the “Unshakable” Leader of the Smart Contract Platform Industry – Report

  • Ethereum leads with 72% followed by EOS, Cardano, and Tron
  • Market in need for “new hotspots” as the smart contract platform sector declines
  • Staking “not conducive to the healthy and stable development of the industry.

Ethereum is still leading the smart contract platforms, accounting for 72% of market share despite the market capitalization of these platforms in Q3 of 2019.

The market cap of smart contract platform in the industry has fallen from 14.9% to 9.8% but still occupies the second place in the industry, reports TokenInsight in its research.

Other prominent projects in this race are EOS (11%), Cardano (4%) and Tron (3%). NEO, Cosmos, Tezos, Ontology, and Ethereum Classic each account for 2% of the share while VeChain only has 1%.

The return of each of these platforms has been negative in 3Q19, registering a sharp decline.

Market performance

These numbers indicate the disappointment of the market with the “smoke and mirrors” since 2017. The market the report states needs “new hotspots.” Development in the market has also been “difficult” because of the worse than expected fierce competition.

The growth momentum of the secondary market changed in Q2 and started adjusting, now this downtrend is further expected to continue in Q4.

Future Prospect

When it comes to development activity, EOS and Tron is leading in terms of commits, as per GitHub data.

Interestingly, Cosmos saw a high degree of code development as well, which has been comparable to Ethereum and higher than most of the platforms. This indicates developers are more interested in the blockchain operability.

Cross-chain and multi-layer architecture became a hotspot in Q3 2019 with sharding making “great” progress as well. Polkadot testnet is already launched and Cosmos’s IBC will be coming at the end of this year.

Development of leading projects

Ethereum also has the best ecosystem of decentralized applications (DApps) in the market and serves as a decentralized infrastructure of the future of open finance, reads the report. Ethereum’s 2,396 Dapps are followed by 634 of EOS and Tron’s 618.

Gambling and gaming are still dominating the Dapps. However, while gaming and gambling account for the majority of Dapps EOS and Tron, types of dapps on Ethereum are much more diverse. This is because of the stability and security of the Ethereum network.

As such, Ethereum has an “unshakable” leading position in the smart contract platform whether it is about financial innovation, lending platform’s lock-up value, or trading volume of a decentralized exchange.

EOS has the highest number of active users but both EOS and Tron active users are on a downtrend.

In Q3 2019, the market expectations from the smart contract platform dropped but sharding technology, cross-chain, multilayer technology, and staking has brought new ideas of the sector.

However, the report cautions that staking is getting much attention from the industry but it is “not conducive to the healthy and stable development of the industry.” While the idea that everyone can be a node may bring new challenges, the unfair distribution of tokens may widen the gap between the rich and the poor.

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Author: AnTy

The Trade War and Superpower Race is Boosting the Case for Digital Currency

Chinese President’s recent announcement regarding accelerating the use of blockchain technology followed by the passing of crypto law and the impending launch of the central bank-issued digital currency fits perfectly with China’s plan of world domination.

The world’s most populated country is known for being tech-centered and accelerated rapid growth and an authoritarian government like the current Communist Party of China really makes it easier for them to streamline policies and regulations. In the last decade, there has been a gradual shift of world power from West to East especially Asia, and China with its human resources and government policies are leaving no stone untouched to ensure they are at the front of becoming the next superpower.

However, the ongoing trade war and the tussle of becoming the next superpower is giving rise to a new age of digital financial ecosystem. Everyone in the government and private sector is aware of this and are using it as leverage as well. This was evident from the ongoing dilemma of Facebook with its Libra digital currency project. Libra has been at the receiving end of regulators, banks, and governments around the globe as policymakers pointed out that Libra does not share any characteristics of cryptocurrencies. Many even accused Libra of piggy riding the existing financial infrastructure which the existing institutions pay billions only in compliance fee.

Libra use the China Card

Regulators and governments around the globe started to call for libra’s total ban and many European countries like France and Germany went ahead to prevent any further development of the project in their nation.

During a Congressional hearing, Facebook CEO Mark Zuckerberg insisted if the US does not approve of a universal digital currency like Libra China would take the lead. However, Zuckerberg assured that they won’t go ahead with the launch unless they meet all regulatory needs.

It turned out that China was indeed closely monitoring the progress of Libra, as they accelerated their CBDC program right after the announcement of Libra and several reports have pointed out that China may launch its digital Yuan before the end of this year.

The Role of Universal Digital Currency

The US dollar is currently the king currency in the international trade market and this has given the United States unparallel powers which allows them to put sanctions on countries who are not in their good books. The ongoing trade war and the growing level of awareness and acceptance of digital currencies had opened the gates for several new opportunities including creating a borderless digital currency.

China despite being skeptical of cryptocurrencies, kept its focus on the underlying technology of blockchain. One of the main reasons for them to create a digital currency was to ensure that decentralized cryptocurrencies like Bitcoin won’t foray into their financial realm.

However, the ongoing tussle to control the international trade market has given a boost to the acceptance of digital currencies.

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Author: Gabriel Machado

Tom Lee Says This Bitcoin Crash Solidifies His ‘Unpopular’ Opinion About BTC

  • BTC followed the risk-off sell-off in equities – Tom Lee
  • BTC crash was simply driven by stops.
  • Upper 7000s is first ideal spot for longs – Alex Kruger

Since Bitcoin first started sliding down from $10,000 hitting $8,025 on Sept. 24, Bitcoin price has been stuck around $8,300. Though yesterday it went up yet again to $8,640, today, BTC has crashed yet again, dropping to almost $7,730.

At the time of writing, BTC was trading at $7,936 with 24 hours loss of 4.62%, as per Coincodex.

This crash Bitcoin bull and Fundstrat’s Tom Lee says “followed the risk-off sell-off in equities,” reinforcing his ‘unpopular’ opinion that Bitcoin doesn’t do well in a trendless macro environment. For BTC to blast off, new highs are needed in S&P 500, he said, adding, “crypto is retail and thus, risk on.”

Bitcoin Misery Index is saying “risk-off”

A couple of weeks back, Lee first shared this idea stating that Bitcoin won’t make a new high until the stock market makes a new high. Since 2019, he notes, the best years of Bitcoin has been when the S&P 500 was up over 15%.

The reason for the leading cryptocurrency being range-bound was because of macro trendless. This he further said is confirmed by the Bitcoin Misery Index.

Even currently, the index is saying “risk-off” that has been the case since July. The index needs it all to 40-53 reading to see better risk/reward and start surging.

BTC crash was simply driven by stops

However, economist and trader Alex Kruger begs to differ as he explains the reason behind Bitcoin’s plunge.

Larger time frame consolidation with stops consolidating at the edges of the range and range awaiting resolution to see who wins drove this fall.

Then, Bakkt disappointment acted as a trigger to a move lower. Once the momentum starts kicking in, large sellers come in at 9300, prior higher low, going for the break. Then, the bottom of the range at 9080/9000 breaks running the stops over in the process and all leveraged positions getting liquidated.

As such the liquidity vanishes and price first tanks to 8500, then to 8000, fast which he says was “expected.” Bitcoin price is plunging for a number of reasons but has nothing to do with stocks crash that responded to US President Donal Trump UN speech about China and impeachment news.

BTC crash was simply driven by stops. As for what’s next, according to him, bears will be in control until either price moves higher and sets in a bear trap, starting at $9,300 but no later than $9,500, or next flush is lower.

“Upper 7000s is first ideal spot for longs (all the 7000s for larger time frame longs),” he added.

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Author: AnTy

Bitcoin is the Most Popular Crypto on Coinbase But Not with the Longest HODLing Period

  • Bitcoin, the most popular crypto-asset on Coinbase followed by Ethereum (ETH), Litecoin (LTC) and Bitcoin Cash (BCH)
  • Litecoin tops with the highest holding period while XRP, XLM, and EOS as the lowest
  • The leading cryptocurrency is the most popular digital currency on the cryptocurrency exchange, according to the new Coinbase Popularity stats.

Bitcoin is followed by the second largest cryptocurrency Ethereum (ETH) and then Litecoin (LTC) and Bitcoin Cash (BCH).

Coinbase has a limited number of cryptocurrencies listed on its platform, though lately, it has started adding more crypto assets. The top four most popular cryptos are the oldest ones that have been listed on the exchange for over a year now unlike other cryptos.

The third largest cryptocurrency XRP is one such latest addition that is the fifth most popular digital currency on the US-based exchange. Stellar (XLM) and 0x (ZRX), BAT, ETC, EOS, ZEC, LINK, DAI, and USDC can be further spotted on the list in this order.

Litecoin Tops While XLM And XRP Has The Lowest Holding Period

When it comes to the crypto asset that has the longest HODL period, it’s not Bitcoin.

The flagship cryptocurrency’s median holding time is 85 days, at the fifth spot, which could be due to its volatility. It is also the crypto asset that has the highest value, currently trading at $10,700.

According to the Typical Hold Time stats, Litecoin is at the top of this list with 119 days. Interestingly, Litecoin has already pumped 229 percent YTD and LTC reward halving is just around the corner, 15 days away to be exact, that will cut down its supply.

Historically, reward halving has been a bullish event for the Bitcoin price.

Litecoin is followed by 0x (ZRX), Ethereum, and Ethereum Classic whose holding periods are 108, 101, and 99 days respectively.

EOS with 6 days, XLM 19 days and XRP with 33 days have the least number of holding days that could be attributed to their poor performance this year.

XLM and XRP have registered negative YTD returns, being the only ones among the top 40 coins in the loss in 2019.

However, stablecoins have much lower holding period, while DAI has 1 day, USDC has been held only for 4 days. This could be because stablecoins are used for mostly arbitrage on a fiat exchange. Also to transfer funds to other exchanges and to use DeFi.

As economist and trader Alex Kruger puts it, “Why hold stable coins in Coinbase when one can hold fiat, which is FDIC insured.”

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Author: AnTy