Report: Crypto Market To Consist Of 66% Bitcoin in 2019

Bitcoin has long been at the forefront of the crypto market, dominating this 10-year old industry with an iron fist and no holds barred. While it maintained its unquestioned hegemony over the cryptosphere for nearly a decade, as 2017 began, it became clear that something was amok. More specifically, in an industry first, altcoins began to drastically gain in terms of market dominance.
By the end of April 2017, altcoins made up 40% of crypto’s entire market capitalization, up from the 12% seen in January. And just eight months later, at the peak of the so-called “Crypto Bubble,” altcoins held 66% dominance over the crypto market, which, in turn, sent Bitcoin’s share to a measly 33%. At this point, some “altcoin maximalists,” known for their use of buzzwords to laud assets, claimed it was all over for Bitcoin, which was chided as an antiquated blockchain with little-to-zero use cases.
Related Reading: Shark Tank’s Kevin O’Leary Sees Ethereum Beating Bitcoin and Gaining Dominance
However, the original cryptocurrency’s fortunes took a relative turn for the better in early-2018, with altcoins showing signs of weakness after months of non-stop up-and-up. Now, just eleven months after Bitcoin market dominance, the first figure from the right on CoinMarketCap, hit an all-time low at the aforementioned 33%, the figure has stabilized in the 52% to 55% range.
A.T. Kearney Expects Bitcoin To “Reclaim” Two-Thirds Of Crypto Market Cap
Although noise regarding the Bitcoin’s dramatic tumult has recently begun to block out discussion regarding market dominance, a chief fundamental indicator, a recent piece from Forbes indicates the subject remains a hot topic in some circles.
Forbes contributor Panos Mourdoukoutas, whose work NewsBTC has covered in the past, noted that A.T. Kearney, a multinational management consulting firm, expects for Bitcoin market dominance to “nearly” reach two-thirds of the aggregate capitalization of cryptocurrencies. Citing reasons for this ~66% target, which isn’t out of the realm of possibility, the American firm purportedly stated that altcoins have “lost their luster” due to growing risk aversion tactics enlisted by retail investors.
Investors’ growing penchant for liquidating their altcoin positions for Bitcoin can potentially be chalked up to the U.S. SEC’s renewed crackdown on ICO-funded tokens. Just recently, the American financial regulator fined AirFox and Paragon, two lesser-known ICOs, in a precedent-setting case, instilling fear throughout the crypto investor base as a whole. As is common practice, if there aren’t enough rewards to justify the risk, investors won’t allocate capital to the asset class in question. This case with altcoins, a majority of which were parented by ICOs, is undoubtedly no different.
However, A.T. Kearney says this isn’t exactly the case, with the firm drawing attention to the ever-growing complexity of the nascent altcoin subset. Courtney Rickert McCaffrey at A.T. Kearney wrote:
“Our prediction is that Bitcoin will regain its dominance is supported by the ever-growing complexity among altcoins, most recently demonstrated by the ‘hash war’ that occurred in the Bitcoin Cash ecosystem.”
Although this isn’t a well-documented issue, a number of crypto-centric consumers took to Twitter during Bitcoin Cash’s hard fork to express how confusing the whole fracas was. This, of course, only legitimizes the aforementioned firm’s report, albeit only be a smidgen.
A.T. Kearney isn’t alone in touting this train of thought. As reported by NewsBTC in early-August, when Bitcoin market dominance forayed above 50% for the first time in nine months, Tom Lee, head of research of Fundstrat, claimed that investors have decided “Bitcoin is the best house in a tough neighborhood.” He added that with the SEC’s classification of BTC as a commodity, and the focus institutions have placed on Bitcoin in mind, the asset’s return to higher dominance levels is rationalized.
Lee’s comments, issued in August, came just 10 days after Mike Novogratz, CEO of Galaxy Digital, claimed that he didn’t expect for “BTC dominance to pull back any time soon,” also drawing attention to institutional-focused products centered around Bitcoin.

I don’t see $btc dominance pulling back any time soon. Lots of cool institutional projects coming and most will start with bitcoin. Stay long.
— Michael Novogratz (@novogratz) July 31, 2018

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Binance Boss Talks Crypto and Blockchain at Forbes Global CEO Conference

The Forbes Global CEO Conference has just started in Bangkok, Thailand, and participants have already entered various discussions. As always, the aim is to solve, but also present, various problems, and share their views of where the world of technology, business, and entrepreneurship is going next. One of the 400 attendants was Changpeng Zhao, the CEO of cryptocurrency exchange called Binance.
Forbes Global CEO Conference is an annual event that invites numerous attendants from all corners of the world. Currently present are entrepreneurs, CEOs, tycoons, investors, up-and-comers, and many others. The goal of the event is to discuss some of the largest issues that might affect the entire world, as well as to share ideas, and maybe even start off new partnerships.

In our second panel, Zhao Changpeng, CEO of @binance explains how blockchain companies are changing the nature of business. “We have no office, we have no bank account, and we have users from 180 different countries,” he says. #ForbesGlobalCEO pic.twitter.com/MkqJBE1QHj
— Forbes Asia (@ForbesAsia) October 30, 2018

Considering that participants and attendants of this event are considered some of the brightest forward-thinking business leaders in the world, many are interested in what they have to say.
Crypto and Blockchain at Forbes CEO Conference
As expected, cryptocurrencies and blockchain technology were mentioned quite frequently in discussions so far. This is the hottest technology right now, and 2018 has been very exciting for this industry. Investors were kept at the edge of their seat due to constant bear market, with only a hint of recovery every now and again.
Arguably the biggest representative of this technology during 2018’s Forbes Global CEO Conference is Binance’s own Zhao Changpeng. He started off by saying that Binance, which is among the largest crypto exchanges in the world, only started off in July 2017. That is barely 16 months ago, and already, it is known and used by traders from all around the world.

“#Binance was founded in July 2017, 16 months ago, and already has a multi billion dollar valutation for the company. That’s how fast things can move in crypto!" The intro for @cz_binance who will be speaking today @Forbes CEO Conference #ForbesGlobalCEO pic.twitter.com/67uYyhh9xM
— Binance (@binance) October 30, 2018

This was how the boss of Binance explained the speed of events in the crypto world. Furthermore, to show how the nature of business has changed due to crypto and blockchain technologies, he said that Binance has no office, nor does it have a bank account. Even so, it serves thousands of users from 180 different countries on a daily basis.
He also attempted to explain that, while crypto and blockchain are still new technologies, they are not difficult to understand. He compared this technology to cars, stating that a person doesn’t have to know how the engine works in order to use a vehicle. In a way, while this is quite complex technology, the difficult part is happening underneath the surface. As for users alone, they do not have to be especially tech-savvy to use this technology.
While cryptocurrencies have grown quite popular during the last year, there are still a lot of people that stand against them. One of them is Bearing Private Equity Asia’s chief executive, Jean Eric Salata. According to Salata, Bitcoin is nothing but a Ponzi scheme and a fraud. Simply put, Salata doesn’t believe that cryptos, Bitcoin especially, have no uses for anyone who is not a criminal.
A stance like that proves that cryptocurrencies still have a long way to go before they enter the mainstream. While many are very supportive of this technology, there are also a lot of people who are not prepared to trust them.
 
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Forbes Launches Crypto Portal, Partner Trade.io Hacked for $7.5 Million in Crypto

Forbes Media today launched the beta version of it Forbes CryptoMarkets, in partnership with investment firm NewCity Capital and Trade.io, which suffered a hack that resulted in $7.5 million in cryptocurrency tokens being stolen from a cold storage wallet.
Forbes Launches CryptoMarkets Data Portal for Tracking Crypto Prices
Media powerhouse Forbes Media LLC, has unveiled a new cryptocurrency market and price data aggregation website, akin to CoinMarketCap.
The new portal offers up-to-the-minute, comprehensive data on the top 200 cryptocurrencies by market cap. This includes trading volume data from 31 cryptocurrency exchanges, including Binance, Bitmex, and may other prominent names in the space.
Forbes CryptoMarkets also includes content from interviews and articles from Forbes, as well as a “real-time newsfeed aggregating content from leading news organizations and companies.” Forbes will also leverage its unrivaled access to data to publish four different “CryptoMarket indices,” including the “Top Cryptocurrencies, Top 10 Global, Top 30 Global, and Top 10 Blockchain and dApps Global.”
The initial offering of indices, Forbes says, are there to serve as an “informational tool” to demonstrate market trends, and will add more indices separated by “sector, industry, and cryptocurrency use-case” in the future.
Forbes is launching the CryptoMarkets portal in a partnership that includes NewCity Digital Limited, investment firm NewCity Capital, and “next-generation financial institution based on blockchain technology,” Trade.io.
Bad Timing: Forbes’ Partner Trade.io Hacked for $7.5 Million in Crypto
Trade.io should be celebrating a successful high-level partnership with an American media mainstay like Forbes. However, the exchange and consultancy firm is currently licking its wounds after suffering an unusual theft of $7.5 million in cryptocurrency tokens.
Trade.io confirmed via their Medium blog that a security breach had occurred, resulting in over 50 million in Trade (TIO) tokens being stolen from the firm’s cold storage wallets. The 50 million tokens are valued at $7.5 million at the current $0.15 price per TIO.
The ongoing investigation has revealed that some of the TIO tokens had made their way to cryptocurrency exchanges Bancor and Kucoin, and the exchanges themselves are assisting Trade.io with the issue.
What’s unusual is that the funds were stolen from the cryptocurrency exchange’s cold storage wallets, which are typically encrypted USB-devices or pieces of paper with private keys written down that the firm says it stored in safety deposit boxes – safety deposit boxes that the company says “were not compromised.”
Regardless of where or how the tokens were stored, they somehow ended up in the clutches of hackers. Now the company is considering a fork of the TIO token codebase to render the stolen funds useless and preserve the price of the TIO token for other investors.
The hack happened less than 24 hours before the publication went live with its announcement to launch the beta version of its CryptoMarkets product, in a partnership that involves Trade.io.
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Crypto Week In Review: Coinbase Drops Index Fund, “Dr.Doom” Bashes Crypto

Despite Nouriel “Dr.Doom” Roubini’s cries that the crypto market is on its last legs, this week’s crypto- and blockchain-pertinent developments indicate that this industry is still booming.
Nouriel “Dr.Doom” Roubini Takes To Twitter, US Senate To Bash Crypto
Dr.Nouriel Roubini, one of NYU Stern’s economics professors, recently bashed the cryptocurrency and blockchain world through a series of scalding comments and rants. Speaking in front of the U.S. Senate Committee on Banking, Housing, and Community Affairs, Roubini, dubbed “Dr.Doom” by some, made a series of comments against cryptocurrencies. From calling Bitcoin “the mother of all scams” to dubbing blockchain “the most hyped tech ever,” Dr.Doom threw everything he had — a handful of senseless, wanton, and baseless comments — at this budding industry.
Moreover, as seen in a 37-page post-mortem of the inflammatory testimony, Roubini pulled out all the stops, taking out the classic bag of tricks that heavy-handed regulators utilize to falsely tarnish the name of the crypto industry.
Although America’s leading officials and governmental employees heard the economist’s cries, some would argue that Roubini’s thrashing of this nascent technology hasn’t damaged the cryptosphere at all. In fact, there are optimists who truly believe that his comments managed to unite this industry, instead of fundamentally splitting it apart.
Roger Ver Looks Into Launching An Crypto Exchange
Speaking with Bloomberg reporters at Malta’s first-ever DELTA Summit, Roger Ver revealed that he intends to develop or purchase a cryptocurrency exchange in the near future. While Ver, a diehard decentralist, didn’t make Bloomberg reporters privy to many details, the Bitcoin Cash proponent explained that if his plans to purchase an exchange fall through, he will call upon one of Bitcoin.com’s partners to exclusively develop the platform.
Although the specifics the Bitcoin.com CEO gave were few and far between, Ver explained the benefits and drawbacks of building a platform in-house, noting:
“If we build it ourselves, we can do it really, really cheap, and we get exactly what we want. But we don’t have the security of a battle-tested exchange that’s been around for a while.”
What the industry veteran is alluding to is that Bitcoin Cash is barely used as a base cryptocurrency, as many platforms are hesitant to put the foremost Bitcoin fork front and center. Seeing that Roger “Bitcoin Jesus” Ver presides over the Bitcoin.com domain, which hosts a news outlet, wallet solution, and gaming portal, it would make sense that the entrepreneur would want to capitalize on his webpage’s steady stream of traffic. Acknowledging this, Ver noted:
“Our exchange will be posted on Bitcoin.com so we’ll have thousands or tens of thousands of new users every single day.”
Skeptics of Bitcoin.com claim that this exchange is being manufactured in a bid to bolster the adoption of Bitcoin Cash, a popular, yet controversial Bitcoin fork. For now, however, it is unclear what Ver has in mind for the platform.
Binance Drastically Alters Listing Policy, Delists 4 Altcoins
On Monday, Changpeng Zhao, the CEO of Binance, revealed that the platform of his creation was about to drastically change its listing fee policy, which was kept under wraps for over a year.

Hope others will follow. https://t.co/tBWvyAStd2
— CZ Binance (@cz_binance) October 8, 2018

According to the official announcement pertaining to the matter, Binance will now disclose all listing fees paid, while also remaining to fees received to charity for the foreseeable future.
Further bringing clarity to the sudden policy shift, the startup added that prospective Binance listees will be giving a “donation” rather than a listing or application fee. The platform also explained that there will not be a minimum monetary value for “donations,” which should come as a relief to small-cap, lesser-known altcoin projects that are looking to gain traction on the world’s largest crypto market.
The firm has already stayed true to its word, listing Ravencoin (RVN) and then divulging that the project had paid not a single dime, or Bitcoin for that matter, to gain a spot on Binance’s exclusive roster of supported crypto assets.
However, it was explained that if a project happens to give a “donation,” the funds will immediately be transferred to the Blockchain Charity Foundation (BCF), which is a non-profit organization looking to support those in need through blockchain technologies.
While there were cynics that suggested that Binance’s top brass had ulterior motives, as BCF is managed by the startup, CEO Zhao took to Twitter to explain that this move is likely to be a long-term “win-win” for the blockchain industry, along with Binance itself.
Zhao, better known as CZ, wrote:
“I think this is a net win for us too. Charity will increase adoption, make the industry bigger, which in turn will benefit BNB and Binance (and others too). Of course, we sacrifice short-term direct gains. But if you keep a long term view, it’s a win-win on multiple fronts.”
Just a day after Binance’s aforementioned announcement, the company issued another statement, this time revealing that it had bad news to tell its clients. Per an official release, employees at Binance decided to delist Bytecoin (BCN), Iconomi (ICN), ChatCoin (CHAT), and Triggers (TRIG), due to worries that these altcoins may be scams, or worse. Although the exact details were scant, the firm explained that it was making this drastic move to protect its customers.
Coinbase Shutters Institutional Index Fund
Coinbase, a well-known San Francisco-based startup, revealed with heavy hearts that it had to shutter its in-house cryptocurrency index fund. Per information from an anonymous source, which was routed through The Block, Coinbase decided to kill its institutional-focused index fund due to a lack of interested clients, and subsequently, the absence of volume.
The depressing picture that the insider painted was sadly a far cry from what Coinbase expected during the launch of the product, which was said to be seeing “strong demand from institutional and high-net-worth individuals.”
It wasn’t cut and dried, however, as it was widely believed that there were a variety of catalysts that sparked this sudden change. For instance, the sudden departure of Adam White, who headed Coinbase’s institutional branch, likely put the startup on the back foot in the institutional crypto game, so to speak.
Others claimed that the launch of Coinbase Bundle didn’t help either, as the new investment product is essentially a watered-down, retail investor-focused version of the fully-fledged Coinbase Index Fund.
But for now, $8 billion valued Coinbase has only credited the dry up in institutional interest to the unfortunate closure of the highly-hyped, long-awaited index vehicle.
Crypto Tidbits

Coinbase Introduces First Token To Its “Pro” Platform: After months of rumors and hints, Coinbase’s professional trader-focused platform finally listed ZRX, the native token of the 0x project. Keeping in mind that Coinbase has become notorious for only listing the crème de la crème of the cryptocurrency world, this move to list an Ethereum-based evidently came as a surprise to many traders. Since ZRX’s launch on Coinbase Pro, the asset has seen a large influx of volume from both buyers and sellers, indicating that traders have accepted the altcoin with open arms. This announcement follows Coinbase’s move to integrate a formal listing application process, that will apparently see the world-renowned platform “rapidly add digital assets” in the near future on a jurisdiction-by-jurisdiction basis.
Former Coinbase Exec Joins ICE-backed Bakkt: Per The Block’s insider sources, Adam White, the aforementioned former Coinbase executive, has joined ICE-backed Bakkt as its chief operating officer (COO). Bakkt’s unexpected hire comes amidst the startup’s Bitcoin (BTC) futures launch, which is widely expected to gain traction across global markets from investors of institutional, retail, and merchant varieties.
New York-based Gemini Adds Litecoin: After receiving a green light from the New York Department of Financial Services (NYDFS), the Winklevoss Twins-owned Gemini exchange has listed Litecoin (LTC), sparking a slight, but noticeable surge in the value of the popular altcoin. Interestingly enough, Gemini listed Litecoin on the crypto project’s 7th birthday in an apparent nod to the crypto asset’s prominence in this budding market. While releasing Litecoin support, Gemini also revealed that it has had to delay its Bitcoin Cash listing, as a variety of upcoming hard forks has led the New York-based startup to be wary of the security and stability of the current Bitcoin Cash chain.
Forbes Joins Hands With Civil To Enter Blockchain-based Journalism: Forbes, one of the foremost media outlets on planet Earth, recently revealed its plan to partner with Civil, a blockchain-focused journalism network, to ensure that none of its content is misused. Civil will reportedly start to accept Forbes’ content metadata by Q1 of 2019, which will allow blockchain startup to aid the outlet’s goal to curb cases of plagiarism and similar issues. This partnership follows Civil’s similar move to collaborate with the Associated Press, another one of the world’s foremost media sources.

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Northern Trust Aids Hedge Funds in Cryptocurrency Investment

Yet another firm from traditional markets has stepped into the cryptocurrency boxing ring, with Northern Trust recently diving down the metaphorical rabbit hole that is blockchain.
Legacy Markets Firm to Make a Foray into Blockchain and Crypto
As per an exclusive Forbes article, Pete Chercewich, the President of Northern Trust’s corporate and institutional services division, has revealed that the financial giant has begun to operate in the blockchain industry.
Since the start of 2018, Northern Trust, which manages over $10 trillion in investor assets, has been assuring that a hedge fund’s financial reports are consistent with those seen at the fund’s cryptocurrency custodian.
The firm is also aiding funds by evaluating their crypto investments, while also conveying the gathered information to a fund’s clientele. Despite the fact that Nothern Trust has historically dealt with legacy market-related investments, the firm has been able to seamlessly transition to this nascent industry, introducing new administration services. Some of the notable cryptocurrency-focused services include NAV (Net Asset Value) pricing arrangements, anti-money laundering (AML) compliance, asset existence validation, and crypto-trade reconciliations.
Most recently, the Chicago-based financial services provider has been working with three “mainstream hedge funds” to diversify their portfolios into crypto, sadly not making Forbes privy to which funds they were collaborating with.
Oddly enough, in direct contradiction to the Forbes interview, Chercewich told Bloomberg that his firm has also begun to develop a method of reliably securing crypto assets. The Northern Trust executive also noted that the plan is to offer custody support at industry-low fees, beating out the relatively high cost of alternative institutional-focused security solutions. He stated:
“The fees right now the custodians are charging are pretty high, not the same fees that we get –- ultimately, I believe unsustainable, because it needs to be an efficient model.”
While the financial institution seems to hold high hopes for their custody service, it was revealed that a fully-fledged release won’t be unveiled for at least another 12 months.
Northern Trust Remains “Cautious,” but Will Forge Ahead with Crypto-Related Products  
Speaking with Forbes’ journalists, Chercewich expressed his excitement for tokens for “anything today,” stating:
“You can take anything today. You can take movie rights, you can take all sorts of entities, and you can create a token for those… We have to be able to figure out how to hold those tokens, value those tokens, do those things.”
Although it wasn’t explicitly stated, this statement alludes to his hope in seeing the worldwide adoption of utility and securities tokens alike. The Wall Street executive also declared that he could see governments eventually issue fiat as a digital currency or blockchain-based asset. Chercewich stated:
“I do believe that governments will ultimately look at digitizing their currencies, and having them trade kind of like a digital token — a token of the U.S. dollar — but the U.S. dollar [would still be] in a vault somewhere, or backed by the government. How are they going to do that? I don’t know. But I do believe they are going to get there.”
Despite holding a traditional outlook on the financial industry, the 129-year-old firm seems to see some promise in blockchain-related technologies and applications. While the firm’s June report noted that it still holds a “cautious” sentiment regarding the cryptocurrency space, the work Northern Trust has conducted in this industry tells a different story.
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