USDT Transfers in Ethereum Up 6,000% in 2019

Tether (USDT) dominance in Ethereum is on the rise according to GlassNode, an on-chain market intelligence firm. Cumulatively, the amount of USDT transacted in Ethereum exceeds $100 billion, a 6,000% rise since early 2019. USDT is a stablecoin that is pegged 1:1 against the USD and several fiat currencies. It is officially issued by Tether Limited, a company that has links with Bitfinex, a Hong Kong-based cryptocurrency exchange.
USDT Statistics in Ethereum

#Tether adoption on #Ethereum still on the rise: $USDT cumulative on–chain volume just surpassed 100 billion USD.
That's an increase of more than 6000% since the beginning of 2019.
— glassnode (@glassnode) November 19, 2019

With the shift to Ethereum, USDT transactions are now more active and even harder to track. Combined, Tether’s smart contracts have spent over 2,000 ETHs in Gas as per data from ETHGas Station. This translates to $367k paid as fees with each transaction billed at 21.1 GWei. It is over 10X more than those paid by IDEX smart contracts.
There are 562,969 USDT holders generating 11,734,646 transfers pushing Tether’s diluted market cap to $2.03 billion. Overall, the token circulating supply stands at $4.12 billion with a market cap of $4.124 billion at the time of press.
USDT Token Holders
At this rate, USDT smart contracts burn 10.49% of all Gas with average GWei fluctuating depending on supply and demand forces. When there is a noticeable rise or fall in Bitcoin prices, USDT activity tends to spike.
Tether Limited’s Objective
According to a circular from Tether Limited, the company has made headway in allowing users to send value over the blockchain without the inherent risk of volatility and complexity associated with free floating cryptocurrencies.
By rolling out a stablecoin on Ethereum and complying with the ERC-20 standard, a guide used by most fungible tokens generated on the smart contracting platform, users enjoy faster confirmation times, low transaction fees than they would have on the Omni Protocol.
ETH Falls to Third Place
Earlier, a report by Bloomberg revealed that USDT was rapidly catching up with ETH and BTC as a preferable means of payment. Statistics published by CoinPayment showed that USDT popularity surged 30% as merchants were attracted to the token’s non-volatility and low transaction fees. BTC related payment shrunk to 60% from 80% with ETH dropping to third as USDT climbed to second.
The post USDT Transfers in Ethereum Up 6,000% in 2019 appeared first on Coingape.
Source: CoinGape

Is Zero Commission Trading Helping Crypto Exchanges? A Realistic Take

The cryptocurrency trading sphere is slowly warming up to zero-fee trading. The trend first started with exchange-traded funds and then moved up to online stock platforms. The recent exchange to start offering zero-fee trading is Shapeshift. Let us have a look at trading platforms offering zero-fee trading. 
Will ShapeShift See An Increasing In Trading Volume
ShapeShift will now begin offering free perpetual trades. Interestingly, offering zero fees trading brought benefits for Charles Schwab Corp. The latter recently reported opening 142,000 new trading accounts in October- a 31% jump from September after introducing zero trading fees.
“We’ve definitely seen how people often need very simple messages,”
Erik Voorhees, the Denver-based chief executive of ShapeShift, said in a phone interview.
“Everyone understands free. We expect a 30% increase in trade volume.
Execute Free Transactions With Fox Tokens
For executing free transactions, traders will need to use Fox tokens that ShapeShift is rolling out.  Every user will get 100 free tokens, and the exchange may sell additional ones. Also, more FOX tokens a customer holds, more fee-free trades can be executed. Furthermore, Voorhees estimates that 90% of the exchange’s users will be able to do all their trades for free.
Exchanges Offering Zero- Fee Trading
Daily-trading volume in crypto exchanges is half of what it was in late October. As per data provided by CoinMarketCap, the percentage of exchanges offering no-free trading is about 10%. Smaller Exchanges are offering zero-fee trading as a part of promotions.  
Robinhood Crypto is also a major provider of zero-fee crypto trading, allowing users to trade seven major cryptocurrencies with no commission fee. In late September 2019, California-based financial firm SoFi launched zero-fee crypto trading on its platform SoFi Invest.
The list further includes Zebpay, which introduced zero-trading fees in February. Also, HitBTC lowered its trading fees in August. While leading crypto exchange Binance doesn’t offer zero- trading fee, it lets users lower their trading fees by investing in its own cryptocurrency. BitMEX is among the leading platforms offering zero trading fees. 
BitMEX offers zero-trading fee exchange for 8 coins and 14 trading pairs. The most active trading pair on Bitmex exchange is XBT/USD. The platform boasts of a 24-hour trading volume of $1,91,58,45,292 
Cobinhood is a Hong Kong-based crypto exchange. The platform allows 0% trading fees. It also offers initial coin offering (ICO) underwriting services.
Another exchange that offers zero-trading fees is Liquid. This  Japan-based exchange has a 24hour trading volume of $8,84,57,664. Presently, the exchange allows, trading of 173 crypto assets. 
While exchanges like Coinbase have reported having made $2 Billion in a span of 1 year only from trading fees. It will be interesting to note, how well in the long run, exchanges offering zero trading fees fare. Let us know what you think in the comments below!
The post Is Zero Commission Trading Helping Crypto Exchanges? A Realistic Take appeared first on Coingape.
Source: CoinGape

Altcoins Bottomed Against BTC in September Says Analyst; Is Altseason Knocking?

Altcoins are on a short slump against Bitcoin (BTC) at the moment despite gaining ground against the top cryptocurrency in the past few weeks. According to sampled crypto trading analysts, the altseason could be fast approaching as BTC further slumps below $8,000, setting a run downwards towards $7,500 support level.
Across the top 10 cryptocurrencies, only Litecoin (LTC), Bitcoin SV (BSV) –both which have a very high correlation to BTC’s market sentiments – and Binance Coin (BNB) lost significantly against the dollar in the past 24 hours.
‘Altcoins Bottomed in September,’ Analyst Remarks
Looking at the charts, altcoins have had a smooth run against Bitcoin (BTC) since the start of Q4 as seen at the right end tail of the chart below. The unrelenting surge in altcoin value against BTC since September has finally confirmed the bottom for the second fiddle cryptocurrencies against their emperor, BTC.
Source: Woo Charts
Luke Martin, a crypto trading analyst and host on Coinist Podcast, explains that the long bear run across the altcoin market has effectively ended given the vast number of coins showing signals of pulling out of a 6-month downtrend.
“Alts collectively started trending down vs $BTC around April 1st when $BTC broke above $4,000 USD,” Luke wrote on Twitter.
Furthermore, taking four random coins across the top 100 tokens (except the top 10 coins) in market cap, Martin shows a similarity in the overall trend in altcoins against BTC.

Alts collectively started trending down vs $BTC around April 1st when $BTC broke above $4,000.
I marked April 1st on the chart for 4 random alts.
You can see the downtrends on all of them have stopped, for now.
Cycle lows put in around Sept-October.
Worth keeping an eye on!
— Luke Martin (@VentureCoinist) November 20, 2019

Top 10 Cryptos Correlation Surges to Pre-September Highs
Looking at the correlation charts across the top 10 cryptocurrencies (including BTC), the sharp dip in correlation, to 55% in September and to 59% at the end of October, following BTC’s sharp rises , is quickly weaning off.
Image: Skew Markets
Currently at 73.6%, the altcoin movement targets highs last recorded in August which may be good news for the altcoin market. The high correlation across altcoins as technical indicators show a possible uptrend – a pleasing signs for alt bag holders.
An Incoming $28 Billion Boost in Altcoins?
According to a tweet shared on Nov. 12 by Rekt Capital, a featured trader on Forbes, the alt season is in play as coins experience the never-ending Q4 hype cycle once again.

Altcoins are already experiencing the Q4 Altcoin Hype Cycle$BTC $ALTS #Crypto
— Rekt Capital (@rektcapital) November 12, 2019

The altseason hype is currently gaining heat as investors dump their satoshis to grab some alt bags. Crypto Bombshell on Twitter predicts a possible $28 billion dollar boost in the altcoin market before the end of the year, asking investors to select the right alts to grow their crypto bags.

Altcoin market cap (excludes $btc)
I think we're about to see a $20billion increase in the entire altcoin marketcap. Thats a 28% increase across all your favorite cryptocurrencies. Those with positive FA and TA set ups will yield better returns. Plan wisely.
— CryptoBombshell 🐸🧢 (@cryptobombshell) November 17, 2019

An inverted head and shoulders patters is forming on the total altcoin market cap charts signaling a possible bullish run in the market before 2020 kicks in.
The post Altcoins Bottomed Against BTC in September Says Analyst; Is Altseason Knocking? appeared first on Coingape.
Source: CoinGape

PayPal CEO Answers The Big Question, “Why PayPal Left Libra Association?”

PayPal CEO owns Bitcoin (BTC)…not any other crypto-only BTC!
A month or so after withdrawing from Facebook’s Libra project, the CEO of PayPal, Dan Schulman, spoke to Fortune’s editors and writers confirming he does own only one cryptocurrency, Bitcoin. In a wide conversation, Dan also revealed the reasons behind the Libra withdrawal and the possibility of a blockchain project by PayPal.
‘A focus on our own road map’
On the question of why PayPal became the first of 28 members of the Libra Association, Schulman explained their desire to work on the project but took a route towards “concentrating on their roadmap outside Libra.” He said,
“You know, we think if we focus on our own roadmap, we’d be able to advance financial inclusion faster than if we put all these resources against Libra.”
However, he confirmed the two companies are in contact and may work together in the future if the opportunity arises.
“It wasn’t an acrimonious divorce or anything like that. It’s just that they will start going down a road that we’re very interested in looking at and monitoring, and maybe later, there are ways we can work together.”
PayPal blockchain may be on the way
He further confirmed the reports of PayPal working on a cryptocurrency and blockchain project. He, however, says the project will not be in direct competition with Libra. He said,
“No, it’s not necessarily competitive with Libra. It’s just a competitive advantage.”
Dan, however, remains excited about cryptocurrencies revealing he holds Bitcoin (BTC) despite the recent troubles with Libra. Asked whether he owns any cryptocurrencies, Schulman said,
“Yes, Bitcoin. […] Only Bitcoin.”
The post PayPal CEO Answers The Big Question, “Why PayPal Left Libra Association?” appeared first on Coingape.
Source: CoinGape

Crypto Markets Still Cannot Be Termed Matured Assets – Former Goldman Sachs CEO

Former Goldman Sachs Chairman and CEO Lloyd Blankfein believes that while crypto assets will in the future form the basis of the economy, they are yet to mature. The ongoing Global Financial Leadership Conference (GFLC) Florida saw Blankfein expressing his skepticism over crypto assets. 
Crypto Assets Have A Long Way to Go
Undoubtedly, crypto adoption has picked up pace over a few years. However, the school of thought still prevails that Bitcoin and other cryptos have a long way to go before they can be termed as mature assets. Interestingly, ex-Goldman Sachs chairman and CEO Lloyd Blankfein is one of them
“I can see the basis for it. I can see how the world could evolve into that,”
he said at the conference. 
He further added,
Bitcoin still has some questions that need to be answered. With some of these cryptocurrencies, you can’t manage the money laundering situation. How could it be a good store of wealth when it could move 10 or 12 percent in a day several days in a row? And how could it be a good medium of exchange when someone could steal it and you would never know, or you lose the code and it disappears?”
Will Goldman Sachs Create a Digital Token?
Earlier this year, rumors surfaced that Goldman Sachs was creating a digital token. The base for the rumor was that several banks were supposed to be investing $50 million in assets for creating a digital cash system to settle financial transactions.  Time and again, banks have been linked to performing Bitcoin operations by either rumor or confirmed reports. 
While several questions remain unanswered, more and more institutions are taking interest in Bitcoin. As per Commodity Futures Trading Commission (CFTC) Commitment of Traders report large open interest holders of CME Group bitcoin futures contracts were up 38% in the third quarter from the previous year. 
CFTC Consider Bitcoin & Ether As a Commodity
Furthermore, CME Group Chairman and CEO Terry Duffy discussed the status of cryptocurrencies as commodities. Earlier, as reported by Coingape CFTC Commissioner Heath Tarbert had defined Ether as a commodity and also said that Bitcoin possesses the same qualities. Thus, resonating with SEC’s previous ruling that Bitcoin and Ether are not securities. Furthermore, he said that CFTC is working in close cooperation with the SEC to provide clarity on these issues.
He further said that futures markets will only exist if it is valued in a proper manner. Furthermore, he added that a CFTC regulated exchange would have all the price transparency and price discovery that these markets have had for 150 years.
How long before actually the crypto market matures? Let us know, what you think in the comments below!
The post Crypto Markets Still Cannot Be Termed Matured Assets – Former Goldman Sachs CEO appeared first on Coingape.
Source: CoinGape

Huobi Global Processed 121 Million Trades in October, Overtook Binance: Report

Huobi Global, the Singapore-based cryptocurrency exchange and Binance’s competitor, processed 121 million trades in October 2019 according to fact-finding mission by Shrimpy, a cryptocurrency exchange trading bot for automated portfolio management.
During that period, Binance processed 99 million trades, a figure that was lower than OKEx’s which had 100 million. On average, leading exchanges including BitBox, HitBTC, Huobi, and Gemini executed 28 million trades. The study was done to confirm whether Binance, as claimed by some studies, consistently executed 1.4 million trades a second.
Trade count data
Binance Processed 50 Trades a Second in October
Disproving the narrative, Shrimpy’s study authoritatively confirmed that contrary to popular belief perpetrated by previous unverified claims, Binance processed 50 trades per second in October, a figure so much lower than 1.4 million trades a second that was widely circulated and believed to be true.
Leading exchanges on focus managed a meager 175 trades a second, a number, Shrimpy’s research team said didn’t matter and that the 1.4 million trades a second mark all that important since traders tend to gravitate towards speed over throughput.
“Some traders require fast order execution. So, there is a benefit to having the ability to execute 1.4 million trades every second, even if Binance will never actually process that many trades in such a short amount of time.”
Speed over Trade throughput
For professional traders, speed is everything especially in the margin and derivative platforms allowing high leverage.
In October 2018, a study to determine order speed execution by Deribit, a cryptocurrency derivative platform, found that Binance’s order speed execution delay was 37.2 milliseconds. 1.1 percent of orders took over one second to fulfill with a mere 0.1 percent of orders being fulfilled within 10 milliseconds.
Regardless, Binance is still one of the world’s leading cryptocurrency exchanges by active trading volumes generating $834,580,496 in trading volumes in the last day.
Huobi Global Implicated
Huobi Global claims to be liquid and a high-volume exchange. However, critics claim that the exchange is most likely involved in volume manipulation tactics like Wash Trading.
A report by The Tie analyzed incoming traffic from Huobi Global account owners and determined that each trader, despite the relatively low trading volumes, traded 10X more than an ordinary trader in Binance. It concluded that less than 10% of the exchange’s spot trading could be genuine.
The post Huobi Global Processed 121 Million Trades in October, Overtook Binance: Report appeared first on Coingape.
Source: CoinGape

This Blockchain Game Causes a 300% Surge in ERC 271 Token Transfers

In our last update on ERC-721 tokens on Nov. 12, we highlighted the spike in transfers of non-fungible tokens (NFTs) transfers to all-time highs as God’s Unchained, a blockchain-based gaming platform,  surpassed the previous high set by CryptoKitties transfers back in 2017 during the mega bull run. As of Nov. 19, ERC 721 token transfers have again surpassed the ATH, this time boosting close to 330% from the high set less than a fortnight ago.
God’s Unchained sells over 6 million game cards
Following a cross above the ATH on Nov. 12, recording over 864,000 transfers, God’s Unchained has once again caused a spike in total ERC 721 token transfers. According to data collected by CoinMetrics, the total number of transfers grew to over 3.7 million, representing a 328% growth in two weeks.
Source: Coinmetrics
The inflammatory growth in ERC 721 transfers was caused by God’s Unchained as the game traded over 6.6 million gaming cards over the course of the week. In context, the CryptoKitties sold 4.7 million gaming cards since they launched in 2017.

6/ For context, CryptoKitties has had about 4.7 million transfers over the course of its lifetime, which includes original purchases and secondary sales. @GodsUnchained has officially created over 6m tokenized in-game assets, which is more than any other Ethereum game to date.
— (@coinmetrics) November 19, 2019

The game grew popular in lieu of Hearthstone’s controversial handling of a Hong Kong protests sympathizer. Coincidentally, God’s Unchained had just activated their gaming cards to tradable tokens which gave unsatisfied gamers at Hearthstone to switch to God’s Unchained.
ETH block fullness stagnant despite colossal transfer number
The upsurge in transfers did not affect Ethereum’s speed at the slightest data show. Since hitting over 90% block fullness in mid-September, the block fullness has remained below 85% signaling a healthy market.

The “abnormal” block sizes are as a result of God’s Unchained packing hundreds of card transactions in single batches. This reduces the size of transactions while each card remains unique within the batch. Once the distribution process is complete, the development team will activate the cards for trading on the secondary market.  This turns each unique gaming card to a tradable token.
God’s Unchained is still leading the line in a number of ERC 721 tokens recording a total of 4385 transfers in the past 24 hours, as at the time of writing.
The post This Blockchain Game Causes a 300% Surge in ERC 271 Token Transfers appeared first on Coingape.
Source: CoinGape

NEO Up by 5.49%, Will NEO Break its Bearish Trend?

NEO prices are up 5.49% as the rest of the market trades in red. The reason for the price surge is attributed to the upcoming NEO 3.0 version in 2020. The coin has also climbed from 17th to 16th position in the global cryptocurrency market rating compiled by CoinMarketCap. At press time, NEO/USD is trading at $11.92. 
Will NEO Manage to Reach $13.50-$14.00 Range?
Since the starting of November, NEO has added $80 Million to its market cap rising from $751. 1 MM to $831.5MM. On the 13th of November, the NEO price touched  $13.44 and then retreated back to $11.75 on the 15th of November. While the coin is yet to come out of its short-term bearish trend, its first support level stands at $11.50. If it manages to break the bearish cycle, it may well go up to $13.50- $14.00 range. 
Source- Trading View
Technical Indicators
Relative Strength Index (14)- 56.95
Stochastic %K (14, 3, 3)- 40.95
Commodity Channel Index (20)- 26.13
Average Directional Index (14)- 47.87
Exponential Moving Average (5)- 11.83
Simple Moving Average (5)- 11.88
Exponential Moving Average (10)- 11.80
Why is NEO Price Rising?
NEO price rise can be attributed to China’s renewed interest in blockchain. Furthermore,  NEO has several expansion plans for the year 2020. The development of the NEO 3.0 version is slated to bring new native contracts and make it simpler for other currencies to tap its technology. 
Also, the ongoing speculations around the adoption of cryptocurrencies in China is also a plausible reason for the surge in NEO prices. A few days back, the People’s Congress in China passed the cryptographic law and it is all set to come in effect starting January 2020. The Chinese president, Xi Jinping also in an organized study session lauded blockchain and said that the communist party should tap blockchain for technological advancement.
With that being said, NEO prices may show some fluctuations before establishing a high. It is highly likely that the ongoing crypto scenario in China will contribute to further price rise. Let us know, what you think in the comments below!
The post NEO Up by 5.49%, Will NEO Break its Bearish Trend? appeared first on Coingape.
Source: CoinGape

Crypto Market Capitalization Drops by $35 Billion in November, Lower Prices Likely

Global market drops by $35 billion USD in three weeks.
Alts gain ground on Bitcoin (BTC) as XRP falters below Ethereum (ETH).
A cold market to trade.

The global crypto market capitalization plummeted by $35 billion USD so far in November as miners capitulation stretches on through the third week. Bitcoin (BTC), the pioneer cryptocurrency, leads the market’s plunge with a nearly 30% drop in value during the period, with altcoins gaining against the top coin. Altcoin Perma bulls are screaming for an oncoming uptrend but BTC bulls retain the belief of having the last say in the long run.
Crypto market plummets $35 billion USD in November
Cryptocurrency investors and traders enjoyed the Chinese boom period while it lasted through the final week of October. However, the market has turned red dropping from a high of $258.7 billion USD on October 26th to a current $223 billion USD, representing 13% drop in three weeks. The total market cap has gradually dropped through the months of August and September from July highs which saw the market record a yearly high of $386 billion USD.
Source: Coinstats
However, zooming out the charts, the 2019 crypto market cap growth rate has been nothing but impeccable during the year. A tremendous $98 billion dollars growth in value of the crypto market, represents a 78.9% growth rate since January.
BTC market dominance falters as altcoins gain
As BTC plummets further below the $8,200 USD mark extending its poor performance against the green buck since the Xi pump causing a dip below the falling wedge support level on the daily candles. The extended bear period has caused BTC’s market cap to slightly drop from 70% at the start of November to 66%, as at time of writing.

Ethereum (ETH) has sustained its pressure against the BTC pair, increasing its market cap and dominance in the market gradually to $19 billion and 8.64% as at press time. In contrast, XRP has not followed suit as the digital asset struggles to break above $0.30 USD. The third largest coin has lost ground against both the dollar and BTC over the last few weeks dropping from a 5.88% dominance at the start of November to 4.84% today.
A cold market to trade
BTC has always led the crypto market and the net bull run does not seem to be any different, many Bitcoin perma bulls have said in the past. With miners capitulating in the BTC market causing a selloff, this may be a call to take it easy on crypto trading and hold your dollars. One trader wrote on Twitter,

$ALTS market cap looks really bad! 😬 The $BTC pairs looks great but if all of crypto is going to dump it may be best to hedge into USD until things bottom..
— Smack💥 (@SmackTrades) November 19, 2019

(Images from Coinmarketcap)
The post Crypto Market Capitalization Drops by $35 Billion in November, Lower Prices Likely appeared first on Coingape.
Source: CoinGape

Roger Ver Announces $200 Million BCH Fund to Compete with Bitcoin and Ethereum

The leading proponent of Bitcoin Cash [BCH], Roger Ver, announces $200 million funding at a Blockchain meet-up in London. It will be used for investing in business building on top of Bitcoin Cash.
The business model of led by Roger Ver is now focusing on competing with Ethereum and other smart contract platforms.
Roger Ver Continues to Attack Bitcoin [BTC]
In a press release from the domain ‘,’ which is owned by Roger Ver, an array of possibilities on BTC and BCH were highlighted. It notes,
The two Bitcoins – Core and Cash – have a number of advantages for projects seeking to build upon them, over and above security.
However, it stretches to add weight to the ease of developing over Bitcoin Cash [BCH]. It is offering to issue of tokens on BCH using the Simple Ledger Protocol (SLP).
As reported earlier on Coingape, developer teams also working on protocols standards for implementation of smart contracts on BTC. Leading Bitcoin supporters, Tone Vays and Jimmy Song have also discussed the future of smart contracts on Bitcoin itself.
Issuing tokens usually falls in the realm of platforms like Ethereum, NEO, EOS and so on. Nevertheless, it argues that Bitcoin’s PoW provides more security than others.
The origin of Bitcoin Cash [BCH] was from a controversial Hard Fork that caused Havoc in the markets. Ver who has for long supported the split Cash version told the audience at the meet-up.
“I used to be promoting BTC, today I am promoting Bitcoin [BCH] Cash. And tomorrow if something even better than Bitcoin Cash [BCH] comes along to bring more economic freedom to the world, I’ll be right up here promoting that.”
Furthermore, he made various other remarks against the supporters of Bitcoin mocking and imitating them as he went along.
Which is More Secure?
While Bitcoin Cash [BCH] offers large-sized blocks, Bitcoin SV [BSV] provides even larger sized blocks. All seem to argue that it will never be enough.
However, things that secure the PoW network are the nodes and miners. The total hash rate of BCH is significantly smaller than that of Bitcoin [BTC]. Currently, the total hash rate of BCH is only 3.2% compared to that of Bitcoin.
However, Roger Ver continues to present the case of bitcoin’s use as a medium of exchange. He claims,
There are significantly more physical spaces accepting Bitcoin Cash [BCH] than there are today accepting the BTC version.
Now, with SLP and a $200 million dollar start-up fund, Ver has is looking to renew his artillery for a larger share in the market. Along with payments and SoV (Store of Value), he is focusing on smart contract development as well.
The price of Bitcoin Cash [BCH] at 3: 45 hours UTC on 20th November 2019 is $242.50.
BCH/USD 1-Day Chart on Bitstamp (TradingView)
Do you Bitcoin Cash [BCH]’s market presence and relevance could increase riding on smart contracts? Please share your views with us. 
The post Roger Ver Announces $200 Million BCH Fund to Compete with Bitcoin and Ethereum appeared first on Coingape.
Source: CoinGape

Ethereum [ETH] Transactions Dwindle But Price Likely To Rise: Report

It would appear as if Ethereum is “flipping” itself going by the current state of the network according to data from Coin Metrics. ETH related transactions have taken a dip as the number of ERC-20 transactions rises in a “flip” that analysts say sends mixed signals. ERC-20 tokens comply with a specific standard that guides the generation of tokens in Ethereum.
These tokens are specifically meant to be used within the Ethereum platform. Like ETH, they are fungible, transferable, tradable and controlled by a smart contract. Further, they can be stored in the same wallet as ETH.
Demand and Supply Dynamics
Ethereum is the pioneer smart contracting platform, the first of the kind where smart contracts, which are automated digital contracts, can be executed without third parties from a satisfactorily secure and distributed network. Its native token, ETH, is a utility used for paying fees and other costs within the Ethereum ecosystem.
During the great bull market run of late 2017, its demand skyrocketed as projects sought to finance themselves by crowdfunding on the Ethereum platform. With demand, ETH experienced a logarithmic rise as prices soared to new highs, lifting other ERC-20 tokens.
Source: Coinmetrics
Will ETH Price Fall?
However, that is about to change if the current state of affairs is anything to go by. ERC-20 tokens can effectively operate within their own enclaves, cutting out ETH as their project’s popularity eclipses Ethereum, the underlying platform.
If the demand for these tokens increases, then it means the price of ETH will take a hit, even fall from spot levels despite technical development now that Vitalik and team are pushing for a move to a Proof of Stake consensus algorithm.
The shift is also indicative that ETH is gradually evolving into a store of value, like BTC, as its drudge in their path of becoming the world’s supercomputer.
ETH as a Key
On the light side, the rise of ERC-20 hints of the beginning of a token economy and even a rally in years ahead as Ethereum based projects gain popularity.
An increase in ERC-20 activity is a mark of adoption which is overly positive given the resistance from regulators in recent months. This breakout signifies how smart contracts would play a key role in future economies and that ETH as matured and isn’t all about speculative trading.
Notice that unlike Bitcoin (BTC), ETH can act both as digital gold, used to store value, or digital oil, since ownership grants passage to a different ecosystem. But there is more than that, ETH can be leveraged.

Seems like hugely good news for Ethereum. That adoption has increased to the point where its purpose is not just speculative ETH trading.
— Matthew Green (@matthew_d_green) November 18, 2019

This could explain why ERC-20 tokens are increasing in popularity as owners stake their assets in protocols as Maker or other staking services where they can earn above-market rates yields.
The post Ethereum [ETH] Transactions Dwindle But Price Likely To Rise: Report appeared first on Coingape.
Source: CoinGape

Trade Wars: LocalEthereum is Now LocalCryptos, Will It Outpace LocalBitcoins?

In a recent development, LocalEthereum, a peer-to-peer (P2P) trading platform for Ether (ETH) has changed its name to LocalCryptos, to support more crypto assets including ERC-20 tokens. The firm aims to become a leader in the P2P fiat-to-crypto trading space.
Will LocalCryptos Matchup to Arch Rival LocalBitcoins?
With this new initiative, LocalCryptos aims to compete with arch rival LocalBitcoins. The former is non-custodial, end-to-end encrypted, and completely private unlike LocalBitcoins. As a matter of fact, a non-custodial platform doesn’t hold user’s private keys. Subsequently, the firm cannot hack or freeze users’ crypto assets.
Taking a dig on LocalBitcoins platform, Michael Foster, CEO of LocalCryptos said,
“Platforms like LocalBitcoins are centralized, custodial, and a far cry from private. These platforms are vulnerable to hacks and thefts like a centralized exchange. Hackers have stolen several billion dollars from centralized crypto platforms. At least two of those heists took from LocalBitcoins traders.”
However, non-custodial platforms have their own perils. If in case a user loses their wallet and password, the platform cannot help them with the recovery. Interestingly, the platform seeks to put the users in complete control.
“Crypto was born out of the desire for eliminating the role of middlemen and legacy institutions in otherwise person-to-person interactions. We developed LocalCryptos based on this idea of users remaining in control at all times—not us,”
added Foster.
New Users Need Not Start Again on The Platform
LocalCryptos boasts of more than 100,000 registered users, 1,500 daily active users and 450 trades each day, making it one of the largest non-custodial P2P Bitcoin platform. The platform also has an impressive trading volume and has seen $3 million worth of fiat-to-crypto trades per month, from 139 countries.
Most importantly, traders willing to shift on to LocalCryptos need not start over on the platform. The platform is not subjected to as many regulations as LocalBitcoins. The latter recently implemented a mandatory verification process which resulted in a 30% drop in volume on the platform. The firm will also add ERC20 tokens soon and will develop a new smart contract to handle the tokens. Also, in the distant future, the platform might even support ERC721s.
Rising P2P Cryto Space
Also, helping traders and crypto users is not the sole motive of the firm.The firm is also focussed on helping the underbanked and unbanked communities, with a major aim to free Venezuela from hyperinflation.
P2P crypto trading platforms are gradually increasing in number. Another decentralized P2P platform, SIBEX AG, is looking to serve institutional investors. Last month, the firm raised around $1.8 million in a seed funding round to expand its offerings.
Will LocalCryptos Manage to Outdo LocalBitcoins? Let us know, what you think in the comments below!
The post Trade Wars: LocalEthereum is Now LocalCryptos, Will It Outpace LocalBitcoins? appeared first on Coingape.
Source: CoinGape

Binance Update: Binance Margin Traders Can Now Trade With 5x Leverage

In a recent development, Binance has increased its margin trading leverage to 5x and has also enabled an adjustment function on its web interface. Users will now have the option to select any leverage between 3x and 5x for margin trading.
5x Leverage Margin Trading
Source- Binance Support
Per a recent tweet by Binance platform’s official twitter handle, traders will now have the option to select any leverage between 3x and 5x for margin trading.
Source- Twitter
As reported by Coingape, Binance added BNB/ETH margin trading on the 7th of November. The pair is the latest to join the exchange’s ever-growing margin trading platform launched in July this year. Also, on Oct. 31 the exchange announced the addition of QTUM margin trading, allowing users to leverage up to 125X and also borrow the asset.
Also, today, Binance announced that it will open trading for a MCO/USDT trading pair at 2019/11/19 10:00 AM (UTC). Few days back, Binance added margin trading for IOTA with the pairs IOTA/BTC and IOTA/USDT.
Binance Enables Ruble Deposits With Advcash
In the starting of November, Binance partnered with Advcash to offer deposits and withdrawals of Ruble (RUB) via the Advcash service.The service will further allow users to buy and sell crypto with RUB directly on Binance’s buy/Sell crypto page with a one-click buy/sell service. Also, there will be no transfer fees when depositing RUB using Advcash Wallet.
Rising Institutional Interest in Bitcoin
Changpeng “CZ” Zhao, the CEO of Binance in an interview with Bloomberg said that institutional interest in Bitcoin (BTC) and other digital assets is on the rise.
He said,
“We’re definitely seeing a lot of institutional interest picking up. I think the regulatory uncertainty is still affecting some countries, but there’s definitely a race towards [crypto] adoption now. Binance is working with a number of governments. We signed a memorandum of understanding (MoU) with the government of Ukraine, [which involves] advising them on [developing] regulatory frameworks.”
What will be Binance’s next developmental initiative? Let us know, what you think in the comments below!
The post Binance Update: Binance Margin Traders Can Now Trade With 5x Leverage appeared first on Coingape.
Source: CoinGape

Litecoin [LTC/USD] Shows Bullish Signals as Pair Grows by 2.2% in a Day

LTC/USD forms a golden MA cross on the daily candle charts crossing $59 USD.
Litecoin (LTC) targets major resistance level at $68.00 USD.

Litecoin seems to be drifting away from Bitcoin’s bearish market sentiments as its USD pair gained over 6% in the past 48 hours to trade at a current price of $59.40 USD following a huge $2.30 USD spike in the past 4 hours. The positive sentiments growing across Litecoin’s community are strengthened by a positive outlook on the technical indicators which signals a possible start of a bullish momentum in the crypto’s price market.
LTC/USD rises forming a golden cross
Looking at the 4 hour charts, LTC/USD is closing in on a formation of a golden cross, the short term 50 day MA line (red) crosses above the long term 200 day MA line. A ‘golden cross on LTC/USD signals a possible bullish uptrend towards testing resistance levels at $64, $67, and $68 in coming days.
LTC/USD Chart by TradingView
The price candle is currently trading above the middle Bollinger Band (BB) signaling a possible run-up towards the upper band. Price bounced off the support level of the bearish channel at $57.40 USD with bulls taking control of the sustained uptrend since Oct. 23.
LTC/USD chart by TradingView
The overall volatility in the crypto market has been dropping in the past few months with volumes traded also dropping in the past few days as traders look for the next move. LTC/USD’s has followed the trend seeing a current squeeze on the BB bands signaling a possible period of high volatility in the near future.
A case to buy alts?
The crypto market bulls are finally showing meager signals of taking over from the extended bearish period. LTC, currently ranked 6th on Coinmarketcap listing with a total cap of $3.8 billion, has been one of top beneficiaries in the crypto-revival in the past 24 hours. LTC/USD bulls spurred the coin 2.20% in the past 24 hours, registering the highest return among the top 10 cryptocurrencies during the period.

Unless we get another $3k China candle, the R:R on going long/short on $BTC just isn't there on low time frames..
Buy the Alt dips.
— Pick A Crypto | FA & TA | Amateur Trader 💰 (@PickACrypto) November 17, 2019

The surge comes at a time most top altcoins across the field are experiencing green daily candles for the first time in a week, witnessing slight gains between 0.05% and 5%. Some investors see thid as a chance to stock up on alts as BTC falters below $8,500.
Images from TradingView
The post Litecoin [LTC/USD] Shows Bullish Signals as Pair Grows by 2.2% in a Day appeared first on Coingape.
Source: CoinGape

Bitcoin SV’s Community Experiences Sour Anniversary as Death Cross Forms on BSV/USD

Bitcoin SV celebrates the first anniversary; community joins in congratulatory messages.
BSV/USD forms death cross on the daily candle chart.
Bearish trend signals possible to drop towards the $120, $112 and $100 support levels.

Bitcoin Satoshi Vision (BSV) is celebrating its first anniversary since gaining independence from the Bitcoin network. Despite the celebratory mood across the community, BSV/USD market has gradually turned red forming a death cross on the daily candle charts price signaling a possible drop towards the resistance levels at $110 in the coming days.
Bitcoin SV celebrates the first anniversary amidst a cloud of red
The BSV community is celebrating its first anniversary since the controversial split from Bitcoin that saw the chain compete for hash power with Bitcoin Cash (BCHABC), another fork of Bitcoin. After years of battling between BCH and BTC developers, BSV finally forked from Bitcoin main chain on 15 November, sparking the first ever public hash war on Bitcoin.

Great read – Bitcoin SV Year 1: A whole year of highlights – CoinGeek
— Calvin Ayre (@CalvinAyre) November 15, 2019

With the manifesto of bringing back the original blockchain envisioned by Bitcoin’s creator, Bitcoin SV further offers a scalable platform “as Satoshi planned.”
“We declare November 15 as Bitcoin Independence Day, to commemorate BSV’s rise to free and protect original Bitcoin.  We’ve seen tremendous scaling success and application development on BSV in just one year, confirming that Bitcoin’s original design always worked,” Jimmy Nguyen, President of Bitcoin Association, an organization dedicated to developing the Bitcoin SV network.
However, the celebrations have failed to spark up the price as bears took control of the market after the price tested the resistance level at $145 pushing down the price to an intraday low of $119.
BSV/USD price chart forms death cross, bears firmly in control
Looking at the daily charts, BSV/USD price is set to test lower support levels as the SMA 50 crossed above the SMA 200 line confirming a death cross on the pair. The indicator signals an upcoming bearish reversal on the pair currently trading at $123.11 USD. BSV/USD bears look set to gain control of the market to push the price towards the $120, $112 and $100 support levels.

Source: TradingView, Bitfinex
Seller pressure intensifies in the BSV market as witnessed on the free fall of the relative strength index (RSI) oscillator pointing towards oversold levels. BTC ‘s abysmal performance against the green back in the past few days does not paint a rosy picture for the coin that very much follows the pioneer coin’s price.
Source: TradingView
A bullish flag pattern forms on the daily candle charts and closes below the flag’s support level spells doom for the BSV/USD bulls and may see the price drop towards the major support level at $79.00.
The post Bitcoin SV’s Community Experiences Sour Anniversary as Death Cross Forms on BSV/USD appeared first on Coingape.
Source: CoinGape