Cryptodiary (09.06): demand growth in Venezuela, the attempt to drop transaction fees in Bitcoin Cash network

June 9

The cryptomarket is experiencing some sort of animation. Is it for long? How has the major cryptocurrencies’ dynamic change? Our daily column keeps you in the know.

During the last day of the long working week the cryptocurrency market shows little growth. The total capitalization has reached $343 billion, but the majority of the best tokens have grown but a little and continue on their stagnation. One can hardly speak of big money returning to the market. In order to say this the capitalization should be at least $350 billion. Nevertheless, Mike Novogratz is sure that we are yet to see a $20 trillion capitalization. We will watch.https://lh6.googleusercontent.com/rfj5AH_zNhl6f7wlujf1J3TUo47QNndLqZUU1mW_sfeznuwxVtEDfCxf_XJ4gy-h3UECCYpcphAmEFgwu95lzLzUBuVPgJKBQEi7Tyb7DeEFdjxc4DhB2gqP-FZ9mvlLrYB2JJm9

Bitcoin (BTC) is trading in the sideways corridor between $7600 and $7700 and isn’t showing signs of breaking it either way. Friday evening a big sale made it fall to $7550 but the price soon returned to the corridor that has formed during the week. The 24-hours added 0,69% to the coin. The recent weeks demonstrated peaking demand for bitcoin in Venezuela despite the fact that it now has its own cryptocurrency, El Petro. Citizens are buying up through the LocalBitcoins p2p platform.https://lh4.googleusercontent.com/NSl59Mfjxza8Hs1VoWTLsepFzI4iYrXCSQ6DRysevr8uiD4vEAj-YiejyhpYpLcEpCuT25vt1EnY6q_D6vsxflH5z_iVoRRoe2CV5YxQP1m_mlXsIR1vCg0AKYuRfqfEFPkS-x0v

Meanwhile the bitcoin investors have shifted from HODL (hold) strategy to active trading. And that affected the volatility of the first cryptocurrency. The recession that has been dragging since the beginning of year made even the most loyal bitcoin adepts lose heart. They stopped waiting for the cryptocurrency to grow and thus make the early investors rich and began to make profits on short-term price movements. During last week major speculators at CBOE exchange that offers bitcoin futures increased positions for sale meaning that next week we are waiting for bearish sentiments on the market.

Ethereum (ETH) was a bit better, the cryptocurrency has grown 1,17% in price and has topped $600 again. Nevertheless significant growth drivers are nowhere to be seen.

The third by cap token, Ripple (XRP) is growing surprisingly synchronous, having likewise made 1,17% in growth as of this article. While yet another lawsuit has been filed against Ripple, accusing it of selling unregistered securities. If the claim gets granted, this will be precedent for all sorts of extortionists as the same can be applied to a wide range of cryptocurrencies and tokens.

Bitcoin Cash (BCH) has grown by 1,5%. Recently they have been offered commission-less transactions under Miner’s Choice initiative lead by Coingeek and Nchain. Its essence is that miners are dropping the 546 limit and will allocate part of the block for zero-fee transactions. As the initiators state this should promote Bitcoin Cash, but the necessary limit drop also creates risk of the network getting cluttered with transactions to the point of failure. Also there are doubts about miners who would voluntarily give up the reward they have been used to. However, according to the new research of Chainalysis, BCH is used more as investment than for transactions.

Larger growth was demonstrated by EOS (EOS). The price has grown by 5,9% after it has been announced that MainNet launch will take place today, 16.00 Moscow Time. One can expect inertial growth after this time but it is highly likely that token holders who have bought them in the general agitation will sell off in order to gain short profit.https://lh5.googleusercontent.com/MVpSdtgjVAxSV_imUfFjCu8tLmzcHukmkKyIgXPJeC4mms6FkGO3eMKgQSXeck9hxVYfz9dVdgcPv3AI4f5EPAk_yDHDb60rcZT7c7X7MSz6uk-sl5S2AFHCVdX1yUdmXraP9WLr

Today’s leader among the top-100 is Bitbox crypto exchange’s BIX. Its growth by 15% resulted from trade volume increase due to listing such tokens as INSTAR, Red Token, Libra Credit and PCHAIN.https://lh3.googleusercontent.com/iy4WL6AWGAB8qdnZqRMs_is9Pa0BPan_mP2CPJT5oL1wj0ggcaTdrZqhitTrvlji3TlU8HjqNPTsC-UrAxPBkkBaaALJuA8lnoCFUeFVdhYObSIO63asTEpF1blFyPxDztmZdYF3

 

 

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