Crypto Market Update: Focus on Bitcoin, Bitcoin Cash, Cardano, and Chainlink

Siamak Masnavi

This article examines the recent price action of four Bitcoin (BTC), Bitcoin Cash (BCH), Cardano (ADA), and Chainlink (LINK), as well as the news that may have been responsible (at least in part) for these moves. 

Bitcoin (BTC)

Since Saturday (August 10, 00:00 UTC), the Bitcoin price has gone from $11,921 to $10,514, where it is at press time (11:04 UTC), a drop of 11.8%.

BTC-USD 24 Hour Chart on 14 August 2019.png

Around 3.7% of this drop might be due to the U.S. government softening its stance in the trade with China by announcing on Tuesday (August 13) that it would "delay imposing a 10 per cent tariff on a series of consumer goods imported from China — including laptops and cell phones — until December, in a bid to ease fears about the trade war’s impact on markets and the economy." 

This news helped U.S. equities, but what is good for the U.S. stock market tends to have a negative impact on crypto prices, especially Bitcoin, which many people are starting to think of as a safe haven asset even if the evidence for this belief is not overwhelming just yet.

Bitcoin Cash (BCH)

Although yesterday Bitcoin Cash was doing unusually well by being, at one point, the only cryptoasset in the green among the top 20 cryptoassets by market cap, it no longer enjoys that distinction, and at press time, it is trading at $339, down 0.43% in the past 24-hour period:

BCH-USD 24 Hour Chart on 14 August 2019.png

Yesterday's price action caused Su Zhu, Co-Founder, CIO, and CEO of Singapore-based crypto-focused hedge fund Three Arrows Capital to send out this tweet:

Cardano (ADA)

Although the ADA price is up 27% in 2019, over the past 7 days and 30 days, the ADA price is down 2.27% and 11.45% respectively. At press time (11:07 UTC), ADA is trading at $0.05196, up almost one percent in the past 24-hour period: 

 ADA-USD 24 Hour Chart on 14 August 2019.png

One bit of news that might help the ADA price in the coming days is the release of version 1.6 of Cardano on the mainnet, which is mentioned in the following tweet by Cardano creator Charles Hoskinson:

Chainlink (LINK)

Among the top 20 cryptoassets, LINK is the top gainer at the moment with a price increase of just over five percent in the past 24-hour period:

LINK-USD 24 Hour Chart on 14 August 2019.png

One thing that might be helping Chainlink to stand out from the crowd at the moment is the rumor about a possible partnership with NEO:

 

Featured Image Credit: Photo via Pexels.com

Theta Network's THETA and TFUEL Tokens Are Up 437% and 630% in 2020

Siamak Masnavi

THETA and TFUEL, the governance and operational tokens of Theta Network protocol (developed by Theta Labs), which is designed to address the problems with existing solutions for live video streaming. Both of these cryptoassets have experienced tremendous price appreciation in 2020. 

Theta's solution is decentralized peer-to-peer (P2P) video delivery powered by its own native blockchain (which uses Multi-BFT Consensus), which in turn is powered by the users. As you watch your favorite live video streamers, or when you are not using your computer, Theta uses your spare upload bandwidth to relay streams to other users in your local area, and rewards you with TFUEL tokens.

The Theta mainnet was launched on 15 March 2019, but it was back on 14 February 2019 when Theta Labs explained via a blog post the difference between Theta Token (THETA) and Theta Fuel (TFUEL) token:

Theta Labs said that THETA is the governance token of Theta protocol, and that it is used "to stake as a Validator or Guardian node, contributing to block production and the protocol governance of the Theta Network." Users earn "earn a proportional amount of the new TFUEL generated" by "staking and running a node." THETA has a fixed maximum supply of one billion.

As for TFUEL, it is the operational token of Theta protocol. TFUEL "powers on-chain operations like payments to relayers for sharing a video stream, or for deploying or interacting with smart contracts," and it is earned by relayers "for every video stream they relay to other users on the network." 

Both THETA and TFUEL are native tokens of the  Theta blockchain.

These two cryptoassets have been two of the best-performing cryptoassets in 2020 as the two TradingView price charts (for the year-to-date period) below illustrate:

THETA-USD TV Chart on 27 May 2020.png

TFUEL-USD TV Chart on 27 May 2020.png

The THETA price has gone up over 437% against USD (to reach $0.468)  in the YTD period. As for the TFUEL price, it has increased over 630% to $0.0146.

THETA and TFUEL are currently ranked #27 and #93 by reported market cap.

There are three reasons for such amazing price appreciation in 2020:

  • Rapid growth in the number of users of decentralized video streaming platform Theta.TV due to multiple new partnership deals (such as with Samsung and NASA) and the growing demand for entertainment from all the people forced to stay at home due to lockdown measures introduced as the result of the current COVID-19 pandemic. In particular, Theta.TV has been hosting several important virtual blockchain conferences in the past few weeks, most notably Coindesk's Consensus: Distributed conference.
  • The upcoming launch of version 2 of the Theta Mainnet (this is expected to go live around 22:00 UTC on May 27).

Interestingly, the day for Theta's network upgrade (which is supported by Binance) coincides with the day on which NASA and Elon Musk's SpaceX are launching the Falcon 9 rocket:

Update at 13:40 UTC on May 27:

According to a report by Coindesk, Google is "teaming up with Theta Labs in a move meant to help the video delivery network onboard users through Google Cloud." The report goes on to say that Google will "become the protocol’s fifth external validator node, staking 5 million THETA tokens (worth about $2.4 million at a press-time price of $0.48 each) on the network."

Theta Labs CEO Mitch Liu is hoping for further collaborations with Google:

“YouTube is particularly interesting because they utilize mostly internally-developed technology for video delivery and streaming, which makes experimentation a lot easier without having to rely on external platforms like Akamai or AWS."

The announcement seems to have given THETA token's price another push, as you can see from the 24-hour THETA-USD price chart (from CryptoCompare) shown below:

THETA-USD 24 Hour Chart on 27 May 2020.png

Featured Image Courtesy of Theta Labs