This article provides a quick overview of how the crypto markets have been doing—with the focus on Bitcoin (BTC), Ether (ETH), Dash (DASH), and Beam (BEAM)—over the past 24-hour period.
So far, September 20th has been a great days for both Bitcoin and altcoins, with 16 of the top 20 cryptoassets (by market cap) in the green at press time (around 07:45 UTC).
On Thursday (September 19), BTC-USD had fallen to around the $9,800 level by 03:00 UTC. However, as you can see in the above chart, in the past 24-hour period, Bitcoin has made a nice recovery back to around the $10,200 level.
One thing that may have helped Bitcoin is the decision yesterday (September 19) by the Federal Reserve, the central bank of the United States, to cut interest rates (by 25 basis points) for the second time this year.
This promoted Binance COE Changpeng Zhao (aka "CZ") to send out the following tweet this morning to praise Bitcoin for not needing any bailouts and to encourage people to accept the inevitable reality and get into crypto sooner rather than later:
Bitcoin never needed a bailout.— CZ Binance (@cz_binance) September 20, 2019
You will be forced into #crypto, whether you like it or not. The higher your tolerance of being robbed, the longer it may take. But eventually, you will be so poor that you have to change. It's inevitable! Better do it sooner. https://t.co/OwrVuRUb1x
Ether (ETH) seems to be continuing its march towards the $220 level by going up another 5.42% today. Two things may be helping the price of Ether.
First, on Wednesday (September 18), Consensys published a blog post (titled "Ethereum by the Numbers — September 2019") in which it illustrated the current state of the Ethereum network by providing a variety of interesting numbers, a few of which are shown below:
- 8,933 live mainnet nodes (worldwide)
- over 75 million unique addresses
- 95% average gas usage
- average hash rate of 106 TH/s (tera hashes per second)
- 2,597 decentralized applications (DApps) built so far on Ethereum
- 16,900 daily active DApp users
- 1,243 monthly active Ethereum developers (as of June 2019)
ConsenSys Founder Joseph Lubin sent out the following tweet yesterday to highlight some of the numbers in the aforementioned report:
#Ethereum by the numbers.— Joseph Lubin (@ethereumJoseph) September 19, 2019
2,597 Ethereum dApps.
$2M+ Gross marketplace value for @gitcoin.
6821 Total $ETH locked in @MolochDAO.
$1.5M+ Total $ETH locked in @MakerDAO smart contracts.
$20M @bancosantander bond settled @ethereum. https://t.co/WwM4H1HYmQ
Second, as Cointelegraph reported yesterday, Ethereum Co-Founder Vitalik Buterin confirmed earlier this week (on September 15) that miners have started to test raising the block gas limit:
Almost exactly 50% of miners are upvoting the gas limit right now; it just broke 8.1 million for the first time. pic.twitter.com/jn5jPg7dgs— Vitalik Non-giver of Ether (@VitalikButerin) September 15, 2019
The reason for increasing the Etheruem block size is to deal with the network's congestion problem, which is partly caused by Tether's increasing use of the Ethereum network. According to the most recent report by Coin Metrics, thanks to Tether's usage (currently, around 25% of all Ethereum activity), "ETH is on the verge of overtaking BTC in daily transaction fees."
Coinbase announced on Thursday (September 12) that Coinbase Pro, its trading platform for experienced/professional traders, would start accepting DASH deposits on September 16, and trading in DASH/USD and DASH/BTC was enabled on September 18:
Our DASH/USD and DASH/BTC order books are now in full-trading mode. Limit, market and stop orders are all now available. https://t.co/HvH3OPxlj7— Coinbase Pro (@CoinbasePro) September 18, 2019
Around 17:56 on September 19, DASH also become available on Coinbase Consumer (Coinbase.com) and in Coinbase's mobile app for iOS and Android:
DASH is now live at https://t.co/bCG11KveHS and in the Coinbase iOS and Android apps. Coinbase customers can log in now to buy, sell, convert, send, receive, or store DASH.— Coinbase (@coinbase) September 19, 2019
At press time, BEAM is one of the highest gainers among the top 100 cryptoassets (by market cap). This surge in the BEAM price is most likely due to Binance announcing today (around 04:25 UTC) that it is going to list Beam (BEAM):