Crypto Market Update: Focus on BTC, ETH, DASH, and BEAM

Siamak Masnavi

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). 

BTC-USD

BTC-USD 24 Hour Chart - 20 Sep 2019.png

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:

ETH-USD

ETH-USD 24 Hour Chart - 20 Sep 2019.png

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:

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:

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."

DASH-USD

DASH-USD 24 Hour Chart - 20 Sep 2019.png

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:

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:

BEAM-USD

BEAM-USD 24 Hour Chart 2 - 20 Sep 2019.png

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):

 

Featured Image Credit: Photo via Pixabay.com. All cryptoasset prices and price charts courtesy of CryptoCompare.