Crypto Market Update: Focus on Bitcoin (BTC), XRP, Chainlink (LINK), Cosmos (ATOM)

This article provides a quick overview of how the crypto markets have been doing—with the focus on Bitcoin (BTC), XRP, Chainlink (LINK), and Cosmos (ATOM)—over the past 24-hour period.

To give you a rough idea of how things are going today, 42 out of the top 50 cryptoassets (by market cap) are currently in the green (against the dollar).

All market data was taken around 07:30 UTC on 3 October 2019 from CryptoCompare, which also generated the price charts shown in this article.

BTC-USD 24 Hour on 3 Oct 2019.png

In the United States, the aftermath of poor manufacturing and hiring data, which were released this week, continued to cause trouble for U.S. equities, with the Dow falling on Wednesday (October 2) for the second day in a row, bringing its two-day total loss to 838 points.

Bitcoin (BTC), however, is managing to stay in the $8,200–$8,400 range. It started today at $8,394 and at press time is trading around $8,303, which means that it is up 0.68% in the past 24-hour period.

On October 2, Travis Kling, Founder & Chief Investment Officer of Ikigai Asset Management, referred to Bitcoin as an "X-Man toddler":

 XRP

XRP-USD 24 Hour on 3 Oct 2019.png

Although the XRP price is currently $0.248, i.e. lower than the start of the day when it was trading around $0.253, it is still up 0.73% in the past 24-hour period.

On October 2, Ripple announced that Xpring, its investment arm, is set to become "open developer platform for money" and that this new platform "offers a set of tools, services and programs that makes it easier for developers to send and receive payments in any currency, across any network, using the XRP Ledger and Interledger Protocol." 

Ethan Beard, Ethan Beard, Senior Vice President of Xpring, wrote:

Today, Xpring is offering a new Xpring SDK to easily work with XRP/ILP in any programming language, and a variety of tools for development on XRP and ILP including an XRP Network Explorer, a new XRP Ledger Devnet, and a new Testnet for ILP. These are just the first of many developers tools and services that we plan on building.

Xpring also announced that it had entered into a strategic partnership with crypto payment processor BitPay, as a result of which, two things will happen:

  • BitPay will be supporting XRP natively, which will allow merchants that are customers of BitPay to accept XRP as a form of payment, by the end of the year.
  • BitPay Wallet will support XRP.
  • BitPay Wallet will integrate with the new Xpring developer platform.

Chainlink (LINK)

LINK-USD 24 Hour on 3 Oct 2019.png

LINK has been enjoying a strong rally since September 26 when it had an intraday low of $1.572. Between then and now, the LINK price has gone up over 25%.

This recovery has been based on lots of good news in the form of partnership announcements, a couple of recent examples of which are listed below:

  • On October 1, Parallel Markets said in a blog post that it would be "connecting its investor identity data" to the Chainlink network to "help build the first portable investor identity solution available on the blockchain."
  • On October 2, TomoChain announced that it was going to work with Chainlink in order to integrate data-driven smart contracts into its blockchain ecosystem.

Cosmos (ATOM)

ATOM-USD 24 Hour on 3 Oct 2019.png

Since September 29, the ATOM price has gone up over 23% from an intraday of $2.102 to its current price of $2.60.

On October 1, Cosmos tweeted that Regen Network is "working on enabling WASM smart contracts within the #CosmosSDK":

On September 26, Cosmos sent out this interesting "State of Cosmos" tweet:

 

Featured Image Credit: Photo via Pixabay.com

Elrond (ERD): This Binance Launchpad IEO Is Up Over 1580% in 3 Months, Enters Top 50

Siamak Masnavi

On Monday (July 13), blockchain platform Elrond (ERD), which sold 25% of its total token supply last summer via an initial exchange offering (IEO) on Binance Launchpad, has been one of the best performing cryptoassets over the past three months, and in this article, we attempt to explain why Elrond has many crypto investors and traders so excited.

According to data from CryptoCompare, Elrond is currently (as of 14:30 UTC on July 13), trading at $0.01446, up 22.54% in the past 24-hour period, which means that it is now the 50th most valuable cryptoasset by market cap:

24 Hour CC Chart for ERD-USD on 13 July 2020.png

As for Elrond's performance in the past 30-day and 90-day periods, it is up (vs. USD) approximately 366% and 1580% respectively.

So, why does Elrond's ERD token enjoy such bullish market sentiment?

In order to understand this, it might be a good to start with a brief overview of what Elrond is and what problems it is trying to solve.

According to its development team, Elrond Network is trying to be "the most scalable, fast and secure blockchain platform for real world applications, bringing a 1000x improvement compared to blockchains such Bitcoin or Ethereum."

Here is how Binance Research describes Elrond:

"Elrond is a high-throughput public blockchain focused on providing security, efficiency, scalability, and interoperability by employing two key elements: Adaptive State Sharding and a new Secure Proof of Stake ('SPoS') consensus mechanism.

"Elrond's blockchain protocol for smart contracts & dApps can process over +10k transaction per seconds with low block times (5s), negligible transaction fees, and with fast finality for cross shard transactions in a matter of seconds.

"The Adaptive State Sharding, works via shard merges & splits for unlimited scalability, and uses a fully sharded Architecture, which includes state, transactions, and network. This architecture is deemed highly resilient against malicious attacks due to validators shuffling between shards.

"Elrond features smart-contract royalties, where 30% of the fees can be reallocated to the smart contract author.

"ERD is the native asset of Elrond and is used to pay for transaction fees and the cost of deploying dApps on the network, along with rewards for various contributions to the network."

Elrond launched a prototype in Q3 2018, had its public testnet launch in Q3 2019, and is expecting to have its mainnet launch on July 30.

As for the road ahead, Elrond plans to introduce Elrond dApp store, Elrond digital identity, and Elrond name service in Q3 2020, and DeFi initiatives, privacy features ("Palantir"), and cross-chain interoperability in Q4 2020.

Elrond Co-Founder and CEO Beniamin Mincu today sent out a tweet to proudly (and for good reason) point out his team's main achievements for the past week:

Earlier this month, in an interview with Cointelegraph, Mincu compared Elrond with Ethereum 2.0, and said that while the two appear to offer similar features, Elrond is launching its mainnet now (at the end of July) while ETH 2.0 is hoping to have these features by 2022:

It is similar. But the difference is essentially that Ethereum is trying to launch this in two years, where Elrond is launching this right now. So we have finished the whole technology. Everything is working. We can process 10,000 thousand transactions per second right now.

And when asked how Elrond compares to other PoS blockchains such as Cardano and EOS, he had this to say:

I would think that compared to all the other ones, Elrond has a much more fundamentally performant architecture. So we beat them in any way you can measure, second, from a resource reward perspective for PoS architectures, we have a more competitive reward system right now for validators.