Crypto Market Update: Focus on BTC, TRX, ADA, LINK, and QTUM

Siamak Masnavi

This article provides an overview of how Bitcoin (BTC), TRON (TRX), Cardano (ADA), Chainlink (LINK), and Qtum (QTUM) have been doing over the past 24-hour period, as well as a recap of interesting recent news that might have affected their prices (or might do so in the future).

To give you a rough idea of how well the crypto markets are doing today, 18 out of the top 20 cryptoassets (by market cap) are currently in the red (against the dollar). It could be argued that this is at least in part due to the negative mood in the equity markets today, which is the result of a poorer than expected GDP growth rate (6%) in China in Q3.

All market data used in this article was taken between 08:30 UTC and 09:00 UTC on 18 October 2019 from CryptoCompare, which also generated the price charts shown in this article.

Bitcoin (BTC)

BTC-USD 24 Hour Chart - 18 Oct 2019.png

Bitcoin is down almost 2% today. Although Bitcoin started the day at around $8,100, by 08:00 UTC, it had dropped around $200.

The 7-day, 30-day, and 90-day Return on Investment (ROI) figures are -2.77%, -20.57%, and 24.95% respectively. The good news, though, is that Bitcoin's one-year ROI is +25.45%.

Bitcoin's current market cap is around $142 billion, and its market cap dominance is around 66%.

Although things look slightly gloomy at this point, one interesting bit of news that can be seen as bullish for Bitcoin is that earlier today, the 18 millionth bitcoin got mined, which means that there are only three million bitcoins left to be mined in the next 120 years. Here are a couple of tweets that remind those without any Bitcoin that they might want to consider getting their own "piece of the pie":

TRON (TRX)

TRX-USD 24 Hour Chart - 18 Oct 2019.png

Although TRX is currently trading below $0.015 and is down in the almost 3.6% in the past 24-hour period, TRX HODLers remain optimistic that things will get better since TRON Foundation CEO has said on Twitter that there will be a major TRON-related announcement at the end of this month:

Most people seem to be expecting this announcement to be some kind of partnership with Samsung since Justin Sun is one of the speakers at this year's Samsung Developer Conference (SDC), which is being held October 29-30 in San Jose, California.

Cardano (ADA)

ADA-USD 24 Hour Chart - 18 Oct 2019.png

Yesterday, around 14:00 UTC, the ADA price fell below $0.038 for the first time since September 30. In the past 24-hour period, the ADA price has dropped $2.61% to reach $0.03805.

Earlier today, Charles Hoskinson post these very interesting photos of a pair of brand new New Balance sneakers:

So, why is the CEO of IOHK posting photos of New Balance sneakers on Twitter?

Well, as SiliconANGLE reported earlier today, "New Balance Athletics Inc. announced today the launch of a pilot program to track the authenticity of its newest basketball shoe using a distributed ledger blockchain to provide trust and provenance for every customer." The report goes on to say that New Balance decided to build its distributed ledger technology (DLT) platform on top of the Cardano blockchain. 

Ian Fitzpatrick, Head of Global Content and Digital Marketing at New Balance, had this to say:

We are using blockchain technology to innovate at multiple points of the customer lifecycle. We’re also helping customers feel confident that the footwear they are purchasing fulfill the quality promise that is central to the New Balance brand.

And Hoskinson stated:

We’re looking forward to seeing what New Balance customers make of the opportunity to protect their investment by verifying the authenticity of their new purchase forever, on the Cardano blockchain. We believe that the New Balance OMN1S will be just the first of many products authenticated as genuine in this way, doing away with the need for paper receipts or certificates of authenticity forever.

Chainlink (LINK)

LINK-USD 24 Hour Chart - 18 Oct 2019.png

Although the LINK price is mostly unchanged in the past 24-hour period and the LINK price has dropped almost 10% in the past 7-day period, it is worth keeping in mind that Chainlink's 30-day and one-year ROI figures are pretty impressive -- 37.60% and 577.65% respectively.

On October 14, Chainlink announced that it is hosting its virtual virtual hackathon:

Yesterday, we found out that one of the sponsors for this event is Binance X:

Qtum (QTUM)

QTUM-USD 24 Hour Chart - 18 Oct 2019.png

It is a bit surprising to see QTUM down 4.31% in the past 24-hour period since it successfully executed a hard fork on its mainnet yesterday:

 

Featured Image Credit: Photo via Pixabay.com