Crypto Market Update: Focus on BTC, XRP, BCH, BNB, and LINK

Siamak Masnavi

This article provides an overview of how Bitcoin (BTC), XRP, Bitcoin Cash (BCH), Binance Coin (BNB), and Chainlink (LINK) 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, 17 out of the top 20 cryptoassets (by market cap) are currently in the green (against the dollar).

All market data used in this article was taken around 12:40 UTC on 17 October 2019 from CryptoCompare, which also generated the price charts shown in this article.

Bitcoin (BTC)

BTC-USD 24 Hour Chart - 17 Oct 2019.png

The Bitcoin price has not changed much in the past 24-hour period, currently hovering between $8,000 and $8,100, just like it was this time yesterday (October 16).

Although the BTC price is up 0.86% in the past 24-hour period, the 7-day and 30-day Return on Investment (ROI) figures are -4.89% and -20.54 respectively. The good news, though, is that Bitcoin's one-year ROI is +24.81%.

Bitcoin's current market cap is around $145 billion, and its market cap dominance is around 66%.

On October 16, journalist Joe Weisenthal, who is the co-host of Bloomberg TV's "What'd You Miss?" program, claimed during a tweetstorm that Bitcoin is not much of a store of value due to its lack of support for anonymity.

Interestingly, on the same day, according to derivatives analyst and trader Tone Vays, fierce Bitcoin critic Professor Nouriel (aka "Dr. Doom") admitted during a panel at blockchain and AI conference (CC Forum 2019) in London that Bitcoin might be a "partial store of value":

Maybe Bitcoin is a partial store of value but it’s not a unit of account, it’s not a means of payment, it’s not scalable [...] in spite of its rally earlier this year, it’s lost 60% in value since it’s peak, so I don’t see it going anywhere frankly.

A more bullish comment came from Cameron Winklevoss, Co-Founder and President of the Gemini digital asset exchange:

XRP

XRP-USD 24 Hour Chart - 17 Oct 2019.png

XRP is also doing well, up 4.77% in the past 24-hour period. One reason for the increase in the XRP price might be Ripple's continued efforts to make XRP easier and safer to use.

Yesterday, Xpring, Ripple's investment and incubator, announced that it had invested in Swedish startup Towo Labs, which is developing open-source firmware that will allow popular hardware wallets to provide full support for the XRP Ledger (XRPL), which means that XRP HODLers will be able to use all 17 XRPL transaction types in a secure non-custodial fashion.

Bitcoin Cash (BCH)

BCH-USD 24 Hour Chart - 17 Oct 2019.png

Although the Bitcoin Cash price has not changed much since yesterday, Bitcoin.com reported earlier today that Changpeng Zhao (aka "CZ"), Co-Founder and CEO of Binance, the world's largest crypto exchange by trading volume, had proposed (on the Binance community forum) the idea of listing BCH on Binance DEX, Binance's decentralized exchange platform.

In his post, which was made earlier today, CZ says that Binance is proposing to list (on Binance DEX) BCH-1FD, "a pegged token that tracks the value of the native asset of the Bitcoin Cash" to allow "Binance DEX users to trade BCH on the DEX." CZ goes on to say:

BCH-1FD is backed by real BCH assets, and Binance, the largest cryptocurrency exchange, will provide conversion between BCH and BCH-1FD through deposit/withdraw. As such, there isn’t much development work in this token or any potential of conflict of interest.

CZ also says that "BCH-1FD can be swapped on Binance.com for native BCH, which can then be used for other native BCH use cases."

Binance Coin (BCH)

BNB-USD 24 Hour Chart - 17 Oct 2019.png

One reason for BNB's strong showing today is Binance's highly impressive Q3 2019 results. As CryptoGlobe reported earlier today, Binance had its second best ever quarter with a profit of approximately $186 million despite spot trading volume due to retail investors decreasing in the previous quarter across most crypto exchanges.

Since Binance needs to burn 20% of its profits every quarter, this meant that during the past 24 hours, Binance had its 9th BNB coin burn, as the result of which 2,061,888 BNB coins (worth approximately $36.7 million) were burnt.

Binance - BNB Burn Table - Oct 2019.jpg

Chainlink (LINK)

LINK-USD 24 Hour Chart - 17 Oct 2019.png

Chainlink is doing great today, up 8.33% in the past 24-hour period.

One reason for this surge in price could be the announcement that Chainlink made yesterday:

 

Featured Image Credit: Photo via Pixabay.com