This article provides: an overview of how Bitcoin (BTC), Ether (ETH), Bitcoin Cash (BCH), Litecoin (LTC), Cardano (ADA), and VeChain (VET) have been doing over the past 24-hour period; a recap of interesting recent news that might have affected their prices (or might do so in the future); and recent useful observations from Crypto Twitter regarding these cryptocurrencies.
To give you a rough idea of how well the crypto markets are doing today, 15 out of the top 20 cryptoassets (by market cap) are currently in the green (against the dollar).
All market data used for the price charts in this article was taken around 15:30 UTC on 5 November 2019 from CryptoCompare, which also generated the price charts shown in this article.
Although Bitcoin has spent most of the past 24-hour period trading in the $9,300–$9,400 range, if we look at Bitcoin's 30-day performance, things look much better, with the Bitcoin price up over 18% (mostly due to the positive sentiment post President Xi's highly enthusiastic speech about blockchain technology on October 24).
Bitcoin's current market cap is around $169 billion, and its market cap dominance is around 67%.
As CryptoGlobe reported on November 1, on Halloween night, we saw some strange Bitcoin prices on spot exchange Coinbase Pro and futures exchange Deribit.
Well, earlier today, on CME Globex, something similarly strange occurred: the price for its Bitcoin futures, which is based on the CME CF Bitcoin Reference Rate (BRR), suddenly dropped from around $9,255 to around $8,400:
Su Zhu, Co-Founder, CIO, and CEO at Singapore-based Three Arrows Capital, who was one of the first to notice what had happened, had this to say on Twitter:
Around 10 minutes later, he reported: "gap filled, by might or by sleight".
And when asked by another Twitter user why arbitrage algorithms had not caused the Bitcoin price to drop on other exchanges, he offered this explanation:
B/c the CME seller kept dumping at successively lower prices, but the arbitrage hedges ran into solid buy walls on other exchanges— Su Zhu (@zhusu) November 5, 2019
Around 30 minutes later, the The Three Arrows Capital CEO jokingly said:
Maybe some boomer read the "lone whale" paper and tried to see if he could kill BTC himself by shorting it on CME— Su Zhu (@zhusu) November 5, 2019
Like Bitcoin, Ethereum has been trading mostly flat in the past 24-hour period, but also like Bitcoin, it has had a pretty good 30-day ROI (+11.8%).
Late yesterday, Eva Beylin, who works on ecosystem strategy at San Francisco-based blockchain startup Graph Protocol Inc., argued that Ethereum needs some constructive whistleblowing in order to speed up iteration cycles:
1/ Ethereum currently lacks temperament for harsh criticism. Some say it's not aligned with 'Ethereum culture' yet this leads to long iteration cycles, redundant development & unsafe products.— Eva Beylin (@evabeylin) November 5, 2019
I propose that we normalize Constructive Whistleblowing
to tighten feedback loops.
3/ We should feel empowered to publicly contradict design choices without fear of being martyred for providing feedback.— Eva Beylin (@evabeylin) November 5, 2019
Projects should be prepared that EVERYTHING they deploy on mainnet will be harshly criticised, evaluated & broken (especially if it holds funds!!)
Bitcoin Cash (BCH)
On November 4, early Bitcoin (BTC) advocate and current Bitcoin Cash (BCH) evangelist Roger Ver said in a Facebook post that he was willing to send $5 worth of Bitcoin Cash to anyone who is friends with him on Facebook and $1 in Bitcoin Cash to anybody who posts his/her BCH address in the comments section of his post.
Even more interestingly, Ver believes that Bitcoin Cash's price could one day be 1000x what it is today, i.e. the $1 in Bitcoin Cash that he is willing to send to anyone "could easily become $1,000 some day."
Ver says that he is doing this BCH giveaway in order to spread Bitcoin Cash adoption (just like when he did something similar with Bitcoin in 2011).
In the past one-week period, the Litecoin price has gone up almost 6%, no doubt helped at least partly due to last week's Litecoin Summit in Las Vegas. This was where Grin developer David Burkett gave a presentation on October 29 on how to implement opt-in private transactions through the MimbleWimble protocol and Extension Blocks:
The next day, Charlie Lee, creator of Litecoin and the Managing Director of the Litecoin Foundation, had this good news to announce:
Thanks @DavidBurkett38! Your presentation on MimbleWimble and Extension Blocks was awesome. 👏— Charlie Lee [LTC⚡] (@SatoshiLite) October 30, 2019
Good news! @LTCFoundation will fund David to lead the team on implementing MimbleWimble and Extension Blocks on Litecoin and also for continuing his work on Grin++. 🚀 https://t.co/wyEID7aQuo
Today (November 5) marked the birthday of Charles Hoskinson, the creator of Cardano and the CEO of IOHK:
It's my birthday today. Many ask what gift would I like to receive? Chopin already gave me more than I could ever want https://t.co/gQyNiapTbu enjoy the magic of life and that which has been left behind for us. Remember to cherish each moment; never forget to find joy in them— Charles Hoskinson (@IOHK_Charles) November 5, 2019
On November 2, Hoskinson did a surprise Ask Me Anything (AMA) session on YouTube. One of the interesting bit of news mentioned by Hoskinson was that a great deal has been learnt as the result of launching the incentivized testnet of Shelley, and an "enormous number" of bugs have been fixed.
Among the top 50 cryptoassets, VeChain has been the second best-performing one (after Stellar) with a gain of 13.63% in the past 24-hour period.
On xxx, it was announced that VeChain Foundation's official desktop wallet and dApp browser, Sync, had received Ledger wallet support:
Sync Browser (1.2.0 update) adds Ledger support!— VeChain Dev (@vechaindev) November 1, 2019
Please upgrade your Ledger VeChain app version to 1.0.4 to import wallets from Ledger, sign transactions and access your funds.
Sync Download: https://t.co/1AE0pZzSmt pic.twitter.com/TGuhUJAiSG
Featured Image Credit: Photo via Pixabay.com