This article provides: an overview of how Bitcoin (BTC), Ether (ETH), XRP, Bitcoin Cash (BCH), Cardano (ADA), Chainlink (LINK), Tezos (XTZ), and Basic Attention Token (BAT) have been performing 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, 17 out of the top 20 cryptoassets (by market cap) are currently in the red (against the dollar).
All market data used for the price charts in this article was taken around 11:30 UTC on 14 November 2019 from CryptoCompare, which also generated the price charts shown in this article.
This has not been a great week for Bitcoin, having started Monday at $9,046, it has come down 4.7% since then to reach $8619, which is where the price is at the time of the writing. However, over the past one-year period, Bitcoin is up around 51%.
Bitcoin's market cap is currently around $155 billion, which means that its market cap dominance is around 65%.
As you probably know already, once every 210,000 blocks (approximately every four years), there is a Bitcoin halving event (where the block mining reward is halved, such that miners receive 50% less BTC for verifying transactions); these Bitcoin halving events keep on occurring until the maximum supply of 21 million bitcoins has been minted.
Well, the next Bitcoin halving event is estimated to occur around 14 May 2020; this is when the block mining reward will decrease from 12.5 BTC to 6.25 BTC. This means that we are six months away from the next Bitcoin halving. This realization prompted Alistair Milne, Co-Founder and Chief Investment Officer (CIO) of cryptocurrency-focused hedge fund Altana Digital Currency Fund (ADCF), to send out the following tweet yesterday:
Exactly half a year before Bitcoin's halving ...— Alistair Milne (@alistairmilne) November 13, 2019
... miners will start hoarding
... HODL'ers will continue hodl'ing
... bears will say it is priced in all the way up
... nocoiners will screech 'bubble' for ~two years
... peak euphoria will be ~18 months afterwards
Earlier today, the research arm of crypto exchange Binance pointed out that something that Thomas Lee, Co-Founder, Managing Partner, and the Head of Research at independent research boutique Fundstrat Global Advisors, has been saying for quite some time, which is that "most of Bitcoin's upside occurs on very few days":
When in doubt? #HODL.— Binance Research (@BinanceResearch) November 14, 2019
Not holding #Bitcoin on Dec, 7 2017 means you would have missed its largest daily absolute gain of $3,608 (25%).
The chart below (from May 2013, when $BTC hit $100) to now shows the impact of the best performant days on the annualized avg. daily returns. pic.twitter.com/BniGcuZSSm
Although the price of Ether had fallen only around 2.8% (which is less than Bitcoin's 4.7% drop), fans of Ethereum have something bigger to worry about.
As Decrypt reported yesterday, on Tuesday (November 12), at Coindesk's Invest: NYC conference, Heath Tarbert, Chairman of the U.S. Commodity Futures Trading Commission (CFTC), said that it was possible for ETH to get classified as a security once Ethereum moves to a Proof-of-Stake (PoS) consensus algorithm:
We are thinking carefully about it.
Apparently, he explained that one reason that ETH 2.0 might get classified as a security is due to the fact that Proof-of-Stake is by its nature less decentralized than Proof-of-Work (PoW), which is the consensus mechanism that Ethereum is currently using:
Mining is, by its very nature, more decentralized as compared to a stake which reduces energy costs by giving it just one validator or a line of validators.
On November 6, the day before Ripple's Swell conference started, the XRP price got as high as $0.3108. Since then, the XRP price has come down almost 15%.
Cryptoasset trading firm Cumberland apparently has a theory for why the XRP price has dropped so much in a little over one week:
Cumberland: "XRP was a victim of the classic, 'buy the rumor, sell the news.'" pic.twitter.com/I7BWMBAEIQ— Light (@LightCrypto) November 13, 2019
Bitcoin Cash (BCH)
Although Bitcoin Cash is down 4.31% in the past 24-hour period and 6.39% in the past seven-day period, since October 15, Bitcoin Cash has gone up almost 25%.
Also, last week, Bitcoin Cash evangelist Roger Ver reminded everyone that in September, Bitcoin Cash dominated Australian retail crypto transactions:
Australians are using Bitcoin Cash!— Bitcoin.com Official (@BitcoinCom) November 7, 2019
Once again the report from @BitcoinBCHcom shows us that peer-to-peer cash is winning. At retail stores across the country, people are using Bitcoin Cash more than all other cryptocurrencies combined.
Full video: https://t.co/5FVqSlTmdh pic.twitter.com/k7V8HWvOkL
In the past 24-hour period, the price of Cardano's native token, ADA, has gone down 3.6%.
#Cardano is clearly superior to #EOS. EOS was first to market, but it’s becoming increasingly clear that of the two, Cardano is vastly superior. More details on this in subsequent tweets. #ADA #crypto #cryptocurrency— Weiss Crypto Ratings (@WeissCrypto) November 13, 2019
LINK is currently the best-performing cryptoasset in the top 20 with a gain of 7% in the past 24-hour period.
Chainlink continue to have highly impressive return-on-investment (ROI) figures:
- one week: +17.21%
- one month: +30.70
- three months: +35.83
- one year: +464.50%
Switzerland-based Fintech startup Amun AG announced today that it had managed to create an income-generating exchange-traded product (ETP) based on the Tezos token that has been listed on Switzerland's SIX stock exchange.
Basic Attention Token (BAT)
It is not surprising to see the BAT price up over 5% today since yesterday we witnessed the official launch of Brave browser 1.0.
Featured Image Credit: Photo via Pixabay.com