Crypto Market Update for 19 June 2020: Bitcoin, Ethereum, Cardano, Chainlink

Siamak Masnavi

This article provides an overview of how Bitcoin (BTC), Ethereum (ETH), Cardano (ADA), and Chainlink (LINK) have been doing over the past 24-hour period, covers recent news that might have affected their prices (or might do so in the future), and looks at interesting tweets about these digital assets from prominent members of the crypto community.

To give you a rough idea of how well the crypto markets are doing today, 14 out of the top 20 cryptoassets (by market cap) are currently in the red (i.e. down against USD).

All market data used in this article was taken from CryptoCompare around 09:20 UTC on 19 June 2020.

Bitcoin (BTC)

Bitcoin is currently trading at $9,389, which means that it is down 0.41% in the past 24-hour period:

24 Hour CC Chart for BTC-USD on 19 June 2020.png

This means that Bitcoin has been trading below the psychologically important $10,000 level since June 3.

During the past couple days, on-chain market intelligence startup Glassnode has been making several interesting observations about Bitcoin:

  • Over 60% of the circulating Bitcoin supply has not moved in over a year.
  • Bitcoinn HODLers have been adding to their position on just over 90% of the first 170 days of 2020:
  • The Puell Multiple -- an indicator/metric "created by David Puell of Adaptive Capital to explore market cycles from the perspective of bitcoin miners", which is calculated "as the daily coin issuance in USD divided by the 365-day moving average of coin issuance in USD" -- dropped below 0.5 (i.e. into the green "buy" zone on June 18 for the first time in nearly three weeks:

Ethereum (ETH)

Bitcoin is currently trading at $230.35, which means that it is down 1.29% in the past 24-hour period:

24 Hour CC Chart for ETH-USD on 19 June 2020.png

In the year-to-date period, Ethereum, the second-most valuable cryptoasset by market cap, has gone up from $128.91 to $230.35, which means a 78.69% increase in value (against USD).

On June 17, Vitalik Buterin, the original author of the Ethereum white paper, noted that although the white paper predicted that the circulating supply of Ether (ETH) would be 159.8 million by now, in fact, the current circulating supply of ETH is only 111.3 million:

Earlier today, Austrian blockchain startup Bitfly, which offers three Ethereum mining pools, pointed out that Ethereum miners are considering increasing the Block Gas Limit (i.e. the maximum amount of gas that can be spent on the transactions within a block):

Of course, not everyone in the Ethereum community likes this idea.

For example, here is what Péter Szilágyi, team lead at Ethereum Foundation, had to say about it:

Although Buterin does not officially support the idea of increasing the Block Gas Limit, he does seem unhappy with how expensive Ethereum transactions are at the moment (mosly due to the increase in the usage of the Ethereum network due tothe popularity of stablecoins and DeFi) and wishes that users would start taking advantage of some of the layer 2 scaling solutions available for Ethereum (such as Matic Network):

Anthony Sassano, who is the Product Marketing Manager at Set Labs, Co-Founder of ETH Hub, and the co-host of the "Into the Ether" podcast, says that Ethereum miners want to increase the block gas limit to 12.5 million:

Cardano (ADA)

Cardano (ADA) is currently trading at $0.08045, which means that it is down 2.53% in the past 24-hour period:

24 Hour CC Chart for ADA-USD on 19 June 2020.png

In the year-to-date period, ADA, the 10th most valuable cryptoasset by market cap, has gone up from $0.03277 to $0.08045, which means a 145.50% increase in value (against USD).

On Wednesday (June 17), IOHK sent out a tweet with some interesting stats about Cardano's Shelley Incentivized Testnet (ITN), which is designed allow ADA holders to earn real rewards by either delegating their stake or by running their own stake pool.

Early next month, Charles Hoskinson, Co-Founder and CEO of IOHK, will be speaking at the Cardano Virtual Summit 2020:

Chainlink (LINK)

Chainlink (LINK) is currently trading at $4.141, which means that it is down -0.48% in the past 24-hour period:

24 Hour CC Chart for LINK-USD on 19 June 2020.png

In the year-to-date period, LINK, the 13th most valuable cryptoasset by market cap, has gone up from $1.76 to $4.141, a 135.28% increase in value (against USD).

This week, Chainlink announced the following new partnerships:

 

Featured Image by "WorldSpectrum" via Pixabay.com