This article provides an update (as of 10:55 UTC on September 2) on the cryptoasset market, with a particular focus on the following digital assets: Bitcoin (BTC) , Ether (ETH), Binance Coin (BNB), TRON (TRX), and Band Protocol (BAND).
To give you a rough idea of how well the crypto market is doing today, only 5 of the top 20 cryptoassets (by market cap) are currently in the green (i.e. up against USD).
One possible reason for today’s sea of red could be the police raid earlier today on the Seoul offices of South Korean crypto exchange Bithumb.
Another reason why most cryptoassets are down today could be the rise in the value of the U.S. dollar index (DXY), as you can see in the chart below by MarketWatch:
According to data from TradingView, during the past 24-hour period, the total crypto market cap has decreased by 2.71%, and as of 10:55 UTC on September 2, it stands at $361.81 billion.
The Crypto Fear & Greed Index, which is based on an analysis of “emotions and sentiments from different sources”, is currently telling us that we are in “Extreme Greed” category:
All market data used in the remainder of this article was taken from CryptoCompare around 11:00 UTC on 2 September 2020.
Bitcoin is currently trading around $11,519, down 3.35% vs USD in the past 24-hour period:
In the year-to-date (YTD) period, Bitcoin is up 60.36% vs USD. BTC dominance stands at 54.7%.
On Tuesday (September 1), Bitcoin managed to surge above the $12K level for the first time since August 19.
Today, however, it’s a very different story and Bitcoin is definitely not behaving like a stablecoin. At one point (around 11:00 UTC), Bitcoin dropped to as low as $11,232.
Technical Analyst “Crypto Michaël” had this to say about Bitcoin’s latest price action:
Ether is currently trading around $454.03, down 3.25% vs USD in the past 24-hour period:
In the YTD period, Ether is up 252.18% vs USD.
Although earlier in the day (around 05:15 UTC), Ether was trading around the $480 level, since then, it has been heading down. At 11:20 UTC, roughly 20 minutes after Bitcoin reached its intraday low, Ether had its intraday low of $425.04.
Binance Coin (BNB)
BNB is currently trading around $24.41, up 4.05% vs USD in the past 24-hour period:
In the YTD period, BNB is up 77.39% vs USD.
One of the few cryptoassets doing well today is BNB, and that’s due to yesterday’s announcement by Binance about the successful mainnet launch of Binance Smart Chain, which is a high performance EVM-compatible blockchain that runs in parallel to the Binance Chain (launched in April 2019); two important benefits that Binance Smart Chain delivers are enabling of smart contracts and support for Binance Coin (BNB) staking.
TRX is currently trading around $0.03442, up 13.63% vs USD in the past 24-hour period:
In the YTD period, TRX is up 146.20% vs USD.
TRX is the biggest percentage gainer among the top 30 cryptoassets, and the reason for that is the following Twitter thread by TRON Foundation CEO Justin Sun about the launch at 13:00 UTC (21:00 Hong KOng time) of SUN Genesis Mining:
In a blog post published yesterday, the TRON CEO talked about SUN Genesis Mining:
“SUN Genesis mining will formally kick off on September 2, 2020. On September 16th, we will celebrate the official launch of SUN by naming that day ‘SUN Day.’ The total supply of SUN will be 19,900,730.
“To participate in the Genesis Mining, simply deposit your TRX in TronLink wallet and login in to the Official website SUN.Market or sun.io using TronLink. This is how users can take part in the initial mining of SUN. In 14 days, the smart contract will refund all assets back to users’ accounts, charging no handling fees. DON’T SEND TRX OR ANY TOKEN DIRECTLY TO SMART CONTRACT! THIS WILL LEAD TO THE LOSS OF ALL FUNDS!
“On September 16, we will distribute the rewards for Genesis mining and officially launch SUN mining. Genesis mining, in its early stage, will offer 10% more SUN tokens for mining than during regular mining periods.”
Band Protocol (BAND)
BNB is currently trading around $14.97, up 5.35% vs USD in the past 24-hour period:
In the YTD period, BAND is up over 6,628% vs USD.
Another cryptoasset that is doing well today is BAND, and the reason for that is today’s huge announcement that Ethereum-powered decentralized exchange Loopring has “completed integration with Band Protocol to reliably update all supported asset prices” in order to “identify slippage and safeguard users from price manipulation.”
The views and opinions expressed by the author are for informational purposes only and do not constitute financial, investment, or other advice.