Market report # 8 on cryptocurrencies referring to the 3rd week of November 2019.
Like every week, I do this market report to get a picture of the situation.
This report analyzes the market trend in the 1st week of November with the release of sector updates.
In this market report # 8, I analyze the market data first and then finish with this week’s news.
As we can see from the image above, the Bitcoin in the week, is moved on the levels of $ 8.500, varying by + 3.8% compared to the previous week.
Instead for Bitcoin Cash, Bitcoin Sv and Xrp there was a loss of 6.6%, 7.2% and 5.9% respectively compared to the previous week.
Binance remained cautious, remaining at 1.5%.
For the whole sector this week we have seen a cautious phase.
Bitcoin’s Dominance is 65.7%, unchanged from the previous week which was 66%.
While market capitalization has decreased by 3% compared to the previous week.
The total number of coins on the market is 6121, while 399 are the Exchange present.
There has been an increase of 102 new projects and 7 exchanges compared to the previous week.
Top Ten Gainers and Top Ten Losers
This week’s Top Ten Gainers compared to the dollar were:
in this ranking we find TAGZ, Advanced Internet Blocks, GMB etc., all projects with low capitalization and little known.
Instead in the Top Ten Losers of the week, compared to the dollar we find:
We find in this classic Zen Protocol, SnapCoin, EveriToken, etc., also with low capitalization and very significant losses.
While comparing the other coins to bitcoins, let’s see which ones were the best and worst of the week.
In the Top Ten gainers ranking compared to Bitcoin we find:
There are TAGZ, GMB, BABB, etc., with very high performances compared to the performance of the Btc.
Instead in the Top Ten Losers compared to Bitcoin we find:
As we can see in this image, bitcoin fell to the first place in number of active users followed by Ethereum classic, Ethereum and Tron.
In the market report # 8 we also analyze the Exchange and their trading volumes.
Let’s start by saying that there are 399 Exchange until this week’s market report # 8.
Analyzing the daily volumes, the Top Ten with normalized data are:
As we can see the Exchange with higher volumes is always Binance which compared to the latter has a difference of almost 400 million dollars.
Data has changed compared to previous weeks because they are moving towards new products.
Above all coinbase which fell by many positions, and bitfinex who lost 3rd place.
But this is a 24-hour figure, which, referring to a week, does not yet contain normalized data.
This data is taken from the Blockchain trasparency institute website.
In this market report # 8, the report on dapps (decentralized applications) is inserted.
The data is taken from the Dapp review website, and analyzes the various most important smart contract platforms in the industry.
As we see in the image above, the platform with the largest users in the last 7 days is Tron followed by Eos and Ethereum.
The trading volume is controlled by Eos followed by Tron and Ethereum, whereas the number of dapps active on the market is 3351.
The number of users is 63,306, down 15.8% and the number of smart contracts is 14,796, up 1%.
News of the week
The news of the week related to the crypto sector.
1- The Verge cryptocurrency is accepted on Porhub
According to the news on cointelegraph, it seems that the well-known adult movie site has suspended payments with PayPal in favor of Verge.
In fact, this news was very positive for the cryptocurrency which recorded a 32% increase.
The creators of the digital currency stated that:
“History has taught us that the adult entertainment industry plays a fundamental role in the adoption of innovative technologies. We saw it with VHS, Beta Max, payments with credit cards and, more recently, VR glasses.”
This lays the foundation for the revolution in payments, especially in sectors where billions of dollars are exchanged a day, with the use of cryptocurrencies.
2 - Justin Sun admits having participated in the purchase of Poloniex
Tron’s founder, Justin Sun, admitted he had participated in the consortium on buying the Poloniex Cryptocurrency Exchange.
This Exchange is in 11th place for trading volumes and soon after has listed Tron on it.
The tron Foundation operates independently of the Exchange, as stated by Sun itself.
This news is very much in favor of tron because in the long term it would bring much publicity and volumes.
3- The federal reserve has admitted that public debt is no longer sustainable
The head of the Federal Reserve of the United States has declared that the public debt has risen so much that it has become unsustainable.
The United States has a debt that rises more than their GDP, reaching around 24 billion dollars
This could be a problem for future generations because they would pay taxes on the debt than on the assets they would need.
President Trump wants to insert negative rates, that is, to pay for those who keep dollars instead of being paid.
Over the years, the system has benefited from the introduction of dollars by the Federal Reserve, raising inflation by 20% in ten years.
This represents a serious problem for the United States.
4- The Bitcoin Cash hard fork has been completed
The hard fork Bitcoin Cash happened successfully during the week.
This update did not split the blockhcain, it brought a modification to the consent algorithm.
The first block mined at 609.136 was invalidated, while the next one was confirmed.
The problem of the difficulty remains which changes according to the average of the 144 blocks, causing the difficulty and the hash rate to oscillate.
This currency is linked to an evident manipulation situation, both in the mining process and in the token holding process.
Not surprisingly, in the last year there have been many 51% attacks, which should be very difficult to implement in other important coins.
That’s all for this week, I’ll wait for the next article.