The market failed to gain any momentum over the weekend, as Bitcoin still remains just above $4,000. However, one significant change is that the volume remained constant. Usually, during the weekends, the trading volume drops by 40–50%. However, it dropped by less than 10% in the last couple of days and mostly remained constant. This indicates that both bulls and bears are not ready to give up control just yet. We’d have to wait longer for one of them to exhaust and the other to take over. At this point, bears might win as Bulls continue to experience constant rejection. Also, Binance Coin (BNB), the native cryptocurrency of Binance continued to post significant gains to reach its highest point ever.
In other news, US-based institutional cryptocurrency exchange Seed CX has announced a partnership with Singapore-based fintech firm Hydra X to expand into the Asian market. Seed CX will be joining Sigma, a platform that consists of various exchanges. Sigma is being developed by Hydra and it is currently in Beta. Also, Galaxy Digital CEO Mike Novogratz believes Bitcoin’s market cap can ‘easily’ surpass gold over the next 20 years. Novogratz issued the comments while interviewing with Morgan Creek Digital founder Anthony Pompliano and he backed up his statement by saying it is only a matter of time before institutional giants like Goldman Sachs and the Intercontinental Exchange get involved with the crypto sector.
1) Despite recent disparaging remarks from some crypto proponents, adopting of the lightning network continues on the uptrend as the total capacity of the lightning network has increased by 45% over the past 30 days. At the time of writing, there is a network capacity of 1,048.52 BTC, worth roughly $4.195 million, and 7,610 Nodes in operation. That represents an increase of 15.34% in the number of nodes during the past month, with the total number of channels increasing by 31.2% to its current value of 39,404. (Read More)
2) Binance recently relaunched its launchpad offering, allowing users to participate in token sales directly through the crypto exchange. While the initial sales of the renovated platform have gone smoothly, there have been several issues. The platform locked many investors out of the portal during the BTT and FET sales after the Launchpad became overloaded with buy orders. Binance has attempted to solve this problem by using a lottery system instead of using a ‘first-come-first-served’ system. In so doing, the exchange would increase fairness in the ecosystem. The lottery system would also prevent one firm from purchasing all coins in a Launchpad sale. (Read More)
3) Less than one month after its mainnet launch, IOST has processed 16 million transactions and achieved a block height of 7 million. The network also boasts 200 partners and ranks as one of the top 3 dApps alongside EOS, Tron, and Ethereum. Endless Game, a dApp-based game, also exceeded 1 billion IOST volume within the first 48-hours of launching and the dApp currently ranks among the top 3 on Dapp Charts. The IOST mainnet provides equitable wealth distribution, a high-performance p2p network capable of reaching a transaction output of 8,000 (in beta) and a highly secure and efficient V8 virtual machine. (Read More)
