Market update. Friday, January 11, 2019

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Today we look at the crypto market update. Top coins and tokens are still experiencing a downtrend movement. Yesterday we experienced a massive plunge by all major top 100 coins. In this massive move, about $5 billion were wiped from the total market cap. A Big move falling from $138 billion to $121,9. Now it recovered and is sitting at $123,5 with an uptrend look-a-like. 

Total market capitalisation chart. Source: coinmarketcap.com

Market dominance

As we can see in the below picture, theoretically, Bitcoin dominance looks like is in a continuous downtrend. At the same time, it could be the beginning of the long-awaited recovery from the bear market which started at the start of last year’s March. Ethereum and Ripple are still fighting restlessly for the second most dominant asset position. Also, Litecoin slowly but steadily is gaining its dominance.

Market dominance. Source: coinmarketcap.com

Top coins and tokens

As we can see, all the coins are still following the pattern of Bitcoin. In this context, the market still has room to grow, because this is a significant sign of the market is not mature enough. But anyway, Bitcoin is still showing signs of an active bear market. Bitcoin is down by around -3% with XRP following by -4% and Ethereum closes the top 3 with around -5%.

Top 10 coins and tokens. Source: coinmarketcap.com

Overall, in the top 100, we can see a lack of significant movement. Mostly all coins are in a downtrend or in a sideways movement. Except for cryptocurrency Verge, which is booming today with +26%. They recently announced the second beta version of their mobile iOS wallet which could be the reason for this move.

Top 10 gaining coins and tokens in the top 100. Source: coinmarketcap.com

Top Gainers and Losers

Despite the lack of movement in the top 100, lower ranking coins are experiencing more significant moves. EncrypGen is up +165% (traded on Cryptopia exchange), CariNet +98% (traded on BCEX) and Timicoin + 91% (traded on IDAX). All these coins daily volume for the past 24h is around $200,000 which is very weak and low conditions for hope to actually gain some profits. However, this means that altcoin markets are still alive and if you make a shot in the dark you might actually get lucky. But anyway, we would not recommend to neither trade within these exchanges, nor invest in these assets are they are with a high-risk factor. Invest only the amount of money you are willing to lose.

Top Gainers. Source: coinmarketcap.com
Top Losers. Source: coinmarketcap.com

Top Exchanges

When looking at the top 5 exchanges, we see Binance still as the outright leader of all exchanges. However, the exchange is experiencing a -12% loss in their 24h volume. OKEx is coming as the undefeated second place owner with -3% change in their daily volume. Bit-Z with -12% change in volume comes in 3rd, Huobi with a surprising +20% in daily volume comes in 4th place. The top 5 most popular exchanges close with DigiFinex which experiences only a -4% change in their daily volume.

Top Exchanges. Source: coinmarketcap.com

And yet we ask again – Could this be the last stop before take-off?

All the information was taken from CoinMarketCap.com.

OKEx to delist 50+ trading pairs.

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Just recently, OKEx, the Hong Kong based cryptocurrency exchange, announced that they are going to delist several trading pairs. 

The official statement reads:

“To create a robust trading environment and offer the best trading experience to our users, we will delist several TRADING PAIRS with weak liquidity and trading volume according to the OKEx Token Delisting / Hiding Guideline.”

They are highlighting the fact that the exchange is not delisting the tokens themselves, they are delisting the trading pairs which have low trading volume and liquidity.

When is this going to happen?

This action will take place at 06:00 October 31, 2018. “Users should cancel their orders of the affected pairs from our platform. If your order is not canceled in time, the order will be canceled by the system and your asset will be credited to your trading account,” says the official announcement.

Which token pairs are delisting?

Some of the popular ones are Monetha-Bitcoin/Tether pairs, Change-Bitcoin/Ethereum, Bread-Tether, Iconomi-Bitcoin/Ethereum, Substratum-Tether, FirstBlood-Bitcoin/Ethereum, etc.

The full list of all the token pairs that are going to delist you can see here.

How to look at this?

That might come as a little shock because some of the tokens have legit teams working on them like Substratum, and some have a working product like Monetha. OKEx currently is the second largest cryptocurrency exchange by trading volume, just behind Binance. At the same time, OKEx has the most amount of markets trading within the platform a.i. 516, while Binance has “only” 388.

Also, if we sort all the exchanges by their amount of markets, then we see that OKEx is the top 3 exchange with the most significant number of markets. Ahead of OKEx only comes HitBTC with 809 and Cryptopia with 847 markets. So when we look at this situation from this point of view, this action makes logic sense.

Source:

https://goo.gl/ivv781
https://goo.gl/7y7YjR
https://goo.gl/iVDJRK

Photo by Canva.com

OKEx and MSX to launch a new platform for security tokens

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Today in Malta, OKEx the worlds largest cryptocurrency exchange by volume, has announced their partnership with MSX (Malta Stock Exchange). The both companies aim is to make Malta as the Blockchain Island. The partnership was formalized in the form of a Memorandum of Understanding (MoU) signed in Valletta, Malta on July 19, 2018.

The new exchange will be called “OKMSX” “and will leverage OKEx’s digital asset operations and security expertise, along with the Malta Stock Exchange’s 26-year track record of operating as a regulated stock exchange with extensive experience in regulatory compliance and client due diligence”, says in their announcement.

“Malta is taking the helm of regulating the blockchain technology and cultivating a regulated cryptocurrency and ICO epicentre. This joint venture marks our confidence in the Maltese government as well as our commitment to providing an efficient, secure, and transparent blockchain trading environment to clients worldwide. We believe OKMSX will be a milestone in the economic development of Malta,” said Tim Byun, Chief Risk Officer and Head of Government Relations of OKEx.

“Today Malta opened up a way for legally binding listing and trading of tokenized securities. We are proud of Malta Stock Exchange to enter a partnership with a worldwide leader in primary offerings on blockchain such as OKEx. I look forward to the fruitful collaboration in the future.” said the Honourable Silvio Schembri, Member of Parliament and the Junior Minister within the Office of the Prime Minister for Financial Services, Digital Economy and Innovation.

Source:

https://support.okex.com/hc/en-us/articles/360007668231