Crypto Market Update January 24, 2019

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Let’s look at another crypto market update today. In the past 24 hours markets are back again in the red area. The total market cap is falling, Bitcoin dominance is falling and it looks like we are heading towards yet another drop.

Top 10 coins and tokens

Bitcoin (BTC) stabilized again in the past days at $3,5k. A couple of days ago it saw a slight increase in price when it went up to $3,7k, but that wasn’t for long. But overall Bitcoin is in a constant downtrend. As we can see in the picture below, Bitcoin experienced a couple rather awkward price pumps and dumps. They seem very similar to each other. Ultimately this raises suspicion whether somebody is manipulating the price.

Bitcoin monthly chart. Source: coinmarketcap.com

Ripple (XRP) also is in a constant downtrend. As well as BTC, you can see small similarities in the monthly chart. XRP also is following the same pattern of a suspicious pump and dump (P&D) activities, but with much less activity. Especially when looking at the XRP/BTC line. It is almost intact.

XRP monthly chart. Source: coinmarketcap.com

Ethereum (ETH) saw a little bit of a different movement chart-wise, but also in a downtrend. In the past couple of days, it stabilized in the range of $116 to $119. As we can see, Ethereum also was a victim of a possible P&D manipulation around the same time as BTC and XRP.

Ethereum monthly chart. Source: coinmarketcap.com

Other coins and tokens in the Top 10 are experiencing a similar pattern. However, we found a small, but at the same time large difference between coinmarketcap.com and coingecko.com.

Top 10 coins and tokens. Source: coingecko.com
Top 10 coins and tokens. Source: coinmarketcap.com

When looking at coinmarketcap.com the Top 10th position belongs to Bitcoin SV with a market cap of $1,311,997,025, and at the 11th position is Cardano with a market cap of $1,114,076,369. But when looking at coingecko.com statistics we see a slightly different view. Coingecko reports that Cardano is at the 10th position with a market cap of $1,330,353,604 and Bitcoin SV is following in the 11th place with a market cap of $1,299,806,455. As for us, these are just numbers on our screens, this is quite a big difference between these two statistics websites. This raises an obvious question – which you should trust and which should you not?

Coingecko vs CoinMarketCap

The total market cap is calculated by multiplying the current total supply with the price (Current Total Supply * Price). Since CoinMarketCap and Coingecko calculate their prices on their own, this could be an issue of sources used. Coingecko reports that there are 275 exchanges, while CoinMarketCap reports that there are only 234. This could be the reason why we see such small but at the same time a large difference between these two statistics websites. Coingecko goes through a slightly bigger amount of exchanges, therefore, they will have a larger number of daily volume which then gets multiplied with the asset price.

Daily volume leaders

Top daily volume coins. Source: coingecko.com

When looking at the top coins sorted by their daily volume, we see quite a different picture if comparing with the top 10 coins and tokens in general. The daily volume could be a better measure to define which asset is currently the most popular in means of usage. We see that obviously, Bitcoin is the ultimate leader with almost twice as more volume as the nearest follower – Ethereum. However, the picture gets interesting when looking at lower places. EOS in third with $759 million in daily volume, followed by Zcash in 5th with a very close number of $732 million. Litecoin and Dash coming next and the surprise of the day – XRP sits only after them with a $336 million daily volume. These are hundreds of millions of dollars we are speaking about. Of course, we could speculate that a few whales could be manipulating the market, but that is very unlikely.

Top 100 Gainers

Top 100 gainers. Source: coinmarketcap.com

Holo (HOT) is the leader of the Top 100 coins and tokens, flying with +33% and a daily volume of $23 million. It looks like they have revealed their product prototypes of HoloPorts. Otherwise, there is not much info about it on Twitter, only a few trader signals.

PundiX is gaining hard with +13%. They recently had a stand in the Binance Blockchain Event. Reports of very good feedback in Reddit
No other significant news on the top gainers today.

The overall market situation

It looks like we are testing new grounds, hence the sideways movement for the last couple of weeks. Just like when Bitcoin was at $6k we experienced a heavy drop to $3,5k. Many say that we are prepping for a similar action, falling to $2k or even lower. There are a few indicators on this as the total market cap and the top assets have an overall downtrend in the last month. There was an opinion that the bear market is going to continue for about 60 days more. Also, we are soon going to be in the longest bear market crypto ever experienced. 

Source:

coinmarketcap.com
coingecko.com
coin360.com

PundiX presents their new Blockchain Phone the XPhone!

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Just recently, during the Xblockchain Summit in Inaya Putri Bali, PundiX presented their new achievement – a blockchain powered smartphone
The XPhone, unlike traditional phones, doesn’t need a centralized mobile carrier, it runs independently, with the help of Function X Blockchain, which is a new blockchain invention by PundiX. As they say, Function X is not a simple public chain, it consists of five essential components and they believe it will answer a lot of challenges that are facing many blockchain platforms these days by increasing its scale and ability to publish dApps.

The five components include the Function X OS, Function X Blockchain, Function X IPFX, FXTP Protocol and the Function X Docker.

Function X OS is an Android 9.0 based operating system which will make it easier for developers and users to use and to develop new dApps.

Altogether they call this the Function X ecosystem which makes every XPhone a single node that has its own address and a private key, uniquely linked to their node names, “not unlike traditional URL and IP addresses,” says in their official announcement.

Interesting is that they have kind of made “their own internet” as well, changing the traditional way of how we use http://, and came up with a new FXTP:// protocol. The user will have to use this function if he, for example, would want to see someones pubic data, they would type FXTP://xxx.pitt, and if they would want to call, message or email someone, they would type a similar command – FXTP://call.pitt or message.pitt or mail.pitt.

“The transmission of data runs on a complex exchange of public and private key data and encryption but it can guarantee communication without interception,” they state in their blog.

Many say that during their Xblockchain Summit presentation they have made the first blockchain phone call. I couldn’t find more info on this, as there still isn’t a video provided. But the question is, whether the phone call was made between two XPhones or was it a call from the XPhone to a traditional/normal phone with a centralized mobile carrier? I believe this information is important to clarify because if it only works between their own phones, it would mean, that if I wanted to contact my friends, they would have to get a XPhone as well, this is crucial for mass adoption.

But in general, PundiX has proved to be a company which achieves goals and wants to change the classic ways of how we do things on the internet we know.

The fact that you won’t need a national mobile service provider alone stands aside and makes this project very appealing to follow in the future.

They have stated that the official release of the XPhone will be around Q2 2019, as well as they didn’t rush to provide an approximate price for the phone.

What do you think? Would you want a phone like this?

Source:

https://goo.gl/BYkbnR

Photo by Canva.com