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According to a report, the cryptocurrency market has struggled to sustain its momentum, yet failed to do so, and dropped to $463 billion. Similarly, other major cryptocurrencies including the top cryptocurrency, bitcoin, has struggled to record gains.

Ethereum and Bitcoin:

Only Bitcoin, Ripple, and Bitcoin Cash are the ones amongst the 5 most valuable cryptocurrencies in the global market that have managed to record daily gains. Native cryptocurrency of Ethereum, Ether, has shown a slight upsurge in its value and has increased by 4% after seeing a plunge below $820. Ether still remains in the cryptocurrencies that have shown some upward momentum.

Ether has tended to follow the bitcoin price trend throughout its recovery time. However, in some periods, Ether moved in a different path from other cryptocurrencies including bitcoin. When the price of bitcoin hit the value of $12,000 last week, ICO tokens/ ERC 20 tokens and Ether didn’t perform well. But, Ether has performed a lot better than other cryptocurrencies this week, by moving in a diverse direction to the most leading cryptocurrency in the market.

ethereum momentum

Bitcoin is still priced above the $10,000 mark, and many experts have labelled it as the psychological threshold for both buyers and sellers. It is quite hard to assess the short-term trend of bitcoin at this time when bitcoin, the most leading cryptocurrency in the market, is experiencing massive ups and downs on a regular basis.

Bitcoin price doubled from its yearly low at $6,100 just one week ago and then breached the $12,000 mark later. Even in some regions like South Korea, bitcoin price surpassed the mark of $13,000. But today, the price of bitcoin is valued at $10,769, which shows signs that it would recover back to the $12,000 mark.

A cryptocurrency that is funded by the US dollar, Tether, is an imperative indicator of the short-term performance of the crypto-market. Many investors on most important cryptocurrency exchanges like; Bitfinex and Binance use Tether to hedge the cryptocurrencies worth during the time of volatility, especially when the market commences to drop.

The daily trading volume of Tether is $2.684 billion, on 27th February, which makes it the second most liquid cryptocurrency after Bitcoin. This large daily trading volume of Tether shows that a lot of traders are ambiguous about the short-term trend of most important cryptocurrencies, and are also evading the price of cryptocurrencies in the crypto-market to the US dollar.

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Gatecoin CEO Predicts Bitcoin to Reach $5000 This Year.

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Gatecoin is a Hong Kong based cryptocurrency exchange that claims Bitcoin’s price is to reach $5000 by the end of 2017.

Headlined “Bloomberg Daybreak: Asia,” this price prediction was made during an interview with Aurelien Menant, Gatecoin’s CEO, and founder. He said that the markets are responsible for driving increased interest in Bitcoin.

“Another factor that is very important is the arrival of more and more institutional investors in bitcoin,” Menant said. “Historically we used to have a few hatch funds trading bitcoin in Europe and the U.S. Now we have around 60 or 70 of them that are starting to trade bitcoin.”

Some funds are now dedicated to digital currencies. “So, this is definitely driving a surge in the price,” he said.

 

News Credits: coindesk.com

Image Credits: steemit.com

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What Are Some Top Coins That Can Be Used as An Alternative to Bitcoin?

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An Alternative to Bitcoin

We all know that Bitcoin is the king of digital currencies, and there doesn’t seem to be any other coin that can dethrone it from the top.

Although not similar, many digital currencies can still be used as a perfect alternative to Bitcoin. Some even claim to be technically superior to Bitcoin. Whether it’s true or not is completely another debate. In this article, we have discussed the top five digital currencies that are closest to what Bitcoin offers and can be used as an alternative to the king of cryptocurrency.

Top Alternatives to Bitcoin – Ethereum:

Bitcoin vs Ethereum is the closest battle when it comes to currencies trying to overtake Bitcoin.

Ethereum is a public blockchain software which promises to offer much more than just digital currency. The developers can code the software and power it through the public blockchain.

The users can then sell their processing power and get paid in “ether” – the second largest cryptocurrency by market capitalization after Bitcoin.

Ethereum has a market cap of $1bn USD.

Ripple:

Emerged in 2012, Ripple has become one of the most popular digital currencies to make online transactions anonymously. The paramount aspect of ripple is that it offers instant conversion into several other currencies.

Ripple considers itself a companion of Bitcoin and converts Bitcoin to Ripple and vice versa.

The market cap of ripple is $220m USD, making it the third largest cryptocurrency in the world.

Litecoin:

Litecoin emerged in 2011 and is one of the oldest cryptocurrencies out there. Given below are some highlights of Litecoin:

  • Similar to Bitcoin, Litecoin is decentralized.
  • Litecoin is also generated through solving algorithms, which become more and more difficult over time.
  • A Litecoin block takes just 2.5 minutes, which is much quicker than Bitcoin – where it takes around 10 minutes to generate one block.
  • Due to quick generation, Litecoin supports far more transactions than Bitcoin.
  • The overall cap limit of Litecoin is set at 84 million, which is relatively higher than that of Bitcoin’s (21 million).

The current market cap of Litecoin is about $175 million – making it the 4th largest cryptocurrency in the digital world.

Steem:

With $170 USD market cap, Steem is the 5th largest digital currency. “Steemit” is the largest platform that offers the opportunity to earn Steem. The platform is filled with a huge range of stories.

Since there is no mining process, you can only earn Steem by contributing to “Steemit”, either by writing articles or rating/commenting on other’s articles.

Dash:

The last one on our list is Dash, which, in terms of features is pretty close to Bitcoin software. Here are some unique features of Dash:

  • Advanced privacy. Some even say its privacy features surpass the ones offered by Bitcoin.
  • Whereas Bitcoin transactions can take several minutes, Dash transactions are quick and instant.
  • Low transaction fees.
  • Similar to Bitcoin, Dash is P2P and decentralized

Conclusion:

Although the competition is tough, Bitcoin is leading the race by a fair margin and isn’t going away anytime soon. However, the other currencies are also there to stay and compete, which will surely play a significant role in the evolution of digital currency environment in near future.

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The Blockchain is Utilized by South Korean Biotech Firm for Genomic Big Data Community

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A Blockchain Ecosystem is a digitized, public journal of all cryptocurrency connections. Continuously increasing as ‘completed’ blocks (the most existing offers) are recorded and contributed to it in chronological order, it allows market participants to keep an eye on digital currency deals without central recordkeeping. Each node (a computer system connected to the network) gets a copy of the blockchain, which is downloaded quickly.
Blockchain Ecosystems

Initially established as the accounting approach for the virtual currency Bitcoin, blockchains – which use exactly what’s called dispersed journal development (DLT) – are appearing in a range of industrial applications today. Currently, the technology is mainly used to verify transactions, within digital currencies though it is possible to digitize, code and insert practically any file into the blockchain. Doing so produces a long-lasting record that cannot be changed; moreover, the record’s credibility can be validated by the entire community using the blockchain instead of a single central authority.

How Blockchain Works?

To start, here’s the most basic explanation without any metaphors or embellishment. In the language of cryptocurrency, a block is a record of new deals (that could imply the location of cryptocurrency or medical information, or perhaps voting records). When each block is finished it’s contributed to the chain, producing a chain of blocks: a blockchain.

Because cryptocurrencies are secured, processing any deals suggests fixing complicated mathematics issues (and these concerns end up being harder with time as the blockchain grows). Individuals who resolve these equations are rewarded with cryptocurrency in a treatment called “mining.”.

Public South Korean Development

The brand-new collaboration will take advantage of blockchain tech to produce a medical big information environment that would allow for both the safe and secure and private storage and the transfer of large amounts of delicate genomic and personal information.

As the press release notes, advances in genomics are improving the international medical landscape, permitting individually customized diagnoses, treatment and prevention. Medical huge information, which incorporates people’ genomic, health and lifestyle details, is both extremely delicate and of remarkable worth for the pharmaceutical and healthcare markets.

Public South Korean biotech service Macrogen, the country’s principal biotech sequencing provider, is developing a genomic huge information blockchain-based platform together with regional tech firm Bigster.

Macrogen CEO’s Remark

Macrogen and Bigster objective to develop the platform and have chosen to develop a permission blockchain that would restrict access to specific organizations such as pharmaceutical companies, biotech firms, healthcare facilities, and research institutes.

Speaking to a local news outlet The Korea Herald, Macrogen CEO Yang Kap-Seok commented,

” In spite of its large utility, gene information has been challenging to move due to personal privacy defense problems and technological barriers. We hope that our upcoming blockchain-based platform will enable healthcare genet [ic] and medical big information to flow easily.”.

A precedent for using blockchain for the safe exchange of genomic information has in fact been set by American Nebula Genomics’ cooperation with Longenesis– the latter being a Hong-Kong-based partnership in between Insilico Medicine and the Bitfury Group.

United States healthcare huge UnitedHealth Group announced it would be carrying out blockchain to keep its records approximately date in a more effective, protected and available method.

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How Is China Stifling Bitcoin and Other Cryptocurrencies? Let’s find out!

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World’s biggest community of Bitcoin miners, China, is cracking down on cryptocurrency. A proactive step has been taken by regulators for shaping the stratospheric increase of Bitcoin. According to President Xi Jinping, there’s been booms and busts in the economy for a decade. As a result, the role of China in the cryptocurrency’s world is going down.

Is it allowed to trade Bitcoin in China?

Bitcoin can be traded only in over-the-counter markets. According to some analysts, it is a slower process that increases the credit risk.

Is China anti-cryptocurrency?

Not really. A bank named “The People’s Bank of China” has run trials of its own prototype cryptocurrency, as it is a prime step to being the very first central bank, that is going to issue digital money.

What is China doing exactly?

Well, China banned initial coin offerings (ICOs), that are equal to initial public offerings for new virtual currencies. Later, it stopped local exchanges from trading cryptocurrencies and also delineated proposals to dampen bitcoin mining. Then it moved to Chinese companies that were listed in abroad skirting to stop its domestic ban on ICOs. Now it’s intended by the officials to block the domestic access to mobile apps and other online platforms that offer such services for cryptocurrencies.

Companies that promote themselves as blockchains, to boost their shares are also being targeted by domestic stock exchanges. It’s a part of an effort by agencies like China’s Ministry of Industry and Information Technology, central bank and the cyberspace administration.

 Bitcoin Value in China

 

What is the reason behind the crackdown in China?

Cleaning risks from financial markets have been government’s statement for almost two years, but there’s been no clear explanation yet. The thriving shadow banking sector is also among the main concerns of the government, although digital currencies also provide a way to move money out of China.

 

Where else are officials clamping down?

South Korean is known as the home of most of the frantic cryptocurrency trading. Some banks are being inspected because of the allegation of money laundering and the country is considering to close such cryptocurrency exchanges. Also, in the past year, the U.S. Securities and Exchange Commission started to work fast on digital token sales.

What’s the effect of China’s actions?

Because of inexpensive power and cheap labour, miners gathered to China, but now they may have to look somewhere else. Bitmain is running China’s two major Bitcoin-mining collectives and is setting up district HQs in Singapore. The #3 mining pool, also known as “BTC. Top” is also opening a facility in Canada. Wallet services and bitcoin exchanges in the country are also leaving. Also, they’re setting up over-the-counter shops in Hong Kong and in other areas of Singapore/South Korea.

What about cryptocurrency prices?

The prices appeared to shrug off the news of increased regulations in China. However, according to analysts, the growing tide of regulation has a hefty impact on digital currencies and it’s also helping in explaining the hefty losses since the starting of 2018.

Story credit: fortune.com

Image Credit: BitNews

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