Market Rebounds: Ethereum Soars 18% Back over $200, Bitcoin Regains $6,500 Mark

Total market cap has today soared by almost $12 billion, as a flush of green spreads across virtually all of the top 100 crypto assets.

Thursday, September 13: total market cap has soared by almost $12 billion today, as a flush of green spreads across virtually all of the top 100 cryptoassets.

Several  top 20 cryptocurrencies are seeing double digit gains, with Ethereum (ETH) leading the pack, up over 18 percent on the day, as data from Coin360 shows.

Market visualization by Coin360

Ethereum has skyrocketed almost 20 percent on the day to trade at $207 at press time. After accelerated losses yesterday, September 12, saw the top alt sink below the $170 mark to post new 2018 lows, Ethereum has today rapidly recovered back to September 9 levels, reversing several days of declining value.

Ethereum nonetheless remains down around 9 percent on its weekly chat, and over 35 percent down on the month.

Recent comments by Ethereum co-founder Vitalik Buterin that the days of “1,000-times growth” growth in the crypto space are over left their mark on cryptosphere sentiment this week, prompting Buterin to publicly deny claims he is a crypto “pessimist,” arguing that media publications had “spun” his words.

Ethereum 24-hour price chart. Source: Cointelegraph Ethereum Price Index

Bitcoin (BTC) is trading just above $6,500 as of press time, up a solid 3.17 percent over the 24 hour period. The leading crypto has seen a volatile week, with major losses briefly taking hold September 8-9, since which Bitcoin has made a jagged and fragile recovery.

After a mild dip yesterday, Bitcoin has today bullishly traded upwards, reclaiming the $6,500 mark it held at the start of its weekly chart.

On the week, Bitcoin remains down by just over 3 percent, with monthly gains at 2.76 percent.

Bitcoin 7-day price chart. Source: Cointelegraph Bitcoin Price Index

Among the other top ten coins on CoinMarketCap, ubiquitous green shows gains within a 3 to 12 percent. Ranked 9th by market cap, altcoin Monero (XMR) is up about 11 percent to trade at $112.84 at press time, spiking as high as $116 earlier today.

Nonetheless, the anonymity-oriented alt is yet to reclaim its high towards the start of its weekly chart, when it was trading just above $119.

Monero’s 7-day price chart from CoinMarketCap

Other strong top ten contenders are Litecoin (LTC), up a bullish 8.24 percent at $54.90, EOS (EOS), up almost 12 percent at $5.46 and Cardano (ADA), up just 8.46 percent at $0.067.

Among the top twenty, Dash (DASH), IOTA (MIOTA), TRON (TRX) and VeChain (VET) are all in double-digit green, seeing 24-hour growth of between 9 and 13 percent. Dogecoin (DOGE) has seen the mildest growth of the top twenty coins, up 2.65 percent to trade at $0.0065 by press time.

As alts spearhead the market recovery, Bitcoin dominance – or the share of total market capitalization that is Bitcoin’s – is slightly down from yesterday’s multi-month highs at close to 58 percent. As of press time, BTC dominance is at 55.9 percent, according to CoinMarketCap.

Total market capitalization is up a bullish 6 percent, or almost $12 billion, on the day at $201 billion by press time. Total market cap is nonetheless still shy of its intraweek high at $208.8 billion on September 7.

7-day chart of the total market capitalization of all cryptocurrencies from CoinMarketCap

Bullish price movement today has been accompanied by more positive news for potential institutional investor exposure to Bitcoin and other cryptoassets. Today saw reports that U.S. banking giant Morgan Stanley plans to offer clients Bitcoin trade swaps, the same week as Citigroup insiders hinted it is also planning an entry into crypto-based products.

Meanwhile, a joint report from the World Economic Forum (WEF) has today claimed that distributed ledger technologies (DLT) such as blockchain could generate $1 trillion in new trade globally over the next ten years.

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Cryptocurrency Markets Slump Midweek as Ethereum Hits New 2018 Lows

This week sees an uninspiring performance from cryptocurrency markets as Ethereum leads losses to hit 15-month lows.

Cryptocurrency markets are feeling the pressure from an extended downturn on Wednesday, September 12, with Bitcoin (BTC) losing 2.5 percent and Ethereum (ETH) hitting its lowest levels since May 2017.

Data from Cointelegraph’s price tracker and Coin360 confirms the lackluster picture across cryptoassets continuing another day, with all of the top twenty coins — with the exception of Dogecoin (DOGE) — in the red.

Market visualization from Coin360

Market visualization from Coin360

Bitcoin had climbed to almost $7,400 last week before turmoil hit markets again, prices tumbling over claims Goldman Sachs had shelved its crypto trading plans, something officials have since dismissed as “fake news.”

Regulatory pressure also continues, with U.S. authorities ordering a ten-day halt of two exchange-traded notes (ETNs) over the weekend.

The combined effect has meant BTC/USD was tending towards $6,200 at press time, support nonetheless holding at around $6,251 to prevent a deeper slide below the $6,000 barrier.

Bitcoin’s 7-day price chart

Bitcoin’s 7-day price chart. Source: Cointelegraph’s Bitcoin Price Index

For Ethereum, the outlook appears bleaker.

Recent comments by co-founder Vitalik Buterin about the lack of growth perspectives in blockchain appeared to exacerbate ETH’s descent to 2018 lows.

Buterin has since denied claims he is a “pessimist” about the outlook for cryptocurrency, arguing media publications had “spun” his words.

Nonetheless, ETH has faced a bearish tide for several months, with industry research from Tetras Capital in July warning the asset faced a prolonged cooling-off period after the intense growth it saw from the 2017 Initial Coin Offering (ICO) phenomenon.

At press time, ETH/USD traded around $172, down almost 11 percent on the day. Ethereum last saw this price point in July of 2017.

Ethereum price chart

Ethereum price chart. Source: Cointelegraph’s Ethereum Price Index

For other major altcoins, losses came as a result of Bitcoin’s downturn, Dash (DASH) and Litecoin (LTC), and Bitcoin Cash (BCH) all almost matching ETH’s minus 11 percent performance. Altcoin Cardano (ADA) went further, dropping around 14 percent.

The suppression of altcoin prices had meant Bitcoin’s overall market dominance has reached multi-month highs nearing 58 percent, according to data from CoinMarketCap. Bitcoin last achieved that market share in December, when prices hit all-time highs around $20,000.

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Altcoins Keep Dropping While Bitcoin Breaks Another Record of Market Dominance in 2018

Most altcoins see red, while Bitcoin holds $6,200 support and breaks a record of market dominance in 2018.

Tuesday, September 11: crypto markets have seen another decline today, with most of the top 20 coins by market cap in the red, according to data from CoinMarketCap. The majority of altcoins are recording losses, reaching around 5-6 percent among those top 20 currencies.

Market visualization from Coin360

Market visualization from Coin360

Bitcoin (BTC) is slightly down today and currently trading at $6,238, which is around a 0.3 percent loss over the past 24 hours.

Weekly Bitcoin price chart

Weekly Bitcoin price chart. Source: Cointelegraph Bitcoin Price Index

Ethereum (ETH) is also seeing significant losses today, with its price point having dropped below $190. The top altcoin is now trading at around $181, down roughly 4 percent over a 24 hour period.

Weekly Ethereum price chart

Weekly Ethereum price chart. Source: Cointelegraph Ethereum Price Index

Total market capitalization has dropped to $191 billion, which is the lowest point since early November 2017, according to CoinMarketCap. At press time, the losses of the crypto market over the past 7 days constituted around 20 percent, down from about $239 billion on September 4.

Weekly total market capitalization chart

Weekly total market capitalization chart. Source: CoinMarketCap

In another wave of red, Bitcoin still continues gaining momentum in terms of market share, demonstrating a significant growth in its dominance over the altcoins. The percent of Bitcoin’s dominance has now reached 56.9 percent for the first time since December 16, 2017, which is the day before Bitcoin soared to its the all-time high of $20,000.

Weekly percentage of total market cap (dominance)

Weekly percentage of total market cap (dominance). Source: CoinMarketCap

In terms of the biggest losses among the top 20 cryptocurrencies over the day, Bitcoin Cash (BCH) and VeChain (VET) have suffered the most, seeing more than 5 percent declines over a 24 hour period. BCH is down about 5.4 percent, trading at around $445, while VeChain has dropped by around 6.2 percent, and trades at about $0.01 at press time.

Ripple (XRP), the third top cryptocurrency by market cap, is down about 2.4 percent over the past 24 hours, and trades at around $0.25 at press time.

While most of the altcoins are seeing another downward trend, controversial Tezos (XTZ) is up almost 12 percent instead. The altcoin is trading at about $1.34 at press time, still down more than 7 percent over the past 7 days, following the recent market sell-off.

Earlier today, the founder of the exchange services operator OKCoin and the second-largest crypto exchange OKEx Star Xu, was reportedly detained in China due to allegations of his involvement in reported cryptocurrency fraud.

Yesterday, Chinese social media giant WeChat reportedly banned the official sales channels of mining firm Bitmain, as well as other crypto “hype news” channels.

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First New-York Based Crypto Trading Company Receives BitLicense

A subsidiary of the Digital Currency Group has become the first New York-based crypto trading company to receive the BitLicense.

Genesis Global Trading, a subsidiary of the Digital Currency Group, has been granted a BitLicense from the New York Department of Financial Services (DFS), according to a press release published on PR Newswire today, May 17.

After the BitLicense became required for all New York crypto trading firms in August of 2015, a wave of crypto companies left the state, either unable or unwilling to comply with the stringent new regulatory requirements.

Genesis, which is the first New York-based trading firm to now operate with a BitLicense and the fifth firm overall to receive one, will be able to trade in Bitcoin (BTC), Ethereum (ETH), Ethereum Classic (ETC), Bitcoin Cash (BCH), Ripple (XRP), Litecoin (LTC), and Zcash (ZEC). The press release notes that Genesis has traded in billions of dollars worth of crypto since 2013.

Before receiving the BitLicense, Genesis had operated under a special DFS provision that still let them trade in crypto in New York state. CEO of Genesis Global Trading, Michael Moro said in the press release that “although we have operated under a safe harbor provision in recent years, today’s decision is an important step forward and reaffirms the robust compliance measures we have enacted as an established trading partner.”    

The Square Cash app, which has included a Bitcoin option since this January,  is currently working on getting a BitLicense in order to operate in New York. The app added Wyoming to its list of states allowing the crypto option in mid-March, with New York, Georgia, and Hawaii still excluded.

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Enterprise Ethereum Alliance Releases Client Specifications To Facilitate Interoperability

The EEA’s release of the Enterprise Ethereum Client Specification follows an earlier release of an Architectural Stack, with a testnet and certification program to follow.

The Enterprise Ethereum Alliance (EEA) has released the Enterprise Ethereum Client Specification 1.0 today, May 16, that will enable interoperability for companies that use Ethereum blockchain-based solutions.

The EEA, which was formed in March 2017 by Santander, JPMorgan, and a variety of other members, now numbers 500 enterprise members. It focuses on improving the privacy, scalability, and security of Ethereum blockchain applications.

At the beginning of May, the EEA’s Enterprise Ethereum Architectural Stack went live, a software stack which standardizes the specifications for business applications based on Ethereum. The next steps for the EEA will be building a testnet to test proofs-of-concept and a revision of the specifications ideally by the end of the year, followed by a launch of an EEA certification program.

Speaking to Cointelegraph, EEA head Ron Resnick, said that the EE Client Specification is “basically the catapult that launches the whole ecosystem”:

“Without interoperability, the big players aren’t going to want to jump in, because they don’t want to be locked in to one particular vendor for a proprietary solution […] It attracts more and more of the bigger players to come in and make a commitment, because they feel a little more safe that they’re not going to get stuck.”

Brian Behlendorf, the executive director of Hyperledger, said that the release of the specifications is “yet one more way in which the Hyperledger and Ethereum communities are not competitors but allies:”

“We’re very happy that the Hyperledger Sawtooth developer community has the goal of EEA 1.0 compatibility.”

Last week, the Blockchain Research Office of China’s IT Ministry announced that they aimed to release nationwide blockchain standards by the end of 2019. When asked about the compatibility of EEA specifications for the ETH blockchain and potential blockchain standards coming from China, Resnick told Cointelegraph that “we would have to come up with a way to partner:”

“At the end of the day, if 500 companies, and now let’s say we double it to 1000, if all the global countries in the world are basing their solutions on Enterprise Ethereum specification, I would suggest that if China is working on something, they would want interoperability […] All we would do is engage with them, we would share. Our spec, we can have it […] I would think that they would probably want to take a look.”

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