Category Archives: Coinmarketcap

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CoinMarketCap Now Has a Directory Showing Live Crypto Deposit Interest Rates

Earning money on cryptocurrency deposits, which is a part of the USD 5 billion crypto loan industry, has become increasingly popular. If a user plans on holding cryptocurrency long term anyways, it is logical to deposit the crypto on one of the crypto lending platforms and grow their crypto stash.

CoinMarketCap, which is perhaps the top site for checking how cryptocurrencies and crypto exchanges compare to each other, now has a directory that shows the live interest rates for depositing various cryptocurrencies on various crypto lending platforms.

Currently, the directory displays data from BlockFi, Crypto.com, Celsius Network, Binance, Bitfinex, Nuo, dy/dx, Compound Finance, Fulcrum, Nexo, and Coinbase, which is essentially a list of all the most popular crypto lending platforms. Interest rates paid for crypto deposits range from 1% to 10%, depending on the type of cryptocurrency and the platform used. Now users can figure out where to get the most bang for their buck by comparing rates between platforms.

That being said, crypto lending platforms are generally not insured, so users should do thorough research and read the terms and conditions carefully before making any investments.

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Bitfinex Assures Users All Secure After Deposits and Withdrawals Shutdown

bitfinex

Crypto exchange Bitfinex has assured its users that all is well after temporarily shutting down deposits and withdrawals according to a Tweet.

The shutdown was described by Bitfinex as being necessary “due to the outage of one of [their] network providers,” and although services had been suspended, the platform made it clear that all funds were in safe storage.

. @bitfinex : due to the outage of one of our network providers we temporarily paused deposits and withdrawals. Funds are safe in cold storage. Situation should be restored ASAP. Apologies for inconvenience.

— Paolo Ardoino (@paoloardoino) May 31, 2019

However, this is not what users probably wanted to hear in light of recent headlines concerning the company. The exchange allegedly attempted to cover missing funds totaling USD 850 million by raiding its Tether reserves in order to pay out customers. Between May 2015 and August 2016, Bitfinex was reportedly attacked by hackers who stole BTC 1,500 in 2015 and USD 72 million worth of Bitcoin in 2016.

Bitfinex had its Bitcoin data removed from CoinMarketCap’s price average earlier this month due to a 5.5% premium the exchange claims over the market average, which was thought to be the result of recent events.

However, users would be hoping that the shutdown was simply a hiccup and not something with more complex overtones. Bitfinex has now presented a motion to dismiss the charges against them entirely. According to the exchange, a subsequent hearing has been scheduled on the motion for 29 July 2019.

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CoinMarketCap Removes Bitfinex Bitcoin Data From Price Average

CoinMarketCap Removes Bitfinex Bitcoin Data From Price Average

Controversial major cryptocurrency exchange Bitfinex has had its Bitcoin data removed from CoinMarketCap’s price average due to a 5.5% premium the exchange claims over the market average.

The above-average Bitcoin pricing on Bitfinex is believed to be a result of the recent news alleging that Tether is not backed 1:1 to the US dollar. Soon after these claims broke, Bitcoin began trading over USD 300 above the market average on Bitfinex, which is a backer of Tether. The trading volumes at this rate were substantial enough to shift the aggregated averages of Bitcoin’s premium upwards.

CoinMarketCap made the decision to exclude the data from Bitfiniex in its Bitcoin average pricing, although several other exchanges with even higher premiums have remained in the calculation.

Bitfinex has had a questionable relationship with stablecoin Tether, to say the least. Last week the New York State Attorney General requested documents from Bitfiniex regarding an alleged deal made between the exchange and Tether, claiming that both parties ”mislead their clients and investors“.

CoinMarketCap’s removal of Bitfinex data shows perhaps an indication of solidity with the Attorney General’s assumption the cryptocurrency exchange’s operations are not altogether reliable, particularly given that it continues to include other exchanges that list higher Bitcoin premiums.

 

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The Top Performing Altcoins This Year so Far

The Top Performing Altcoins This Year So Fa

With the first quarter of 2019 gone, here is a look at the top performing altcoins so far this year, taking into consideration Bitcoin’s bullish strides in the last week or so:

Highest adoption rates: 1)EOS, 2)Tron, 3)BitShares, 4)WAX

Research from Weiss Crypto Rating shows these four altcoins have experienced the highest adoption rates in the last year, proving most sustainable throughout the predominantly bear market time period.

EOS transactions ranked top of the list, the volume increasing from 7,000 per day to about 4.6 million. Tron boasted an increase from around 3,000 to 1.9 million in this time, while BitShares boasted a gain totaling nearly 1.5 million. WAX, with the fourth largest transaction increase, claimed a total of 4.4 million.

Overall, the top 10 cryptocurrencies by transaction volume had an average daily volume increase of 245% within the last year. Weiss’s calculations were based on a seven-day moving average of daily figures.

Highest value increase since the Bitcoin pump

The cryptocurrency market has finally made a rebound thanks to Bitcoin’s bull run, hitting highs not experienced in over a year. Taking with it many of the altcoins, here are the top performers from the top 100 by market cap:

1) VestChain – 95.02%

If you have not heard of VestChain before, that is not surprising; it holds the 98th position on CoinMarketCap. However, since the most recent Bitcoin boom the project has been showing real potential, gaining a huge 95.02% in just the last few weeks

2) Bitcoin Cash – 89.66%

Unsurprisingly, Bitcoin’s recent performance has given investors renewed faith in Bitcoin Cash also, with the altcoin gaining 60% in the 24-hour market rally alone.

3) IOST – 66.19%

On top of the benefits brought from Bitcoin’s performance, IOST has been enjoying a pump triggered by the launch of its mainnet several weeks ago.

4) Dogecoin – 63.77%

After a non-eventful start to the year, Dogecoin has turned it around, climbing over 60% thanks to the bullish market. Tesla founder Elon Musk has also thrown his support behind the token, describing it as ”pretty cool” and probably his favorite cryptocurrency.

Altcoins separate from Bitcoin’s movements

Despite Bitcoin pulling up altcoin performance in the last few weeks, new research has shown that the prices are no longer as correlated as they once were. In 2018, 75 percent of the top 200 coins had a strong correlation with Bitcoin, something comparatively lower this year. This is a good thing for those with or looking to gain diversified portfolios as uncorrelated investments frequently cancel each other out.

This could affect the performance of altcoins throughout the year, with stronger projects likely to be able to make significant gains even if Bitcoin loses momentum.

The research notes, however, that correlations change with time so it is important to keep an eye on the ongoing market trends.

 

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Nasdaq, Bloomberg, Reuters List CoinMarketCap Crypto Indices

Nasdaq, Bloomberg, Reuters List CoinMarketCap Crypto Indices

A number of major financial data feeds will now list two cryptocurrency benchmark indices provided by CoinMarketCap, as revealed in a blog post by the crypto markets monitor today.

The platforms involved in the launch include Nasdaq Global Index Data Service (GIDS), Bloomberg Terminal, Thomson Reuters Eikon and Germany’s Börse Stuttgart.

The first index has been dubbed CMC Crypto 200 Index (CMC200), including Bitcoin and over 90% of the aggregate cryptocurrency market. The second, CMC Crypto 200 ex BTC Index (CMC200EX), will track the cryptocurrency market performance without Bitcoin’s 50% market capitalization.

Independent German index provider Solactive AG will be responsible for calculating and administering both indices in line with the stated methodologies. Solactive AG has calculated the Cboe Bitcoin Futures index since the latter’s launch in December 2017.

Fabian Colin, Head of Sales at Solactive AG hinted that there may be more indices to come in a statement cited in the post: ”We are looking forward to developing more crypto indices in the future, which will optimistically result in investable indices and might lead to further products.”

CoinMarketCap also noted that the indices will be ”prominently displayed” on its own website, stating it as ”the most-trafficked site in the cryptocurrency space”.

 

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Bitcoin Price: Valentine Day’s Bart Simpson Afternoon

What’s the connection between The Simpson Family’s iconic square-headed son and cryptocurrency? Well, there is one, as the market discovered on Valentine’s Day this week.

The explanation lay in the market’s movement yesterday afternoon. A “Bart Simpson pattern” occurs when a sideways action follows an unexpected spike in price, and then the price drops back again – suddenly. When this is graphed it is startlingly familiar to the profile of Bart Simpson’s head, particularly when superimposed on a graph showing the movement of the market over the given period.

A full Bart will develop if the cryptocurrency is subjected to a sudden bearish correction, to the extent it erases its previous gains. On Thursday afternoon, the Bart occurred when this happened:

$BTC #Bitcoin just went through the Bart Simpson pattern.

If only I was a better charter, I could have seen this coming… : / pic.twitter.com/AlXGYMttCf

— Jayden Crypto 💎 (@jayden_crypto) March 27, 2018

In other market news, according to analysts, there are indications that Bitcoin might finally be hitting the bottom and be ready for a bounce back. Its moving average convergence divergence (MACD) – a momentum indicator based upon price moving averages – is reported to be signaling an end to the sustained bear period.

A bullish divergence often signals a market trend reversal and is widely considered to be a sign of seller exhaustion. At the time of writing Bitcoin is listed at USD 3.363.70 on CoinmarketCap.

 

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Apple Loses Near Equivalent of Bitcoin’s Entire Market Cap in One Day

Apple Loses Near Equivalent of Bitcoin's Entire Market Cap in One Day

Apple’s recent hit in valuation due to the recent slowdown in China’s juggernaut economy illustrated to Bitcoin and cryptocurrency followers just how far the industry needs to develop to become a household name itself.

Falling revenues at the company are unprecedented in recent times with shares trading at their lowest since July 2017, and the hit it took last week was one of the worst since January 2013.

Given that Apple is just one company, albeit, one with total global recognition, it was nonetheless able to wipe $65 billion of its evaluation last week, roughly Bitcoin’s total market cap, and continue in business. At the time of writing Bitcoin’s market cap stands at $66,903,300,377 with its value at USD3,830.48 according to CoinMarketCap.

The cryptocurrency environment is still attempting to recover from its hammering of December 2017, with 2018 showing a $700 billion loss from its market cap and cryptocurrencies shedding 85% of their worth. However, tech giants appear to be having their own unique problems too as the world’s 5 household names in tech, Facebook, Amazon, Apple, Netflix, and Google, may have lost over $1 trillion from their all-time high.

Market Analyst, eToro guru Mati Greenspan comments that this slump could well be in Bitcoin’s favor suggesting that “A correlation of <0.1 is considered weak. If the stocks keep sliding and bitcoin rising, that grey line could plummet. Then Bitcoin might be seen as a safe haven.”

Apple’s CEO Tim Cook suggested that China, Hong Kong and Taiwan account for almost 20 percent of the company’s revenue, so that any slump in those regions is sure to impact company profits as a whole, adding, “While we anticipated some challenges in key emerging markets, we did not foresee the magnitude of the economic deceleration, particularly in Greater China.”

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OKEx Seeks Branding Boost with English Premier League Partnership

Malta-based leading global Bitcoin exchange OKEx has partnered with England’s prestigious football showcase, the Premier League, in order to raise its profile among football supporters.

Prominent trading data outlets cite OKEx as one of the largest cryptocurrency exchanges in the world. In August 2018, both Live Coin Watch and the CoinMarketCap listed it as the world’s second largest cryptocurrency exchange by trading volume and markets served.

As a result of the partnership, OKEx will now be able to advertise at major games between high-quality teams. This is seen as a major boon for the company as matches in the Premier League frequently return gates of over 40,000 attendees. Liverpool, for example, has a stadium capacity of 54,000 and is sold out on most games.

Digital banners have become the latest way to advertise at football grounds of teams in the top flight. The exchange will begin with advertising during football matches until 10 December, including those of Arsenal, Chelsea, and Liverpool. OKEx Head of Operations Andy Cheung commented on the new partnership:

“We are very thrilled to see that digital technology is getting more accepted and adopted in the sports industry and we are proud to be part of it… Through the games, we want to connect to the audience, getting them to know more about the applications of digital technology, and we look forward to exploring a longer-term partnership to support the sport.”

To boost its advertising campaign, attendees at the games are encouraged to take photographs of the digital banners and place on OKEx’s Twitter page. Three winners will then be picked to win USD 50 in December.

The exchange has been in hot water recently, having had to cancel a number of transactions resulting in losses for affected customers. It appears that through Bitcoin Cash futures, OKEx has mounted a rapid recovery with recent trades of USD 135 million helping the exchange to bounce back.

Cheung described how sport and cryptocurrency have been finding a common platform, particularly with a number of recent endorsements by clubs and individuals, particularly in the world of football:

“We speak a universal language in the world of football. It is entertaining enough to connect people and unites them, regardless of tribe, race, color or tongue… It is agreeable to say that blockchain technology has similar standards and ethics. It is very amazing to see that digital technology is getting wide acceptance and even used within the sports industry. So, we are very delighted and honored to be part of this feat.”

 

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Number of Cryptocurrencies on CoinMarketCap Surpasses 2,000

CoinMarketCap is the #1 site for checking cryptocurrency market capitalization and crypto exchange statistics, and the number of cryptos on CoinMarketCap is an approximate measure of the total number of cryptos in existence. The number of cryptos on CoinMarketCap surpassed 2,000 on 3 October 2018, which reveals that the crypto space is flourishing despite the market downturn during 2018.

Before 2009 there were zero cryptos, and when Bitcoin launched in January 2009 it was the only one of its kind, a situation which persisted for years. CoinMarketCap has a historical snapshots tool which shows the cryptos listed on CoinMarketCap on a particular date in the past. The first snapshot is 28 April 2013, and there were a mere 7 cryptos listed at that point.

By 5 January 2014, the number of cryptos surged to 67, coinciding with the rally that brought Bitcoin to USD 1,000 for the first time, which therefore marks the first time serious money started flowing into the crypto space. The number of cryptos exploded into the hundreds following that rally, reaching 491 by 4 January 2015. Keep in mind 2014, for the most part, was a bear market, yet the number of cryptos proliferated, with each crypto representing a blockchain business.

The bear market continued through 2015, and the growth of the number of cryptos slowed, with only 551 by 3 January 2016. 2015 was a dark time for the crypto market, with Bitcoin crashing below USD 200 at a point, but the number of cryptos increased instead of decreasing.

2016 marked the beginning of the biggest Bitcoin rally in history, with a steady price rise all year from USD 350 to nearly USD 1,000. The growth of the number of cryptos accelerated a bit, with 617 by 1 January 2017. The rally picked up steam after this, and Bitcoin hit an all-time high of USD 20,000 in December 2017. By 7 January 2018, the number of cryptos had roared well past 1,000 to 1,355, more than doubling in a year. This is likely due to the massive influx of capital into the crypto space, which made initial coin offerings (ICOs) a profitable business model.

Despite the bear market of 2018, the number of cryptos on CoinMarketCap now sits at 2,062. 2018 is on track to be the year with the most cryptocurrencies deployed in history. Since the beginning of 2016, the number of cryptos has grown by an astonishing 2,742%. Essentially, the crypto market is more diverse than ever before, with several blockchain companies launching every week, which suggests the crypto space is healthier than ever.

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CoinMarketCap’s Historical Snapshots Put Crypto Market in Perspective

CoinMarketCap offers historical snapshots, which are basically like a time machine that allows you to look at the state of the crypto market at a point in the past. These historical snapshots give perspective on the crypto market, showing how far it has come and how the 2018 bear market isn’t bad at all.

Plenty of crypto investors have become depressed with the situation in 2018, having seen Bitcoin decline from USD 20,000 to as low as USD 5,800, a 71% decline. The CoinMarketCap snapshot from 17 December 2017 shows Bitcoin with a market cap of USD 327 billion, versus USD 111 billion today 13 September 2018. At that point, five other cryptocurrencies had a market cap in excess of USD 10 billion: Ethereum, Bitcoin Cash, Ripple, Litecoin, and Cardano, and those altcoins actually rose significantly through January 2018. Whereas now, the entire altcoin market has a market cap of USD 84 billion, with only Ethereum and Ripple holding above USD 10 billion.

However, when rewinding to 5 January 2014, during the rally that brought Bitcoin to USD 1,000 for the first time, it can be seen how much the crypto market has grown, even at current levels. In early 2014, Bitcoin was becoming mainstream and there were building hype and optimism, yet Bitcoin’s price was less than USD 1,000 with a market cap just over USD 10 billion. This is about the same as the market cap of Ripple currently, which is an altcoin that is much weaker than Bitcoin and less than 10% of the current Bitcoin market cap.

At that time, there were no other cryptocurrencies with a market cap in excess of USD 1 billion. Litecoin was #2 at USD 617 million, with Ripple a distant #3 at USD 219 million. Compare this to the present day where there are 15 cryptocurrencies with a market cap in excess of USD 1 billion. Also, at that time, only 67 cryptocurrencies were listed on CoinMarketCap, versus 1,944 on CoinMarketCap as of this writing.

When looking at 28 April 2013, the difference with the present day is even more extreme. This was around the time that Bitcoin first rallied to over USD 100. At that time, Bitcoin’s market cap was USD 1.5 billion, equivalent to modern day Dash which sits at #12 on CoinMarketCap. Also, there were only seven cryptocurrencies recorded on CoinMarketCap at that time, the six altcoins having a combined market cap of less than USD 100 million, most of which was Litecoin at USD 75 million.

Essentially, there was practically no altcoin market only five years ago when compared to the present day. The number of altcoins has proliferated from fewer than ten to nearly 2,000, and market caps have boomed from millions to billions of US dollars. CoinMarketCap historical snapshots make it clear that 2018 is not that significant a bear market at all.

 

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