Cryptocurrency Market suffered dip due to several events
The market capitalization slowly decreased starting 6 March, with a notable dip on the 8 March, since then it has been dropping and has started to recover in the last few hours. Several events this week could have triggered this dip:
Hackers exploit Binance API keys
Hacks are always scary, as we will worry about lost funds. However, Binance has assured that all funds are safe in a tweet by @cz_binance:
“All funds are safe. There were irregularities in trading activity, automatic alarms triggered. Some accounts may have been compromised by phishing from before. We are still investigating. All funds are safe.”
All Funds are safe, and trading/withdrawal has resumed
It was concluded that the attempts to steal/withdraw any coin by the hackers has failed, and after several checks, Binance has resumed trading/withdrawing activity for the affected cryptocurrency.
400M worth of cryptocurrencies sold by trustee of Mt Gox
Bitcoin not out of the woods, but maintains a bullish long-term outlook
While it has been a bad week, or even month for the cryptocurrency market, we are still in developmental stages. Regulatory process that strengthen the market by offering protection to the investor and promote best practice will fall into place as we figure out how to best use the blockchain technology.
Next, we discuss cryptocurrencies tweet rank, independent of bitcoin and Ethereum.
HunterCat introduces a bitcoin shaped wordcloud!!
25 Alts most tweeted this week
XRP, LTC, ADA, DASH and EOS claims top 5 in tweet rank
There has been a notable change as #NEO and #TRX are now replaced with #DASH and #EOS in the top 5 tweeted alts. #EOS was discussed last week as a potentially infinite scaling and decentralization blockchain technology while DASH is a privacy coin, also further discussed in this article..
#XEM, world’s first smart asset blockchain, claims 6th place in tweet ranking
NEM’s(#XEM) Smart Asset system allows complete customization on how people intend to use the NEM blockchain. The blockchain provides an open and self-scaling platform for developers. The NEM foundation is a non-profit organization founded in Singapore, and envisions the NEM blockchain to be adopted by industries, governmental bodies, and the academia to provide better management of information and data.
Technical analyses for XEM, priced at 0.00003833 sats, point towards a ‘sell’. However, do check with several other source of information before making a decision!
#SUB, a foundation for the decentralized internet
Substratum is another coin I found to be interesting. Developers claim substratum to be the foundation of the decentralized web and is an open-source network to allocate spare computing resources to ultimately make the internet a free and fair place for the world. Essentially, everyone can publish their website or apps on this decentralized web, and unlike conventional hosting providers that charges the hosting for uptime, users pay per click! That’s rather unique! Along these interesting ideas comes an important goal: Ending censorship.
“It doesn’t matter where you live or what content you’re accessing, everyone in the world sees the exact same content.”
While that sounds amazing, ending censorship is an uphill (or maybe even impossible) battle, but perhaps with blockchain, this goal can be achieved! It is exciting to see how this will pan out in the long run.
“Major announcement” next week for #SUB
Not much information was given other than a tweet by Justin Tabb where he described that they have finalized a necessary plan and to stay tuned for a major announcement from @substratumNet next week! This mysterious announcement is predicted to take place on the 17th March.
Technical analyses also point towards ‘sell’ for #SUB. It may be a risky move to also be banking on the ‘major announcement’ as prices can go either way, depending on how the news is being received by cypto traders/investors. Regardless, #SUB has one of the most interesting goals/visions I’ve seen!
ICON, Hyperconnect the World! Hyperjumps in tweet rank!
“The world with no centre point and the world where any point is a mere connection to other points” was what inspired the creation of ICON. ICON aims to build a decentralized network that allows independent blockchains with different governances to interact without intermediaries, possibly forming a blockchain multiverse (probably why the word Hyperconnect is used) and to act as a bridge from the crypto world to the real world. In-depth explanation of how this is achieved is in their whitepaper. Their mainnet has been launched on Jan 24th.
A ICX/ETH decentralized exchange by 30th June!
On top of token swaps, a mobile wallet, the ICO platform and a decentralized exchange is scheduled to be launched by April and June respectively.
While TA points towards a ‘sell’, several twitter users have bullish sentiments towards ICX as it is not yet on Korean exchanges, and some call ICON the “Korean Ethereum”, comparing it with NEO being the Chinese Ethereum and Cardano, the Japanese Ethererum. According to Crypto News, by running an ICX master node, one can live of passive income.
