“We know what we are, but know not what we may be."
– William Shakespeare
It's midweek. Hope everyone is having a great week so far. Time to dive into the crypto news for the day! 🥽
Today in history (1851), the New York Times began publishing at 2 cents per copy. 👍
In today's newsletter, we will be covering crypto exchange Huobi expanding to Argentina amid peso devaluation, NEO Global Development announcing pilot network for NEO3, and Japanese messaging app Line rolling out crypto trading platform Bitmax.
Please do not forget to answer the polls down below too! It's a great way to interact with you and hear what you have to say. 💭 Happy reading! 📚
Start of alt run 2.0? 🤔
Over the last 24 hours, total market capitalization rose from ~$266 billion to ~$271 billion, with most coins seeing gains in the ~3-8%. BTC dominance dropped from ~69.3% to ~67.6%! - the biggest single-day drop in months, indicative of a flow of capital investments into the alts. 24-hour volume registered ~$65 billion, a ~30% uptick over the past few days. Just to refresh everyone's memories, prior to the start of the previous alt coin run in 2017, there was a BTC run, followed by a shift in capital from BTC to the alts (sudden drop in BTC dominance).
BTC is currently trading at ~$10,220, pretty much where it was yesterday. BTC is still trading below its 50-EMA line, with RSI at ~46. 👀
Risk cushion ⚖️
Crypto exchange Huobi is broadening to Argentina amid an increase in cryptocurrency acceptance in the area to buffer against the inflationary peso. 📈
Plans to open a fiat gateway for the exchange in October means that users can purchase cryptocurrencies using wire transfers, credit cards and other common payment methods like Mercadopago.
Market data provider Statista reports that the country ranks fourth in its percentage of cryptocurrency usage globally. 🗺️
Demand is bolstered by its unstable economic environment and Argentina's openness to the technology, making it the "perfect entry point" for Huobi's cryptocurrency and blockchain promotions.
Testing 1, 2, 3👏
NEO Global Development (NGD) revealed in a press release that it is launching the NEO3 Preview1 build on a pilot testing network.
Although the NEO3's official release is in 2020, the Preview1 build gives multiple insights into architectural revisions and huge updates. 👀
NEO founder Erik Zhang affirmed their advancement towards their "goal of delivering large-scale commercial applications", aiming to "further accelerate NEO3's development to overcome current roadblocks and deliver unmatched stability, throughput, and an optimized developer experience".
NEO also plans to build a global and open cross-chain platform with Ontology to channel both organizations' strengths.
Same same but different😜
Line, a leading Japanese messaging corporation, has initiated its new cryptocurrency trading platform Bitmax.
Bitmax allows users to trade 5 of the biggest cryptocurrencies by market capitalization: Bitcoin (BTC), Ethereum (ETH), Bitcoin Cash (BCH), Litecoin (LTC) and XRP (XRP). 💹
Newcomers to cryptocurrency trading can start with small transactions of below 1,000 Japanese yen. The announcement further stressed that Bitmax is different from Line's Singapore-based exchange Bitbox that operates worldwide, outside of the U.S. and Japan.
A tree structure in cryptography, in which every leaf node is labelled with the hash of a data block and every non-leaf node is labelled with the cryptographic hash of the labels of its child nodes. Hash trees allow efficient and secure verification of the contents of blockchains, as each change propagates upwards so verification can be done by simply looking at the top hash.
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"How much do you agree with this statement: "I do not think there will be as strong an alt run in the next bull run as the one we saw in 2017.""
The average vote was 5.3.
"Did you follow through with it? Why or why not?"
I really do support alts for the tech or dapps, abilities, etc. While it would be nice to see growth on a whole bunch of different investments, I fear it might be a while before people stop running and take the 'bitcoin blinders' off, as far as main investing interest goes. More use-case-scenarios needed! – Yeah I agree. It’s def gonna take a long long time before the industry becomes less top-heavy (BTC/ ETH/ XRP dominant) 🤔
Absolutely I don't see why not 🙂 history repeats itself not that I hold a ton of altcoins myself or anything 😉 – Love the optimism haha 😋
The bull run in your top alts will be much larger than 2017. Even retired people are starting to buy small amounts of litecoin and bitcoin cash. Your crap coins will fall by the way side but the good alts will see the largest rise yet! - Yeah, they have a higher delta.
I believe certain alt coins will do well. – I think a really small number will make it. 🤔
FI backing, more trading platforms with way more trading pairs, initial governmental regulation globally, and greatly increased utilization on top of a better educated public can only mean crazy speculatiin the likes of which have never been seen before. – Open the flood gates! 😋
Bitcoin will be the next bullrun. The altcoins need some more time but there will be altcoin season in 2 years. – Altcoins need some lovin too ):
Alts will play a role in the future to many degrees ! – I believe so too, but I think it’ll take some time. 😓
The math still boils down to $10,000 to $20,000 = 100%ROI vs $1 to $2 = 100%ROI which seems much more conceivable. – Hahaha, think you’re looking at the wrong metric. You should be looking at the market cap. It’s harder to go from $500m to $1b market cap, than it is to go from $100k to $200k market cap.
Hope so, but it's distracting us from waht really important. Building on bitcoin. – Other coins are important too haha. Many are attempting to disrupt very inefficient industries.
there will be an alt coin run, but now where close to 2017, and not all coins will pump. but there are some good projects which will grown multiple times in valuation. – I agree.
Thank you all for reading! Catch you back here again tomorrow for your daily dose of crypto news! 💙