Week 40 News Recap
Tokens.net Recording Continuous Increases in Market and Trading Volumes
Tokens.net is evidently improving the number of trades conducted on the exchange, recording increases in market volumes and trading volumes for the period of the last year. When it comes to trading volumes recorded on the exchange, Tokens.net marked 12.7 million in the second quarter of 2018, increasing the volumes the very next quarter when the exchange saw 18.1 million in Q3 2018.
Additionally, in the fourth quarter, the exchange recorded trading volumes by 27.1 million, increasing by more than a third as opposed to the recorded trading volumes in Q3 for the same year. Trading volumes slowed down for a small percentage in the first quarter of 2019, marking 23.1 million in trading volumes, however, the number increased by almost 10 million, recording 31 million for the second quarter of 2019. The third quarter of the same year tripled trading volumes recorded in Q2, ending up at 104.4 million.
When it comes to market structure of trading volumes on Tokens.net exchange, crypto-to-crypto transactions are keeping a constant advantage with a greater market share as opposed to crypto-to-fiat transactions. Crypto-to-fiat trading volumes kept a majority of transactions during April 2018 by 52%, as well as in November and December of the same year. However, crypto-to-crypto trading volumes make the majority of the market share during the rest of the measuring period, with 72% on September 2019.
Litecoin (LTC) Just Turned Eight: LTC as an Eight-Year-Old Crypto Project
The story of Litecoin, otherwise known as Bitcoin’s little brother, started almost 2 years since the initial release of Bitcoin (BTC). Charlie Lee, the main developer of the project and the CEO behind Litecoin cryptocurrency, officially released code for Litecoin on Github, back on October 7th, 2019, with the idea of improving some of the features that Bitcoin already presented within a newly presented concept of cryptocurrency back at the time. Only two years after the initial release, in 2013, Litecoin had a major market momentum growing by 100% in the period of only 24 hours, additionally becoming the 5th-largest crypto in the market by capitalization back in 2017.
Litecoin was created as an open-source software and peer-to-peer cryptocurrency all based on blockchain, and with no central authority in the spirit of decentralization, created to be almost identical to Bitcoin. Litecoin is at the same time the first and the original altcoin, which is the term created to describe coins and cryptocurrency that are made as alternatives to the original coin, Bitcoin (BTC). The former engineering director for Coinbase and also an ex-employee of Google, Charlie Lee, made sure that Litecoin can still offer something new to the growing market of cryptocurrency, although LTC was created based on Bitcoin code. The biggest difference between Bitcoin and Litecoin is emphasized in the block generation time, where Bitcoin takes 10 minutes as opposed to Litecoin decreased time to 2.5 minutes, making transactions faster with LTC.
Telegram Confirms Mid-October for TON Launch Date
Telegram announced that their long-anticipated TON network alongside the native cryptocurrency of the network, known as “grams”, should become available for investors already in mid-October. Telegram previously released the code for TON back in September, while interested users could check out full nodes and validator nodes, as well as check out the block explorer. Investors have already made agreements with Telegram regarding the initial launch of TON network, where it is stated that the network is due to become public no later than 31st of October, 2019.
In the latest email notification sent to investors, Telegram stated that all investors are required to submit their keys to Telegram by October 16th the latest and two weeks prior to the final deadline for TON launch. Telegram also presented the governance policy of TON in the mentioned email to investors, stating that investors will be the one choosing validators for the network. After the initial launch of TON, Telegram nor TON Foundation would be serving the network as validators. By far, Telegram’s blockchain project has been mostly worked on in secrecy, hence the anticipation, while the project managed to raise around 1.7 billion dollars in early 2018. Additionally, Telegram completed their registration of TON project with the Securities and Exchange Commission.
Kraken and Coinbase are Set to Promote Identification of Cryptos Working as Securities
Two major cryptocurrency exchanges, Coinbase and Kraken, are teaming up in order to develop and launch a system that would be able to identify cryptocurrencies which has features of securities, that way promoting identification of crypto assets. As reported at the end of September, Kraken and Coinbase have formed the Crypto Ratings Council, which is due to aid in identifying cryptocurrency based on regulations. With the system in development, Crypto Ratings Council is aiming at creating a system that would successfully provide clarification on the matter of which digital assets can be freely traded without being supervised by the regulators.
Crypto Ratings Council has been officially launched on September 30th, while Kraken and Coinbase were joined by Bittrex, Grayscale Investments, Genesis Global Trading, Circle Internet Financial, DRW Holdings, and Anchor Labs, all united towards completing the goal of easily identifying digital assets that operate as securities. All cryptos should be judged based on a scaling system that rates the cryptocurrency from 1 to 5, where a score of 5 would mean that a given asset is actually a security, which means that it cannot be traded, issued or sold by companies that are not compliant with regulations.
Despite the Latest Downward Turn, Bitcoin Still a Top Trading Crypto in 2019
Bitcoin is not only the top trading cryptocurrency among digital assets based on the market momentum in 2019, but it also represents the leading asset when it comes to gains compared to gold rising by 17%, S&P 500 Index that had 21% of returns, and even going over tech stocks that marked 31% of gains during the same time period.
With the latest rebound as seen back in June when BTC was able to touch the value of 13,000$ per one unit, Bitcoin may be able to easily attract institutional investors and other major players, which could consequently result in another expected rise from 8,200$ to 12,900$ by the end of 2019. Despite the latest drops that Bitcoin went through while following downwards trends, the top trading asset and the first cryptocurrency by market cap, BTC scored 114% of gains during 2019.
Ten years after the initial launch, Bitcoin is enticing more trust among investors, which could lead to increased interest in BTC despite the fact that the cryptocurrency market is still considered to be in its infantry phase. Even with noted rise in the price of the biggest cryptocurrency in the market, institutional investors are still playing “safe”, considering that the cryptocurrency market is yet to become mature and more stable.