With the start of the school year, crypto markets showed decent gains on September 1st with almost all top 100 cryptocurrencies by market cap is in the desired green zone.
Bitcoin (BTC) steadily continued to climb over the $7,000 mark which is basically more than a 2 percent increase in the past 24 hours. It is now trading at $7,268 which is a 0.99% increase over the past day. Bitcoin broke the $7,000 point for the second time this week right after news hit from the US Commodity Futures Trading Commission where they showed a decline in bearish positions for Bitcoin futures contracts that are not commercial.
Ethereum (ETH) is now going over the $290 price point which is actually a drop by 1.33 percent over the past 24 hours but on the other hand, the second largest cryptocurrency saw more than 6 percent growth on a weekly basis despite the losses it’s been suffering for a whole month.
The total market cap of all cryptocurrencies is now $238 billion and this is a first time Since Aug 8. However, the total market cap is continuing to grow to show a possible spike in the following hours.
Dogecoin has also seen some notable growth reaching a stunning 40 percent in the past 24 hours and is currently a 22 place on CoinMarketCap trading at $0.005103. The previous week, the central bank of India confirmed the plans to issue a rupee-backed central bank currency. Also, Yahoo Finance offered a buy and sell options for a few major cryptocurrencies on its website. This is great news for all cryptocurrencies!
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MakerDAO Will Focus On Security Tokens For Their New Feature Rather Than BTC
“The first one is that it can support multiple collateral types. This, of course, means ERC-20 tokens. It also means Bitcoin through WBTC. A range of cross-chain assets that are emerging now. Also, there will be other stablecoins. Centralized stablecoins that already exist on the Ethereum blockchain. But most importantly, security tokens.”The MakerDAO foundation initially owned all of its MKR tokens but as Rune explained, they sold them off to multiple huge players in the EthereMum world in order to fund teams of 100 people. He says that MKR exists only to be able to vote in the system. The system rewards people who hold CDPs and when everything goes well, the MKR total supply is reduced, tokens get burned off and the value of the remaining tokens increases. Dai is extremely unique and some consider it as the real stablecoins, unlike the pegged coins. Dai is built on an open system so people who invest in cryptocurrency can access the stability of the Oracle system. Christensen also explained how real security tokens operate better in the world of traditional assets. He said:
“Security tokens are still something that is quite new. But what that really represents to Maker is the ability to now interact with real-world assets. The ability to interact with real-world finance and provide arbitrage opportunities between the traditional finance world and the tokenized world. That means that in the future the Dai will not just be backed by volatile cryptocurrencies, but things like real estate, bonds, and stocks.”The most important way to use Dai is as a stablecoin. If anything happens to the Ethereum network, there could be some negative consequences to the market but MakerDAO couldn’t get in a worse position than the one last year.
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