Over the weekend the crypto market has seen some mixed signals where most of the top 15 cryptocurrencies experienced minor fluctuations, but Bitcoin Cash and Stellar are the only two that are getting the most attention in today’s crypto news because of the 3.5 percent gains they made.
Bitcoin failed to maintain the $6,400 price point and this major cryptocurrency was down by 4 percent over the weekend. Now it is trading at $6,387 after reaching the lowest point over the past 48 hours at $6,342.
Ethereum has also seen dropping from $201 to $199.5 over the weekend, but as of today, the altcoin is again at the same spot at $201 despite the decline of 0.4 percent in the past 48 hours. Another price drop is to be expected since a group of analysts from Northeastern University and the University of Maryland claim that the Ethereum smart contracts don’t have the right amount of diversity and therefore pose a threat to the entire Ethereum ecosystem.
Ripple was also slightly down, decreasing by 0.6 percent over the past 24 hours.
Bitcoin Cash, which is the fourth coin by market cap, showed a 3.6 percent growth in the past 48 hours and is trading at $534 at the time of writing.
Stellar also saw a distinctive growth when it increased by 3.8 percent over the 24 hours and was trading at $0.24.
The total market capitalization is around $206 billion which shows that it dropped slightly from the previous $207. The daily trade volume also sees a slight drop to $10 billion. At the time of writing, the total number of all cryptocurrencies listed on CoinMarketCap is 2,097.
Bitcoin Is Close To $4,100 As Tokens Gain 20%
"In my opinion, blockchain and crypto-related investment opportunities will be one of the fastest growing sectors in the alternative asset management space in the next 10 years. This means that every alternative asset manager will have to create a strategy to help their LPs gain exposure to the nascent industry," Pompliano said.Aside from the greens recorded in the top 20 cryptocurrencies, the best performers on the day include the names of Ontology, Ravencoin, Tezos, Huobi Token, and KuCoin Shares - all recording gains from 12% to 25% on the day.
Analyst: 90% Of Smaller Crypto Projects Will Result In Complete Loss
“No matter how these small projects are financed (via an ICO, premine, fair launch, dev reward, self-funded etc.), they are essentially young startups in a completely unproven technological field. Such startups are known to have an extremely high failure rate of about 90%,” the analyst explained.The "Wolf of Qtrade.io" also said that only Bitcoin, Ethereum and Monero are the coins that have "traction" and ones that should make up core crypto exposure.
"There’s no denying that there’s a realistic chance that somewhere in the 10% of the projects that survive lies a gem that ends up providing a 10x, 100x, or even 1000x return on investment," he said.Overall, his thoughts are very much in line with the other traders in the crypto community which now recommend investing only in the cryptocurrencies one can afford to lose and building the portfolio around high-cap coins such as Bitcoin and Ethereum.
Mayor Of Chicago: Cryptocurrency Will Save Countries From Financial Crises
“The trend lines are affirmative for its future. I don’t know if that’s ten years, and I don’t know if that’s 20 years, but it’s affirmative. I don’t know what it is. I know it’s an alternative way to trade, and therefore, I gotta learn about it, and I gotta be honest, as mayor, it’s not the top 100 things I would have to learn about.”Emmanuel also noted that the nation states are falling apart while the "city states are emerging." This is why Chicago and other major cities have their own wage laws, some of them even have their own income taxes and many other different regulations. In times when countries like Iran and Venezuela are facing financial embargoes, cryptocurrency can be a possible way to maintain global transactions, according to Emanuel.
"Nation states are falling apart, or receding. City states are emerging, so the political structures we all grew up under are changing. One day, somebody's going to figure out - whether that's Argentina, ten years from now, five years from now - how to use cryptocurrencies to stay alive when their facing a financial crisis, and then you're going to find out that this moment has arrived," he confidently said.To sum things up, Emanuel said that he believes that "an alternative way of currency dealing with the debt markets is going to happen" at some point in the future.
The trend lines are affirmative for its future. I don't know if that's ten years, and I don't know if that's 20 years, but it's affirmative. I don't know what it is. I know it's an alternative way to trade, and therefore, I gotta learn about it, and I gotta be honest, as mayor, it's not the top 100 things I would have to learn about," Emanuel concluded.
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