The market was up significantly during last week. The overall cryptocurrency market cap increased 11% to $226 billion. Bitcoin was up 5% to $6,700 and ether price increased 14% to $240.
With the market rising, investors are again getting greedy. Most altcoins outperformed Bitcoin and as a result, Bitcoin dominance dropped from 55% beginning of the week to 51% by the end.
XRP doubled during the week and at one point, overtaking Ethereum as the second most valuable cryptocurrency. Stellar also surpassed Ethereum in diluted market cap according to OnChainFX.
It is interesting to see that while the secondary market is getting hot, the ICO market is still very muted. There is almost zero interest in most public crowdsale.
On a separate note, I have attended Singapore blockchain week and enjoyed it. Below are a few takeaways from the trip:
- The Consensus conference itself was quite underwhelming. Lots of people got the free exhibition ticket and few people actually listened to the presentations. Even CZ from Binance was just walking around the venue and he wasn’t getting harassed as much as I thought he would be.
- New York Consensus probably had 10 times the number of attendants. There were also not too many booths showing up this time. Bear market and unprofitable ICO projects really made things quiet down.
- The after-events were still great with lots of industry heavyweights still presence.
- Most funds have largely stopped investing in new projects for now, leading to ICOs having a difficult time raising funds.
Binance Unveils Plans To Test A Fiat Crypto Exchange In Singapore: https://cryptodaily.co.uk/2018/09/binance-unveils-plans-to-test-a-fiat-crypto-exchange-in-singapore/
Crypto Exchange Zaif Hacked In $60 Million Bitcoin Theft: https://www.coindesk.com/crypto-exchange-zaif-hacked-in-60-million-6000-bitcoin-theft/
Elon Musk recruits Dogecoin creator to fight cryptocurrency scambots: https://thenextweb.com/hardfork/2018/09/17/musk-twitter-scambots-dogecoin/
VanEck/SolidX ETFs Delayed Again as SEC Seeks Comment on Fund Proposal: https://bitcoinmagazine.com/articles/vanecksolidx-etfs-delayed-again-sec-seeks-comment-fund-proposal/
Singapore Central Banker: No Securities Crypto Token Approved To Date: https://www.coindesk.com/singapore-central-bank-no-tokens-weve-seen-are-securities/
Bitcoin Mining Pool AntPool to Sponsor NBA’s Houston Rockets : https://www.ccn.com/bitcoin-mining-pool-antpool-to-sponsor-houston-rockets/
Bitcoin Mining Giant Bitmain Unveils ‘Next-Generation’ 7nm Chip : https://www.ccn.com/bitcoin-mining-giant-bitmain-unveils-next-generation-7nm-chip/
Deep Dive Review into Ethereum Classic: https://crushcrypto.com/ethereum-classic-analysis/
* The information contained in this article is for education purpose only and not financial advice. Do your own research before making any investment decisions.