Asian Altcoin Trading Roundup: Nano is Leading the Way

FOMO Moments

There has been an unexpected turnaround this morning and the markets have rebounded a little. Weekends are usually times when selloffs occur, led by Asia, but today everything is in the green once again. Bitcoin is leading the pack with a 7.5% recovery on yesterday’s prices to $10.500, altcoins have followed it back up, many by double digits. One as usual stands out from the rest and it is one we have covered a couple of times before; Nano.

Posting a 45% gain on the day Nano, formerly RaiBlocks, is flying during the Asian trading session this morning. It has jumped from $9.72 this time yesterday to $14.50 today, over the week gains have been even greater from a low point of $6.80 just three days ago. Nano hit an all-time high of $37 a couple of days after New Year when all cryptos were at their peaks.

The release of the Beta version of the Nano Android wallet on the 21st is likely to have spurred greater interest in this altcoin. Investors have seen buying opportunities at low prices and this coin has seen the dividends. Facilitating fast and free micropayments with digital currencies Nano has an online wallet and mobile ones in continual development. There are only 133 million total supply tokens and they are all already in circulation so prices could well continue upwards. It is traded mostly on Binance which has over 90% of the total volume, $263 million has been exchanged in Nano trading over the past 24 hours.

There are a few other altcoins with double digit growth this morning and they include Ethereum Classic which is up 25% at the time of writing. Litecoin, Iota, Tron, VeChain, and OmiseGO are also rallying this morning.

More on Nano can be found here:

FOMO Moments is a section that takes a daily look at the top 25 altcoins during the Asian trading session and analyses the best performing one, looking for trends and fundamentals. 

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The selloff continues as the week ends in crypto land. Asians are leading the way and dropping their digital currencies for the third day in a row. Bitcoin has lost 8% on the day and has dropped back to just over $10k, altcoins as usual have been hit harder and are all in the red during this morning’s Asian trading session.

We have to go a long way out of the top 25 to find one that is actually up on the day. The only one in the top slot that is even in the green is Nano which we featured yesterday. Still trading higher on news of the app release, Nano is up 3.8% on the day – every other altcoin has fallen.

The next cryptocurrency that is up is DigixDAO, the gold based crypto that seems to do well when all others are falling. DGD is up 4.2% on the day, trading at $318 at the time of writing and has had a very good week gaining 34% from $235 this time last week. The only major difference with this coin is that it is based on a commodity which is why it seems to weather the storms better when all others are plummeting.

There are only 2 million DGD tokens circulating, most of which are traded on Binance which has almost 90% of the total. Market capacity currently stands at $635 million and it is ranked at number 35. $77.5 million has been traded in DGD over the past 24 hours.

All other altcoins are in the red but ones that have not taken such a hit include Ethereum, Neo, Bitcoin Gold, Rchain, and Maker. There are some bargains out there for those that like to buy the dip however the dip could keep dipping throughout the day.

The ratio of Bitcoin’s market dominance compared to all other digital currencies has generally getting smaller since early 2017. This period can be considered the ‘big bang’ for cryptocurrencies, when they literally all exploded onto the scene and inflated into the virtual universe. Over the past week however Bitcoin’s dominance has picked up and its transaction fees have fallen.

Over the first half of 2017 Bitcoin’s market share plummeted from almost 90% to around 37%. This was largely at the expense of Ethereum which skyrocketed in price from around $10 to over $400 during the same period. Other altcoins such as Ripple’s XRP also chomped away at the Bitcoin behemoth as the crypto train gathered momentum. The latter half of 2017 saw Bitcoin steadily rise back up to a high of 64% market dominance in early December as traders soon realized that they needed BTC to buy altcoins.

Big Drop For Bitcoin

As crypto mania reached a crescendo just after New Year Bitcoin found itself in free-fall again dropping by 50% to a low of 34% market dominance. Smaller altcoins such as Verge, Tron, and Cardano were being shilled and pumped causing millions of dollars to flow away from BTC and into them boosting their market capacities into the billions. The party did not last long and those that shot up so rapidly fell the hardest. Everything was sucked into the virtual vortex and the crypto markets shed 66% from $830 billion down to a low of $280 billion in just one month from January 7 to February 6.

In the past week however Bitcoin’s market dominance has seen a turn around and it is reclaiming some of its lost share. It has regained 14% from 34% on Feb 10 to just over 39% today, and it continues to climb as many of the altcoins carry on bleeding. Those that were seeking a quick buck are likely to have sold in a panic as markets fell, while those with true belief in blockchain technology and the projects they have invested in will be hodling for the future.

Chart: Coinmarketcap

Usage and Transaction Fees at a Low

While Bitcoin approaches 40% market share again its actual usage has fallen to the lowest point in six months. Costs to send Bitcoin became unfeasible during its peak in December when they were as high as $35. This caused many to switch to more cost efficient alternatives such as Ethereum, Litecoin and even Bitcoin Cash.

With fewer people using Bitcoin its transaction fees have dropped back to an 18 month low yesterday. This means that a standard transaction of six blocks will cost as little as 20 cents with an average fee being around 50 cents according to analytics websites. Bitcoin transaction fees have not been this low since before the crypto boom in March last year.

These low fees only apply for peer-to-peer transactions however as exchanges set their own fees and commissions which are usually higher. Segwit adoption and Lightning Network implementation could help to bring Bitcoin back to the digital currency of choice it was developed to be in the first place.

FOMO Moments

The markets have continued correcting during the Asian trading session this morning. Bitcoin continues with its slow sell off but the some of the altcoins seem to be accelerating downwards at a faster rate. BTC seems to have found support at $10,500 and has headed upwards slightly however it is still down around 2% on the day. Most altcoins are also down except one which is pretty rampant right now, and that is Nano.

Nano is the rebranded version of RaiBlocks and according to Coinmarketcap it is trading 26% higher on the day. From a low of just under $7 yesterday NANO (previously XRB) is nudging towards $10 today with a spurt that started a couple of hours ago. It had been down trending all week from a high of $10.02 until today when it has spiked back up to $9.05. RaiBlocks had a great run in early January peaking at $36, like most altcoins that were pumped during this period it has fallen back heavily.

Nano touts itself as a ‘block lattice’ based network offering zero fee digital currency transactions. This makes micropayments more viable as there are no fees and transactions are instant. The fomo spike today has come on the announcement that the Nano wallet for Android is now in Beta on Google Play. An iOS version is in the pipeline.

Nano has a market capacity of $1.2 billion with Binance taking over 90% of the trade volume. In the past 24 hours $82 million has been traded and there are 133 million tokens in total with all of them in circulation. Nano is currently ranked at number 24 in the market cap charts.

Other altcoins showing positive price action this morning in Asia are Monero, up 8%, and Zcash. Outside of the top 25 Populous, Dent and Polymath are also doing well when most others are falling.

Not many other blockchain companies can boast new partners on a weekly basis. Ripple is one that can and, love it or hate it, the San Francisco based global payments provider has added to that list of over a hundred with five more this week.

In addition to banks in Brazil and India, Singaporean and Canadian money transfer service providers have also joined ranks with Ripple. According to reports Brazilian Bank Itaú Unibanco and remittance provider BeeTech have joined RippleNet in order to facilitate faster and cheaper global funds transfers. Indian bank IndusInd is also onboard alongside Canadian company Zip Remit who are all seeking to benefit from blockchain based financial transactions at a fraction of the cost.

Emerging Markets to Benefit Most

Emerging markets such as Brazil, India and China are home to 85% of the global population with almost 90% of people under 30 residing within those markets. They are a huge draw for companies such as Ripple looking to expand product adoption for xCurrent and RippleNet financial transfer platforms and networks. Over $60 billion was transferred into both India and China in 2017 and Brazil saw $600 million arrive from the US.

Head of business development at Ripple, Patrick Griffin, is confident that blockchain solutions are the way forward to improving the lives of users in emerging markets.

“The payments problem is a global problem, but its negative impact disproportionally affects emerging markets. Whether it’s a teacher in the U.S. sending money home to his family in Brazil or a small business owner in India trying to move money to open up a second store in another country, it’s imperative that we connect the world’s financial institutions into a payments system that works for their customers, not against them.”

Singaporean Partners to Expand RippleNet

Southeast Asia’s leading digital cross-border money transfer service provider InstaReM is also joining RippleNet to facilitate faster payments to other members of the rapidly growing network. It currently consists of over a hundred banks and other financial institutions providing real-time messaging, clearing and settlement of financial transactions. InstaReM’s partnership will allow their corporate and SME customers quick and hassle-free payouts to a number of destinations in the region.

Prajit Nanu, co-founder and CEO, stated; “We are pleased with this new partnership with Ripple which will see RippleNet members utilizing InstaReM’s unique payments mesh we have developed in Southeast Asia to further streamline payment processes.”

The company processes over 500,000 transactions per year, and is concentrated on connecting businesses and individuals from Australia, Canada, Hong Kong, Singapore, and India to over 60 countries worldwide.

RippleNet is not a part of the company’s cryptocurreny XRP which drives a separate system called xRapid. It was reported last week that Western Union were trialing transfers using xRapid and XRP.

A relaunch or rebrand usually does wonders for a cryptocurrency or blockchain project. The latest to revamp their look, website, and products is Berlin based Lisk which held an event yesterday. The team addressed an audience of over 500 highlighting new products, core updates, and a vision for the future.

The conference started out with a fancy introduction and a keynote by Max Kordek, co-founder and president of the Lisk Foundation. His main focus was on the goal to make blockchain technology open for everyone through the Lisk platform. Christian Vatter from Rlevance then took the stage to explain how the company achieved its new branding and what Lisk actually is.

Rebranded Lisk Products

In its strive to make blockchain technology accessible for everybody Lisk has built a blockchain application platform for users and developers to build upon, one with aspirations to be so successful that any Javascript developer can jump onboard immediately. The ethos being that it is not about the technology but the benefit to the people.

A new series of product names were then introduced by marketing lead Thomas Schouten. These included Lisk Core which remained unchanged, JS and Lisky which are part of the SDK, were rebranded to Lisk Element sand Lisk Commander, and the App became Lisk Hub. Lisk Nano will be discontinued and Lisk Hub will take its place to act as a one-stop dashboard, combining the functionality from the wallet and blockchain explorer. The presentation continued to show the basic workings and setup of the platform for developers. A series of professional videos were shown before a new website was unveiled to be launched this week.

Jacob Kowalewski then introduced the Lisk Academy which aims to educate on blockchain technology and instruct on how to implement blockchain into business. A technical panel explained Lisk Core 1.0.0. which will be a culmination of development efforts over the last few months. Its release will be a major back end milestone ahead of the rollout of the entire Sidechain Development Kit. Finally, Kordek wrapped up summarizing the event and thanking the contributors and audience.

Price Action Unaffected

The Lisk team offered some seriously slick marketing and plans for the future however its price action has taken a beating along with the rest of the altcoins during trading today. LSK is down over 10% on the day but marginally over the week, it is currently trading at $25.74 according to Coinmarketcap.

Looking at the bigger picture LSK has doubled since the February 6 dip and has shown steady increases over the past 3 months climbing over 250% from its late-November levels. The total market capacity for LSK is $2.6 billion and $223 million has been traded in the past 24 hours, the total supply is only 118 million. Lisk has shown to be a very resilient digital asset, and if the conference was anything to go by the team has huge plans for the future of blockchain industry.

Photo: Twitter @LiskHQ

FOMO Moments

After a few days in the green crypto markets are correcting today and red is dominating the coin charts. A small selloff has started as traders take profits during the Asian session. Bitcoin has retracted by around 2% to $11,300 and most of the altcoins have followed it down. Only one or two are still showing positive gains over the past 24 hours and OmiseGO is leading the pack in the top 25.

According to Coinmarketcap OMG is the only altcoin that is up over the past day, albeit only by 2% at the time of writing. From a low of $17.70 yesterday it jumped up to $20.20 before retreating back to $18.75 this morning. OmiseGO has rebounded strongly from the big dip of February 6 and has recovered over 100% of its losses, falling to $8 and rebounding quickly to over $16. It has weathered the stormy ride that a lot of other altcoins are still falling from.

Omise is a Singaporean company that has created an Ethereum based fintech blockchain for use in mainstream digital wallets for real-time peer-to-peer transactions in both fiat and cryptocurrencies. The latest blog posts mentioned that OmiseGO would be joining other Ethereum projects to create an Ethereum Community Fund (ECF) dedicated to the acceleration of infrastructure and decentralized application development. Ethereum co-founder Vitalik Buterin has openly supported OMG and the team are very active in Thailand and Southeast Asia where a number of partnerships have already been made.

OmiseGO is traded mostly on Bitfinex and Upbit where it can be bought in fiat. There are 140 million in total supply and 102 million in circulation, $125 million has been traded in the past 24 hours. OMG has a market cap of $1.9 billion and is currently ranked at number 21 in the charts.

The only other two altcoins in the green in the top 50 are Dogecoin and DigixDAO.

More on OmiseGO can be found here:

FOMO Moments is a section that takes a daily look at the top 25 altcoins during the Asian trading session and analyses the best performing one, looking for trends and fundamentals. 

When forks occur, which is quite often in crypto land, the original one tends to have a good run up. This is largely due to the promise of free equivalent tokens from the new fork to holders of the original. Traders want to get in both for the price boost of the first coin, and the added bonus of free crypto, whatever it is worth at the time.

When Litecoin hard forked on Sunday at block 1371111 Litecoin Cash was born. There was a fair bit of controversy leading up to the blockchain split as LTC founder Charlie Lee called it a scam. His own coin however finally awoke from weeks of down trending jumping from $154 on February 13 by almost 58% to $243 where it currently trades a week later today. Renewed interest in LTC is likely come from the upcoming launch of LitePay which enables businesses and merchants to accept payments in Litecoin which is faster and cheaper to send than Bitcoin.

Litecoin Cash Lifts Off

Litecoin Cash landed on the Russian crypto exchange Yobit in the early hours of Monday 19 where it was valued at around $1.20 per token. Since then the price has gone skywards to a high of $9.28 representing an increase of over 675% in its first 24 hours trading. In the past 12 hours it has corrected a little back to around $7.6 where it currently trades. According to Yobit the 24 hour volume at the time of writing is over $4.2 million which is higher than Bytecoin, Rchain, Electroneum, Maker, and Decred, all of which are in the top 50 chart with a market capacity over $500k.

Since most major crypto exchanges did not support LCC it is unlikely that many LTC holders actually claimed their free tokens as the process was convoluted and involved opening multiple wallets and exporting private keys. LCC has also yet to be listed on the analytics websites such as Coinmarketcap and Livecoinwatch.

It is currently too early to tell whether this is an initial pump and dump or Litecoin Cash has any legs. Without more exposure on more exchanges it is not going to get the influx of traders that it’s big and disapproving brother has. There have also been a number of posts on social media throughout the day from users experiencing technical issues with LCC wallets. Good news for Charlie Lee and co but maybe not so for the creators of Litecoin Cash who are still pushing out their next best thing in crypto land.

FOMO Moments

Things are looking rather pleasant for crypto markets during this morning’s Asian trading session. Bitcoin has sustained solid growth of over 7% on the day and currently trades at just over $11,450, this has pulled the majority of the altcoins to higher levels. One way out in front of the pack at the moment is Ethereum Classic.

Coinmarketcap has ETC trading at 26.5% higher than this time yesterday. The price hike has sent the altcoin from $34 to $43.5 in 24 hours. It is way ahead of the next best performer in the top 25 which is VeChain. Looking at the weekly chart Ethereum Classic is up almost 50% on the $28 it was trading at this time last Tuesday. The recent spike in price happened a few hours ago when consolidation was broken on the upside and it jumped almost 10% in about an hour.

Ethereum Classic was the original version of Ethereum which was created after the DAO attack in June 2016. The core community and developers split along with the software division with founder Vitalik Buterin going with the new forked version which has now become the standard. There are 99.9 million ETC tokens circulating with a $4.3 billion market capacity putting it at 14th position in the charts.

Momentum as usual has come from South Korea this morning with Bithumb and Upbit taking the largest trade volume at just under 40% combined. Around $1.3 billion has been traded in the past 24 hours, largely in KRW.

Other altcoins enjoying double figure growth this morning are VeChain and OmiseGO. The few in the red include Cardano, Stellar, Nem and Lisk.

More on Ethereum Classic can be found here:

FOMO Moments is a section that takes a daily look at the top 25 altcoins during the Asian trading session and analyses the best performing one, looking for trends and fundamentals. 

As demand returns to the markets South Korea is once again leading the way for trade volume. Bitcoin recorded a monthly high trading volume on exchanges in the country as fears of clampdowns subside and confidence returns to the crypto markets.

Local media reported that domestic Bitcoin trading volume reached a maximum value in the month following the holiday season. Over $250 million has been traded in BTC on South Korea’s leading exchange Bithumb in the past 24 hours.

New Bitcoin Trade Volume High

The recorded volume on the 19th was the largest in a month indicating a steady return to crypto trading for South Koreans. Over 84,979 Bitcoins were traded at a value of 1.24 trillion won. This is higher than the last peak level on January 20 when 80,829 BTC were traded. The surge rose more than half of the 16 day trading volume of 42,094 Bitcoins two days ago, and the 17 day trading volume was only 58,329 coins. The Kimchi premium, which shows overheating in the domestic market, also stood at around 6-7%.

During the big dip on February 6 Bitcoin prices fell lower in South Korea than elsewhere however it has since doubled in less than two weeks. Transaction volume has increased with the inflating price and a lot of investors got in at a psychologically significant 10 million won price level ($9,300). Positive conclusions from crypto conferences in the US, and self-regulatory bodies being setup in Japan, has boosted buoyancy in the markets and traders are returning.

Bitcoin is currently trading at $11,420 on Bithumb, and $10,800 internationally. There are often discrepancies in prices on Asian exchanges as demand is greater. The fact that a new volume level has been reached is a positive indicator for the state of the markets in general, South Korea is once again leading the way back to full confidence in cryptocurrencies.

According to Coinmarketcap Bithumb is the world’s fifth largest exchange with over a billion dollars in daily trade for all crypto assets. Ripple is currently the top traded coin on the exchange with over $300 million traded in XRP/KRW in the past 24 hours. It accounts for 30% of the total volume on that exchange with Bitcoin second at 24% and EOS third at 12.5%.