Market Update 8.01.18 – 90% Blockchain Initiatives Will Be Abandoned
Market News
90% Blockchain Initiatives Will Be Abandoned
According to a study done by Forrester Research, most of the Blockchain initiatives currently being run by US companies will eventually be abandoned. The market research firm made a grim forecast that around 90% of the Blockchain projects being run by American companies will be put on hold this year and will never become a part of regular company operations.
The research study also stated that most of the companies that have been experimenting with DLT (distributed ledger technology) are now pulling back and cutting down on their ambitions.
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Stellar Top Monthly Performer in Crypto Market
Despite the fact that July was a month of many ups and downs, with many cryptocurrencies dropping in value, an exception to the trend was Stellar (XLM), which rose above all the other cryptocurrencies to become the top performer of the month.
This growth in the crypto’s value was fueled by interest from the US’s major crypto exchange, Coinbase, which stated that it was considering listing the token. This was only the kick-starter for the token’s rise. In the last few months, projects launching ICOs, including social messenger service Kik, have begun using Stellar’s technology.
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Northern Trust Starting Crypto Custody Business
One of the world’s biggest asset management firms, with more than $954 billion in assets under management, Northern Trust Corp. is planning to launch its custody service for cryptocurrencies. The company’s corporate and institutional business head Pete Cherewich stated that the firm had begun developing its strategy to get custody held cryptos. He stated that Northern Trust was looking at launching a product similar to current custodial services, however, would charge much lower fees.
Cherewich stated that custodian fees today are very high and, in the long run, not very sustainable. However, it would take the company at least another 12 months to be able to launch a custody service for cryptocurrencies.
Find out more here.
Total Market Cap: August 01
Trading in the cryptocurrency market went up to a volume of $16.14 billion. However, the crypto market’s capitalization dropped even further from yesterday to $270.84 billion.
Bitcoin Price Analysis: August 01
While BTC dropped 7.11% to trade at $7560.03 a token. Trading volume was higher than yesterday at $5.62 billion but BTC’s market cap has dropped to $130.07 billion.
Ethereum Price Analysis: August 01
Ethereum fell by 6.78% to its current price of $421.56. Trading volume was up at $1.97 billion but ETH’s value dropped to $42.64 billion.
State of the Top 10 Cryptocurrencies: August 01
All of the top ten cryptocurrencies in the market are down on trading at this time. Bitcoin was the biggest loser, with its price dropping by 7.11% since yesterday. Ethereum was close behind with a drop of $6.78% in its token price. Bitcoin Cash followed with a drop of 5.79%. The average losses since yesterday have been 4.37% for the top ten cryptos in the market.
- Bitcoin dropped 7.11% to trade at $7560.03. The digital token’s market value is $130.07 billion.
- Ethereum dropped 6.78% to trade at $421.56. The digital token’s market value is $42.64 billion.
- Ripple dropped 1.43% to trade at $0.434760. The digital token’s market value is $17.09 billion.
- Bitcoin Cash dropped 5.79% to trade at $754.93. The digital token’s market value is $13.03 billion.
- EOS dropped 4.72% to trade at $7.26. The digital token’s market value is $6.57 billion.
- Stellar dropped 4.19% to trade at $0.269044. The digital token’s market value is $5.05 billion.
- Litecoin dropped 4.52% to trade at $77.84. The digital token’s market value is $4.48 billion.
- Cardano dropped 4.13% to trade at $0.139923. The digital token’s market value is $3.62 billion.
- IOTA dropped 4.96% to trade at $0.922488. The digital token’s market value is $2.56 billion.
- Tether dropped 0.07% to trade at $0.998716. The digital token’s market value is $2.45 billion.