Market Update 7.12.18 – Augur Launches Betting Platform
Augur Launches Betting Platform
Forecast Foundation launched its new protocol, Augur on Tuesday, Jul 10. Augur is a Blockchain betting platform. The first set of bets on the platform were created at 5:00 UTC, and by the end of the day, there are being bets placed on everything from the soccer World Cup to the US elections.
Just a little over 12 hours after Augur was launched, it became the 5th most popular Dapp on Ethereum’s blockchain in terms of the total number of users. This has taken the apps’ standing ahead of the viral game CryptoKitties, which has been the market leader since it was launched in December last year.
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GPU Prices Fall with Market Slump
As the cryptocurrency market’s prices continue to fall, Specialized Graphics Units (GPUs) have also seen a fall in their prices. The price of GPUs skyrocketed from December 2017 onwards after demand for them also shot up. This is because these chips are used for cryptocurrency mining. And with the mania in the cryptocurrency market towards the end of the year, more and more people were interested in mining for cryptos.
According C Robert Dow, the manager of digital media at Jon Peddie Research, they had forecast a drop in the prices of GPUs. This is because the cost of running mining rigs is high and if there is a drop in cryptocurrency prices, then it is not a financially profitable exercise to mine them.
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TenX’s Hosp: BTC Can Still Hit $60,000 This Year
According to the president and co-founder of crypto startup TenX, Julian Hosp, Bitcoin can still reach a price of $60,000 this year. During an interview with CNBC at the Rise conference in Hong Kong, Hosp stated that he still stood by his December 2017 forecast that the market would see Bitcoin’s price at both $5,000 and $60,000. He stated that BTC had already fulfilled the first part of the prediction, now it remained to be seen if it would touch $60,000. Hosp said that he was quite confident that it was a possibility.
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Total Market Cap: July 12
The trading volume in the cryptocurrency market stayed down at $11.53 billion. The capitalization of the crypto market also continues to fall, and is currently at $245.57 billion.
Bitcoin Price Analysis: July 12
Bitcoin has also dropped to trade at $6204.54 per token, a 2.99% drop for the digital asset. BTC currently has a trading volume of $3.55 billion and its market cap has dropped to $106.24 billion.
Ethereum Price Analysis: July 12
Ethereum’s price too fell another 1.11% to $434.52 a token. The altcoin has a trading volume of $1.33 billion, and its market value is $43.74 billion.
State of the Top 10 Cryptocurrencies: July 12
The cryptocurrency market continues its slow freefall and all the top ten cryptocurrencies – with the exception of Tether, which is currently trading flat – fell in value.
- Bitcoin lost 2.99% to trade at a price of $6204.54, and its token is now $106.24 billion.
- Ethereum fell 1.11% to trade at a price of $434.52, and its token is now $43.74 billion.
- Ripple fell 2.85% to trade at a price of $0.435889, and its token is now $17.11 billion.
- Bitcoin Cash fell 2.53% to trade at a price of $679.43, and its token is now $11.7 billion.
- EOS fell 4.8% to trade at a price of $6.74, and its token is now $6.04 billion.
- Litecoin fell 2.15% to trade at a price of $75.88, and its token is now $4.35 billion.
- Stellar fell 2.45% to trade at a price of $0.183831, and its token is now $3.44 billion.
- Cardano fell 3.28% to trade at a price of $0.125968, and its value is now $3.26 billion.
- IOTA fell 3.16% to trade at a price of $0.950490, and its value is now $2.64 billion.
Tether traded flat at a price of $1, and its value is now $2.61 billion.