Cryptocurrency Market Updates

Market Update 8.28.18 – Blockchain to Replace Existing Tech

Chainbits Staff | Publish date: 08/28/2018

Market News

Blockchain to Replace Existing Tech

JP Morgan’s Chief Information Officer Lori Beer stated at a press conference in Buenos Aires that Blockchain technology was going to replace existing tech in the next few years. Beer said that soon there would be a greater as well as wider use of Blockchain technology across industries and it will eventually replace the technology it co-exists with today.

Beer said in her interview that their company uses Blockchain tech to make the payments process easier and also to store KYC (Know Your Customer) policy related information.

Read the rest of the story here.

Executives Want to Invest in Blockchain

According to a survey conducted by Deloitte, executives from the TMT (Telecommunications, Media and Technology) sector are willing to invest in Blockchain research next year. Deloitte surveyed 1,053 executives across 7 countries. Of this population, 180 were from TMT companies.

Of the total population, 84% agreed that Blockchain was going to scale up and was going to be widely adopted. 59% said they felt that this new technology was going to disrupt their industry and 29% said that they had already become a part of a Blockchain consortium. Of the TMT executives surveyed, 40% stated that they were planning to invest in Blockchain to the tune of millions of dollars in the coming year.

Find out more here.

Samsung Develops Blockchain Certification Tool for Banks

According to an official announcement by Samsung, its IT arm, Samsung SDS has developed a new Blockchain based app called BankSign, a certification tool for banks. This new project is a joint venture between Samsung SDS and the KFB (Korea Federation of Banks), which aims to provide a simple method for transactions within banking systems so that certification would be required from only one bank within the network.

BankSign allows customers to get a certification that is valid for up to 3 years from just one bank. The current system in place lets customers get bank certifications for only one year and each bank is expected to provide a separate certification.

Total Market Cap: August 28

The volumes of trade in the cryptocurrency market went up from yesterday to its current levels of $12.42 billion. The market’s valuation is currently $226.11 billion.

Bitcoin Price Analysis: August 28

Bitcoin’s price jumped 3.72% since yesterday to $6939.17. The valuation of the token is now $119.76 and its trading volume is $4.24 billion.

Ethereum Price Analysis: August 28

Ethereum’s price jumped 4.47% since yesterday to $286.20. ETH’s trade volume is $1.38 billion and its valuation is $29.08 billion.

State of the Top 10 Cryptocurrencies: August 28

Since yesterday, the cryptocurrency market has shown a lot of green. Tether is the only exception, showing a loss of 0.21% in the last 24 hours. Of the others in the top ten group, IOTA has beaten all other cryptocurrencies with a 16.25% jump in its price since yesterday. Other gainers have been LTC, with a much more modest 4.72% gain, and ETH with a 4.47% increase in its price.

Bitcoin gained 3.72% to a current price of $6939.17. Capitalization of the crypto is $119.76 billion.
Ethereum gained 4.47% to a current price of $286.20. Capitalization of the crypto is $29.08 billion.
Ripple gained 4.43% to a current price of $0.343916. Capitalization of the crypto is $13.62 billion.
Bitcoin Cash gained 3.74% to a current price of $523.06. Capitalization of the crypto is $9.48 billion.
EOS gained 3.99% to a current price of $5.35. Capitalization of the crypto is $4.85 billion.
Stellar gained 3.29% to a current price of $0.226380. Capitalization of the crypto is $4.24 billion.
Litecoin gained 4.72% to a current price of $60.55. Capitalization of the crypto is $3.51 billion.
Tether fell by 0.21% to a current price of $0.998927. Capitalization of the crypto is $2.80 billion.
Cardano gained 6.64% to a current price of $0.101649. Capitalization of the crypto is $2.63 billion.
IOTA gained 16.27% to a current price of $0.714111. Capitalization of the crypto is $1.98 billion.