Market Update 5.31.18 – ETC Upgrade Successful

| Publish date: 05/31/2018
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ETC Upgrade Successful

According to Ethereum Classic’s (ETC’s) developers, the upgrade to the network was successfully completed. With the new upgrade, ETC mining is expected to remain viable. This new fork, called ECIP-1041, cut out the “Difficulty Bomb”, a feature that had been coded in with the original Ethereum network. This code had been designed specifically to exponentially increase the level of difficulty in ETH mining. However, this would cause the mining process to become so slow as to be impractical. Therefore, the developers moved to a Proof-of-Stake consensus algorithm to circumvent this issue.

This new fork has not led to any “Air Drops” or even the formation of a new token.

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BTCC Planning Massive Overhaul

BTCC, one of the oldest cryptocurrency trading platforms, is planning a massive overhaul of its systems to upgrade and update its infrastructure. The crypto exchange announced this week that it would soon be launching a new, upgraded trading platform, which would improve liquidity, speed up deposits as well as withdrawals.

These changes are expected to affect other products and services offered by the company that runs BTCC. The mining pool and mobile wallets will now get a new user reward system. What that reward system will be is still not clear, but there seem to be some giveaways involved.

Find out more here.

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Monster Planning $300 Million ICO

Monster Products Inc., the maker of headphones and speakers, is planning to launch at $300 million Initial Coin Offering. The company, founded in 1978, has long relied on retail distribution for the sale of its good till now. However the electronic accessories maker has been steadily losing money for some time now. This ICO is being looked at as a way to revive the brand.

According to the filing with the SEC, Monster is planning to launch one of the biggest ever ICOs by selling Monster Tokens, which will be used to create the Monster Money Network, an e-commerce site for selling Monster products. Other companies’ products may also be sold on this site at a later date.

Find out more about the story here.

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Total Market Cap: May 31

Global trading volume in the crypto sector was at $15.60 billion, with market capitalization being $332.99 billion.

Bitcoin Price Analysis: May 31

The world’s number one cryptocurrency gained 0.29% to trade at a price of $7519.46 in the last 24 hours. Trading volume is currently $4.79 billion and BTC’s market cap is $129.39 billion.

Ethereum Price Analysis: May 31

Ethereum gained another 2.10% to reach a price of $575.17 since yesterday. Trading volume in ETH is $1.94 billion and its market cap is $57.61 billion.

State of the Top 10 Cryptocurrencies: May 31

The cryptocurrency market remains largely positive today too, with most of the top ten cryptocurrencies gaining for the second day. The biggest gainers in the last 24 hours are IOTA, which jumped another 7% and Cardano, which gained another 5.13%. The biggest drop was seen by TRON, whose price fell by 3.06%.

  • Bitcoin rose by 0.29% to a price of $7519.46. Its value now is $129.39 billion.
  • Ethereum rose by 2.1% to a price of $575.17. Its value now is $57.61 billion.
  • Ripple rose by 0.27% to a price of $0.616229. Its value now is $24.14 billion.
  • Bitcoin Cash rose by 1.17% to a price of $1017.94. Its value now is $17.46 billion.
  • EOS rose by 1.22% to a price of $12.42. Its value now is $11.07 billion.
  • Litecoin fell by 0.22% to a price of $119.89. Its value now is $6.80 billion.
  • Cardano rose by 5.13% to a price of $0.216895. Its value now is $5.62 billion.
  • Stellar rose by 0.51% to a price of $0.283818. Its value now is $5.27 billion.
  • IOTA rose by 7% to a price of $1.68. Its value now is $4.66 billion.
  • TRON fell by 3.06% to a price of $0.062414. Its value now is $4.10 billion.
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