Cryptocurrency Market Updates

Market Update 1.22.19 – Ethereum Saw Record Volumes on On-Chain Transactions in Dec 2018

Chainbits Staff | Publish date: 01/22/2019

Market News

Ethereum Saw Record Volumes on On-Chain Transactions in Dec 2018

According to a new research report by the crypto-analytics company Diar, on-chain transaction volumes on the Ethereum network reached all-time highs in December 2018. Diar reported that transaction levels on Ethereum’s chain touched 115 million at that time.

Besides the intense activity that took place after the DAO hack that led to a hard fork in Ethereum’s blockchain in 2016, this is highest number of on-chains the network has ever experienced. Diar said that the on-chain transactions since October had been stable within a range of 16 million to 17 million.

VIX Shows Bitcoin is Still a Risk Asset

Despite the fact that many view Bitcoin more as an uncorrelated asset, evidence shows that this is not the case. BTC has been advertised as a store of value that is not linked to or produced by any government, therefore it is not supposed to be affected by any risk or fear in the markets. However, data now shows that the CBOE VIX (Volatility Index), also known as the Fear Gauge, is showing an inverse correlation to Bitcoin’s price movements.

There were two peaks that the VIX hit in 2018. The first was on February 6 and the second on December 24. On both occasions, the price of BTC correlated inversely to the VIX’s spikes.

Securitize Joins IBM Blockchain Accelerator Program

Securitize, the digital securities compliance platform has now joined IBM’s Blockchain Accelerator program. According to the Chief Executive Officer of Securitize Carlos Domingo, the firm is looking at building a debt issuance platform that will be powered by Blockchain technology. He said that the debt market is full of inefficiencies and high fees and that his company is hoping to modernize the corporate debt market which is currently valued at $82 trillion.

This accelerator program is expected to last 3 months and will be concluded with a presentation as well as demonstration of Securitize’s new platform.

Total Market Cap: Jan 22

The crypto market’s capitalization is now $118.87 billion and market trade volumes are at $14.63 billion.

Bitcoin Price Analysis: Jan 22

Bitcoin continues to fall. In the last 24 hours, the crypto has fallen another 0.69% to its current trading price of $3564.68. Its market capitalization is now $62.36 billion and trade volumes are at $4.86 billion.

Ethereum Price Analysis: Jan 22

Ether’s price is now $116.97, slipping 0.06% in the last 24 hours. Its capitalization in the market is $12.22 billion and trade volumes are at $2.30 billion.

State of the Top 10 Cryptocurrencies: Jan 22

While the rest of the top 10 cryptos are struggling to gain some traction, Tron’s price has gone up by 7.72% in the last 24 hours. Of the other 9, Ripple has lost the most, with a 1.13% decline in the same time period. Bitcoin SV follows with a loss of 0.81% and Stellar is in third place with a loss of 0.70%.

Bitcoin’s price is $3564.68, slipping by 0.69%. The cryptocurrency is now valued at $62.36 billion.
Ripple’s price is $0.316668, slipping by 1.13%. The cryptocurrency is now valued at $12.99 billion.
Ethereum’s price is $116.97, slipping by 0.06%. The cryptocurrency is now valued at $12.22 billion.
Bitcoin Cash’s price is $122.01, slipping by 0.61%. The cryptocurrency is now valued at $2.14 billion.
EOS’s price is $2.35, slipping by 0.24%. The cryptocurrency is now valued at $2.12 billion.
Tether’s price is $1.01, slipping by 0.41%. The cryptocurrency is now valued at $2.04 billion.
Stellar’s price is $0.102660, slipping by 0.70%. The cryptocurrency is now valued at $1.96 billion.
Litecoin’s price is $31.01, slipping by 0.51%. The cryptocurrency is now valued at $1.86 billion.
TRON’s price is $0.025624, gaining by 7.72%. The cryptocurrency is now valued at $1.70 billion.
Bitcoin SV’s price is $74.70, slipping by 0.81%. The cryptocurrency is now valued at $1.31 billion.