Market Update 5.06.2018 – Developer Says Fund Recovery is Ethereum’s Most “Defining Moment”
Market News
Developer Says Fund Recovery is Ethereum’s Most “Defining Moment”
According to Preethi Kasireddy, there is absolute “no right answer” to the altcoin’s fund recovery debate. Kasireddy is not only a former partner at Andreessen Horowitz, but is also a former software engineer at Coinbase. He talked about Ether’s fund recovery during an Ethereum community conference call EDCON.
Some developers suggest that a lack of community consensus will, one way or another, come to a split. Kasireddy, however, warned that a formal government will not be the golden ticket in correcting the ongoing fund recovery issue. He instead proposed that the community must be able to determine the core principles prior to making a decision.
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Venezuela Builds Digital Cryptocurrency Bank
There is no doubt that Venezuela is among the few countries who give importance to cryptocurrency. With that said, the country decided to build its own digital cryptocurrency bank by spending 20,000 Petro. While it is interesting to see the digital asset once again, its future still remains to be seen.
The bank aims to promote the use of Petro and alleviate the various financial issues plaguing the country. It is worth noting that the country is widely known for its financial instability. Still, its government believes that a cryptocurrency bank could be a way to battle said issues.
Read the full report here.
Bitcoin Price Fails to Reach $10,000 Again
Apparently, the world’s leading digital asset Bitcoin has failed to secure a momentum that would help it snatch the $10,000 region. In fact, it has fallen to more than $400 just over the past 24 hours. And yes, the same thing can be said for alternative currencies and tokens, as they have all followed Bitcoin’s price trend.
Bitcoin’s drop is within the range of 5 to 20 percent. Still, analysts are optimistic that the digital currency will be back on its feet. Besides, it has managed to increase from $6,500 to $9,900, and this happened within a three-week period.
See the full report here.
Total Market Cap: May 6
The volume of trade in the crypto market dropped to $25.98 billion as compared to yesterday. The market’s capitalization also went down a bit to $448.83 billion.
Bitcoin Price Analysis: May 6
In the past 24 hours, Bitcoin’s price fell by 3.97% to $9,527.95. The leading cryptocurrency’s trade volume also dripped to $7.51 billion, while its market dropped to $162.15 billion.
Ethereum Price Analysis: May 6
Ethereum’s price fell 5.52% to trade at $775.20. The altcoin’s trading volume also dropped to $3.19 billion; whereas its market capitalization sat at $76.95 billion.
State of the Top 10 Cryptocurrencies: May 6
Like yesterday, all prices except Bitcoin Cash’s have dropped today. TRON managed to hold the 10th place, keeping NEO at the 11th spot.
- Bitcoin’s market price fell 3.97% to $9,527.95, and its value in the market is $162.15 billion.
- Ethereum’s market fell 5.47 % to $775.62, and its value in the market is $76.99 billion.
- Ripple’s market fell 5.63% to $0.864926, and its value in the market is $33.89 billion.
- Bitcoin Cash’s market jumped 0.26% to $1,702.68, and its value in the market is $28.90 billion.
- EOS’s market price fell 0. 86% to $17.79, and its value in the market is $14.92 billion.
- Litecoin’s market price fell 6.27% to $168.21, and its value in the market is $9.49 billion.
- Cardano’s market price fell 5.97% to $0.346626, and its value in the market is $8.99 billion.
- Stellar’s market price fell 4.27% to $0.413550, and its value in the market is $7.67 billion.
- IOTA’s market price fell 2.48% to $2.28 and its value in the market is $6.33 billion.
- TRON’s market price fell 3.43% to $0.084236, and its value in the market is $5.53 billion.