State of Blockchain Report for Q2 Released

| Publish date: 07/26/2018
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Coindesk released its State of Blockchain Technology report for the second quarter of 2018 on July 25. This is the second such report published by the cryptocurrency exchange and it highlights the most important events of the second quarter as well as how investments in the cryptocurrency market fared.

Overview of the Report

According to the report, during the second quarter of 2018, most of the cryptocurrencies stayed more or less flat in terms of market capitalization. The quarter started with a market cap of $250 billion in April, but by the end of June it had dropped by 1.25% to $245 billion.

The report also touched upon the most important events of the quarter, including India’s ban disallowing banks to deal with cryptocurrencies, the launch of Amazon’s Blockchain-as-a-service, the launch of Facebook’s new Blockchain division, the massive industry conference Consensus in May, the 51% attack on Bitcoin Gold, the Bithumb Hack, the launch of the EOS Blockchain and even the report about the SEC stating that BTC and ETH were not to be considered securities. The SEC story was by far the most impactful for the quarter.

Trading volume for BTC was highest in May, when it reached $200 billion. June was the month with the lowest number of BTC transactions. Similarly, May was also the busiest month for the entire cryptocurrency market and June the slowest.

In terms of transaction fees, Bitcoin, Zcash, Litecoin, Monero and Dash showed a drop in average fees processed during transactions. There was an outlying day when the fees for BTC jumped up to $7. Two cryptocurrencies saw substantial increases in their transaction fees – Ethereum (up by a whopping 653%) and Bitcoin Cash (up by 47%).

Performance of Cryptocurrencies in Q2

The cryptocurrency market showed varied results for the second quarter of the year. Bitcoin Cash gained 4% for the quarter, while Ethereum grew 10%. Litecoin, on the other hand lost 33%.

The best performing assets for the quarter were EOS (44% growth), Ethereum Classic (19% growth), Ethereum (10% growth) and Bitcoin Cash (4% growth).

The worst performing assets for the quarter were Litecoin (33% drop), Monero (29% drop), Dash (23% drop), Zcash (12% drop), Bitcoin (11% drop) and Ripple (4% drop).

During the second quarter, interest in cryptocurrencies, as measured by the number of searches on Google, has been steadily going down.

The Lightning network grew substantially during the second quarter, with nodes growing by 77%, channels by 108% and as well as 200% increase in network capacity in BTC.

Overall, those who built their portfolios had a good run, but those who were holding their assets had a bad time in the second quarter of 2018.

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