Crypto Bull Market Could Be Here to Stay as Samsung Plans Ethereum-Based Token
Most of the top cryptocurrencies booked gains on Sunday, rebounding from a selloff induced by fear, uncertainty and doubt over accusations that Bitfinex had used client funds to mask the loss of $850 million. After much speculation, it appears that Samsung’s entry into the cryptocurrency market is imminent after insiders reported that the technology giant is developing an Ethereum-based blockchain.
Crypto Markets Recover
The cryptocurrency market capitalization improved to $173 billion on Sunday, rebounding from a weekly low of around $168 billion. At the time of writing, the total market was worth $172.6 billion.
With the exception of Litecoin (LTC), which posted very minor losses, all of the majors reported gains on Sunday. Bitcoin (BTC), the largest and most influential cryptocurrency, gained 1.2% to $5,312.93. Ethereum (ETH) climbed 2% to $159.20 and XRP edged up 1.1% to $0.2990.
Gains of more than 1% were reported for the likes of Cardano (ADA), Tron (TRX) and Monero (XMR).
Bitcoins’ Golden Cross
Bitcoin experienced a big technical move last week, as the 50-day moving average crossed the 200-day MA. This so-called ‘golden cross’ suggests that the technical breakout is still unfolding. Bulls are presently eyeing a return to yearly highs north of $5,600. Above that level, $6,000 is the next major target.
The bitcoin price is up by more than a quarter since April began and is now on track for its first-three month winning streak since the bull market. Year-to-date, bitcoin has gained more than 42%.
Bitcoin’s dominance rate, or the percentage of the cryptocurrency market held in BTC, has shot up in recent weeks. At last check, bitcoin’s $93.9 billion value accounted for 54.4% of the entire market. The dominance rate briefly fell to around 50% in March but has been trekking upwards ever since.
Samsung’s Crypto Deep Dive
Insider sources at Samsung have revealed that the South Korean tech giant is readying a new public-private blockchain equipped with its own cryptocurrency in a move that could hasten adoption of distributed ledger technology. According to the source, ‘Samsung Coin’ is currently in development but the timing and direction of the new product has not been confirmed. The source did confirm that it will be powered by Ethereum.
Samsung has made several forays into the blockchain arena. The company’s new Galaxy S10 smartphones have in-built ctypto wallet features that support Ethereum and hundreds of ERC-20 tokens. According to French business magazine Capital, Samsung has invested nearly $3 million in Ledger, one of the leading cryptocurrency hardware wallet manufacturers.
CEO Mortiz von Widekind addressed the various rumors connecting Samsung to cryptocurrency at the recent Blockchain Expo in London. Speaking to Decrypt Media, he said, “Samsung is a huge organization and everyone within the organization works with blockchain, to a certain extent.” His comments suggest that blockchain adoption is an organizational effort and not just limited to one particular unit.
Samsung is one of several big-tech firms pivoting toward blockchain. As Hacked reported earlier this week, IBM Blockchain is partnering with German automotive giant Volkswagen to track strategic minerals used throughout the manufacturing supply chain. IBM’s blockchain unit has more than 1,500 industry and technical experts.
Disclaimer: The author owns bitcoin, Ethereum and other cryptocurrencies. He holds investment positions in the coins, but does not engage in short-term or day-trading.
Featured image courtesy of Shutterstock.