Crypto Markets Face Headwinds as Rally Stalls Again; Cardano Named Most Developed Cryptocurrency of 2018
Crypto markets resumed their defensive posture on Thursday, cutting short a sudden rally that began less than 48 hours ago. The consolidation saw a slight uptick in the value of Tether’s USDT, which narrowly overtook Litecoin in the market-cap rankings.
Markets Search for Direction
The cryptocurrency market capitalization is down $5 billion from the most recent high and was last spotted at $130.2 billion.
Most of the top-ten cryptocurrencies were down compared with 24 hours ago, with bitcoin running up against familiar resistance in the mid-$3,900 range. The largest cryptocurrency by volume and market cap was down 1.5% at $3,833.73. Read: Bitcoin Price Runs Into Resistance on Ten-Year Anniversary of Genesis Block.
Ethereum pulled back from its recent run of good fortune, as prices fell 2.5% to $147.82. Ether this week, Ethereum surpassed XRP as the second-largest cryptocurrency by market cap. XP was down 3.4% on Thursday to trade at $0.3601. The so-called banker’s cryptocurrency faces stiff resistance at $0.4000.
Bitcoin cash declined 2.8% to $161.46, EOS fell 5.4% to $2.68 and Stellar XLM was last down 2.8% at $0.1141.
Litecoin’s price also declined 3.5% to $31.72, pushing its market cap slightly below Tether (USDT), which rose 0.3% to $1.02. Tether maintains a one-to-one ratio between USDT tokens and U.S. dollars.
Beyond the top-ten, Cardano was down 3% to $0.042. Tron edged up 0.1% to $0.0201 amid news that BitTorrent was launching its own cryptocurrency on the network.
Trading volumes experienced a sharp drop off on Thursday to $15.2 billion. Daily turnover peaked at $17 billion at the height of the rally on Wednesday.
Cardano’s Development Year
An active log of the world’s most developed cryptocurrencies puts Cardano at the top of the list for 2018. According to coincodecap.com, the Cardano project had 45,758 commits over the last 12 months, the highest of any cryptocurrency. Augur (REP), the second-most developed project, had 21,644 commits.
The numbers drop off significantly from there, with major assets like Ethereum, Tron and EOS receiving far fewer commits in their code repositories. Bitcoin cracks the list at no. 52 with 3,269 commits.
According to moneycontrol.com, a commit is simply a record of all the changes and updates that have been made to a particular project. It could be a file or a set of files that creates a unique ID that allows users to keep track of changes.
Cardano rose to fame as a decentralized platform for financial applications and fund transfers. The system is being developed in layers, which allows for more flexibility and ease of maintenance in the event of an upgrade. Cardano is also aiming to become a major player in the world of decentralized applications.
The Cardano Foundation is working to drive adoption of the ADA protocol and shape legislation for the network. A contractor by the name of Input Output HK (IOHK) is designing the Cardano network while Emurgo is tasked with building out the ecosystem through commercial partnerships.
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.
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