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Cryptocurrency Market Cap Approaches $300 Billion as Bitcoin, Altcoins Continue Surging

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Cryptocurrencies were nearing an important psychological milestone Wednesday, as surging trade volumes propelled the market to its highest level in five weeks.

Market Update

The digital asset market has tacked on over $26 billion in the last 24 hours to reach $296.1 billion, according to CoinMarketCap. At this pace, $300 billion is likely within reach in the coming day. Total market prices have been capped below that level since June 12.

Daily trade volumes on global exchanges now exceed $20 billion for the first time since May. Three exchanges processed more than $1 billion worth of trades.

Bitcoin, which was the main catalyst for the rally, has retained a 43% share of the total market. The largest cryptocurrency by trading volumes and market cap is up nearly 11% over the past 24 hours to trade at $7,741. The bitcoin price peaked just below 7,500 overnight.

Altcoins have also picked up the pace, with all the majors reporting solid gains. Ethereum was up 6% as prices approached $500. Ripple XRP gained almost 9% to $0.513.

Stellar Lumens led the double-digit gainers with returns of 28.4% over the last 24 hours. XLM now sits at $0.296.

Cardano’s ADA coin jumped 19.6% to $0.181. Bitcoin cash, the no. 5 currency, rose 10.1% to $872.

Bitcoin Volumes Double

Bitcoin’s trading volumes have virtually doubled over the past week, as positive headlines surrounding adoption and regulation triggered renewed interest in the cryptocurrency. Hacked previously reported that daily trade volumes of $4 billion or greater are needed to sustain a meaningful rally for the bitcoin price. On Wednesday, bitcoin turned over nearly $6.6 billion.

Tether – a cryptocurrency pegged to the dollar that is often traded against bitcoin – continues to exhibit higher than normal trade volumes. On Wednesday, USDT trades generated $4.2 billion in volume, which is an all-time high.

Unlike previous rallies that appeared technical in nature, the latest uptrend was sparked by news that a trillion-dollar asset manager was exploring ways to enter the cryptocurrency market.

BlackRock, which controls over $6 trillion in assets, has assembled a working group to explore crypto adoption. In an interview, CEO Larry Fink said his firm is a “big student of blockchain” but that he does not see “huge demand for cryptocurrencies” at the moment.

Fink has changed his tune compared to last year, when he called crypto assets “an index for money laundering.”

Coinbase, a large and influential digital currency exchange, has also fueled positive sentiment after the firm said it had gained regulatory approval to begin listing security tokens. Last week, Coinbase also said it had short-listed five cryptocurrencies for future consideration on its exchange.

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.

Important: Never invest (trade with) money you can't afford to comfortably lose. Always do your own research and due diligence before placing a trade. Read our Terms & Conditions here. Trade recommendations and analysis are written by our analysts which might have different opinions. Read my 6 Golden Steps to Financial Freedom here. Best regards, Jonas Borchgrevink.

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4.6 stars on average, based on 601 rated postsSam Bourgi is Chief Editor to Hacked.com, where he specializes in cryptocurrency, economics and the broader financial markets. Sam has nearly eight years of progressive experience as an analyst, writer and financial market commentator where he has contributed to the world's foremost newscasts.




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FunFair’s Value Expands 20% in a Week amid Catalysts

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FunFair (FUN) has taken investors on a wild ride in the last month along with the broader cryptocurrency market. Most recently, however, the FUN has hit a stride, increasing its value by approximately 20% over the last week. For the month, the coin remains lower by 14% as most ETH-based tokens have been following the lead of the No. 2 cryptocurrency Ethereum, which has similarly posted gains for the week, up 14%, but a loss for the month at 30%.

Source: Trading View

FunFair’s relative strength remains in neutral territory at 47.4, while the MACD level is bullish. Most of the moving averages, however, are signaling sell, with the exception of the EMA and SMA. Meanwhile, despite the fact that ETH isn’t out of the woods yet, if FUN is going to continue to follow its larger peer’s path, it could be in for more gains in the final quarter of the year with a couple of potential catalysts ahead.

Catalysts Ahead

The ETH drivers include the upcoming launch of the Ethereum hard fork on the test network, which brings them one step closer to unveiling Constantinople, which in turn will lead to the integration of scaling technology like Casper. This is what the community is waiting for but whether it can overcome the massive wave of ICO selling remains to be seen.

FunFair has a couple of developments of its own to drive the price higher. When a blockchain project sticks to its roadmap, it’s a reason to celebrate the coin, and FunFair has been moving forward. FunFair just announced that the completion of the first phase of beta testing in which “community testers” tested the mettle of the games with thousands of hands of blackjack and spins of the roulette wheel.

The mainnet testing coincided with the launch of its first casino. FunFair secured an operating license in the Dutch island of Curacao and expects for the maiden FunFair-fueled casino to go live in September. Ethereum Co-Founder Joseph Lubin has identified gaming as a major driver of the network.

Bitcoin’s dominance is currently hovering at 55%, and the combined value of the crypto market is once again perched above $200 billion. If market strategists and technical signals are right, the next couple of months could be a game changer for crypto prices. ICE’s regulated exchange Bakkt will likely launch in November, while Fidelity is reportedly moving deeper into crypto. It’s just a matter of time for prices respond to the blockchain industry advancements and catch up.

Featured image courtesy of Shutterstock

Important: Never invest (trade with) money you can't afford to comfortably lose. Always do your own research and due diligence before placing a trade. Read our Terms & Conditions here. Trade recommendations and analysis are written by our analysts which might have different opinions. Read my 6 Golden Steps to Financial Freedom here. Best regards, Jonas Borchgrevink.

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4.6 stars on average, based on 60 rated postsGerelyn has been covering ICOs and the cryptocurrency market since mid-2017. She's also reported on fintech more broadly in addition to asset management, having previously specialized in institutional investing. She owns some BTC and ETH.




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Coordinated Pump Pushes Steem Coin Price Up 25%

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Steem (STEEM), one of the native currencies on the Steemit social media platform, felt a 25% pump in the early hours of Tuesday morning shortly after a bug saw the site go down temporarily.

Round about the same time a flurry of buy calls resounded around the Twitter ecosystem, urging traders to buy into STEEM in anticipation of the upcoming Hardfork 20, which is due to be implemented on September 25th.

With Hardfork 20 now a week away, it appears that a pump and dump group may be trying to draw new hands into STEEM with the intention of dumping their coins when the price hype reaches an appropriate crescendo.

Calling For Buyers

Several posts like this one appeared on Twitter in the late/early hours of last night, urging followers to accumulate STEEM:

“Accumulate $STEEM On Binance Its having HARDFORK on 25th sept price can go x2 soon !!”

The buy pattern started late last night and peaked this morning between 09:00 and 10:00 UTC. By 11:00 UTC tweets like this celebrated the price pump and the assumed gains made for the account’s followers:

“VIP members were told to buy #STEEM and hold. Btw it is 25% pure profit.”

As anyone who has used Steemit will know, whenever a large price movement takes place the platform suddenly receives its own flurry of activity, as users try to figure out where the price is going to end up. STEEM prices affect the subsequent value of Steemit profile accounts, and exchanges like this one were common on the site this morning:

Steemians, as the site’s users refer to themselves, will now be watching the run up to Hardfork 20 very closely. Hardcore users remain skeptical of today’s sudden rise in coin price, and naturally assume that pumpers are using Hardfork 20 as a trigger to make some easy money.

Steem’s 25% Price Hike

From yesterday’s low of $0.699509, STEEM rose in value to the tune of 25.9% en route to a valuation of $0.881178. That peak came at 10:00 UTC this morning, as trade volumes rose 261%, from $2.1 million yesterday to $7.6 million at the time of writing.

The above tweets suggested Binance as the hub for STEEM trades, and around 27.5% of activity has originated from there, with STEEM/BTC the most popular at 24.7% alone.

The most popular hub for STEEM trades, however, is Korea. Over 50% of the day’s movements have come from Upbit and Bithumb, where STEEM/KRW trades dominate. The STEEM price on Bithum even climbed as high as $4.27 at one point, however CoinMarketCap and other statistics aggregators have excluded this price from overall market readings.

Featured image courtesy of Shutterstock.

Important: Never invest (trade with) money you can't afford to comfortably lose. Always do your own research and due diligence before placing a trade. Read our Terms & Conditions here. Trade recommendations and analysis are written by our analysts which might have different opinions. Read my 6 Golden Steps to Financial Freedom here. Best regards, Jonas Borchgrevink.

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4.3 stars on average, based on 57 rated postsGreg Thomson is a full-time crypto writer and digital nomad. He eats ICOs for breakfast and bleeds altcoins. Wherever he lays his public key is his home.




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Stellar Acquires Blockchain Startup Chain to Form Interstellar

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The commercial arm of the Stellar Development Corporation has acquired a promising blockchain startup by the name of Chain, paving the way for possibly higher enterprise adoption of distributed ledger technology. The deal adds to Stellar’s credibility as one of the world’s leading blockchain companies.

Chain Acquired

Chain, a San Francisco-based startup pursuing enterprise grade adoption of blockchain technology in finance, has sold to Lightyear in an undisclosed cash agreement. Lightyear, the subsidiary of the Stellar Development Corporation, will be re-named Interstellar, according to official reports. Jed McCaleb, Stellar’s founder, will be the chief technology officer of the newly formed company, which he said should help companies build on the Stellar network. He adds:

“Chain’s team has led the market for enterprise adoption of blockchain technology, which is a critical component of building a future where money and digital assets move over open protocols.”

Interstellar’s new CEO Adam Ludwin explained how the newly merged company will work together:

“Chain has worked from inside the enterprise while Stellar has focused on the network between organizations. As a single team we will have a complete view and set of capabilities to make value-over-IP a reality.”

Chain is said to be a leader in the world of fin-tech, having built enterprise-grade blockchain solutions for Visa, Citigroup and Nasdaq, among others. With the merger, Interstellar will have access to Sequence, Chain’s powerful cloud solution that enables companies to monitor assets moving between private ledgers and the Stellar network.

Previously, Chain had raised more than $43 million across multiple deals. Financiers included Capital One, Citigroup, Pantera Capital and Blockchain Capital.

XLM Price Update

Although the merger between Chain and Lightyear has not had a demonstrably positive effect on XLM’s price, the cryptocurrency continues to outperform leading assets such as Ethereum and bitcoin cash. The XLM price was down 4.4% on Tuesday but has gained 3.2% over the past seven days. By comparison, bitcoin has declined nearly 1% over that period while Cardano has lost more than 10%. Ethereum is trading in positive territory over seven days as prices recovered from 16-month lows.

XLM, which is currently valued at $0.197, has declined roughly 12% over the past month. At current values, it has a market capitalization of $3.7 billion, placing it sixth among active cryptocurrencies. Bitbox is the most active market for XLM traders, accounting for more than 54% of daily transactions.

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.

Important: Never invest (trade with) money you can't afford to comfortably lose. Always do your own research and due diligence before placing a trade. Read our Terms & Conditions here. Trade recommendations and analysis are written by our analysts which might have different opinions. Read my 6 Golden Steps to Financial Freedom here. Best regards, Jonas Borchgrevink.

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4.6 stars on average, based on 601 rated postsSam Bourgi is Chief Editor to Hacked.com, where he specializes in cryptocurrency, economics and the broader financial markets. Sam has nearly eight years of progressive experience as an analyst, writer and financial market commentator where he has contributed to the world's foremost newscasts.




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