Market Analysis Report

18 January 2019

MVIS-CryptoCompare Index

The MVIS CryptoCompare Digital Assets 10 Index closed at 1,993.91 yesterday at 5 pm (GMT) and has since dropped 0.03%.

See the live index here

Market Update

At the time of writing, the Bitcoin price is sitting at $3,667 representing a gain of 0.95% in the last 24 hours. More than $160M worth of BTC were exchanged in the BTC/USD market representing a 14% share of the global daily volume. The BTC/JPY pair represents an 8% share.

The Ethereum price has increased 1.02% over the past 24 hours and is currently sitting at $122, with over $70M worth of Ether exchanged in the past 24 hours on the ETH/USD pair which has a 9% market share of the daily trading volume.

See live charts here and here

Circle’s USDC Stablecoin Fully Dollar Backed Says Auditor

Crypto finance startup Circle’s USDC stablecoin was fully backed with fiat reserves at the close of 2018, according to auditing firm Grant Thornton. The auditor published an attestation report on Wednesday, stating that Circle had $251,211,209 held in custody accounts as of Dec. 31, 2018, against the 251,211,148 USDC tokens in circulation at the time. Goldman Sachs-backed Circle currently has a total of 353,309,381 USDC tokens on the markets, according to data from Etherscan, indicating it has topped up supply by about 100 million tokens within the last 15 days.

In its report, Grant Thornton noted that its examination “was conducted in accordance with attestation standards established by the American Institute of Certified Public Accountants.” While the controversial and the largest stablecoin issuer in the space, Tether, reportedly appears to have had sufficient fiat reserves to back up its USDT tokens during 2018 and 2017, it has failed to produce a full audit from a professional specialist.

Read more here

Huobi’s Crypto Derivatives Market Has Already Passed $20 Billion in Trades

Launched in November, Huobi’s crypto derivatives market is growing at a rapid pace. Fifteen days ago they revealed they had hit $10 billion in total volume, and today they announced they’ve seen $20 billion. Huobi Global CEO, Livio Weng, said:

"This reinforces our belief that Huobi DM truly caters to our user’s needs. We’ve been getting positive feedback from our clients on our lack of clawbacks as well as Huobi DM’s capacity to help sophisticated traders manage the risk of spot market fluctuations. I believe this explains our platform’s exploding growth, even in the midst of the ongoing bear market."

Read more here

Bitpay Reports Processing Over $1 Billion Transactions in 2018

Popular cryptocurrency payment processor Bitpay has released figures showing that the company maintained strong performance during 2018, despite the downturn in the market. For example, while other ventures had to downsize recently, Bitpay’s staff increased by 78% from the previous year. Stephen Pair, Bitpay's co-founder and CEO, stated:

“Bitpay’s B2B business continues to grow rapidly as our solution is cheaper and quicker than a bank wire from most regions of the world. To process over $1 billion for the second year in a row despite Bitcoin’s large price drop shows that Bitcoin is being used to solve real pain points around the world.”

Read more here

CryptoCompare Publishes December 2018 Exchange Review

CryptoCompare’s December 2018 Exchange Review offers institutional and retail investors insights into the cryptocurrency exchange industry.

The December Monthly Review provides an overview of the current exchange market concentration as well as a monthly evaluation of how spot volumes vs futures volumes have developed historically, including both crypto exchanges (BitMex and BitflyerFX) and traditional exchanges (CBOE and CME). We have also conducted an order book analysis which aims to highlight the most stable exchanges.

See highlights & full report »

Press Release

State of the Crypto

Bitcoin is up 0.95% at $3,667.770 with a volume of Ƀ44.5k - $162.3M on the USD pairs.

Ether is up 0.03% against Bitcoin at Ƀ0.03361 per Ether and up 1.02% against the dollar to $122.99 with average volume Ƀ71.9k on the ETH/BTC pair.

EOS is up 1.86% to Ƀ0.0006833 on Ƀ33.9k volume.

Litecoin is up 2.48% against the dollar for the day at $31.76 and up 1.51% to Ƀ0.008688 on volumes of Ƀ28.5k.

Ripple is down 1.25% to Ƀ0.0000894 with volumes of Ƀ27.0k and down 0.12% against the dollar at $0.3278.

Zcash is up 0.41% for the day to Ƀ0.01476 per ZEC and up 1.74% against the dollar to $54.51 with an average volume of Ƀ8.3k for the 24 hour period.

Tron is up 0.88% to Ƀ0.00000686 on Ƀ8.0k volume.

Dash is up 0.56% at Ƀ0.01964 with Ƀ7.7k volume and up 1.66% against the dollar at $72.68.

Ether Classic is up 0.76% to Ƀ0.001197 with volumes of Ƀ6.5k and up 1.84% against the dollar at $4.42.

Bitcoin Cash is up 0.51% to Ƀ0.03549 with volumes of Ƀ3.5k and up 1.36% against the dollar at $129.34.

Waves is down 1.31% to Ƀ0.0007031 on Ƀ3.3k volume.

Neo is down 0.72% for the day to Ƀ0.002081 per NEO and up 0.91% against the dollar to $7.73 with an average volume of Ƀ3.2k for the 24 hour period.

Stellar is up 0.72% to Ƀ0.00002952 on Ƀ2.6k volume.

Cardano is down 1.6% to Ƀ0.00001228 on Ƀ1.8k volume.

Monero is up 0.07% against the dollar at $45.85 and down 1.27% against Bitcoin at Ƀ0.0124 on volumes of Ƀ1.3k.

NEM is up 0.52% to Ƀ0.00001558 on Ƀ614.09 volume.

Iota is up 3.83% to Ƀ0.00008433 on Ƀ576.244 volume.

Stratis is down 1.03% to Ƀ0.0002888 on Ƀ556.477 volume.

Trending forum posts