The cryptocurrency market is currently sitting above the $300 billion range as we start our Wednesday! Most coins are just below the green, will the market rebound as the day progresses?
Yesterday, there were many large announcements within the cryptocurrency space. Coinbase announced that it would add support for the ERC20 tokens. The Litecoin Foundation and Charlie Lee have officially apologized for not doing their due-diligence on LitePay, seeing as it had failed. Coingate, a European cryptocurrency payment gateway, just signed a deal with Prestashop. Prestashop is an open source e-commerce solution and now 80,000 European merchants will have access to accept cryptocurrency as a form of payment.
With all that said, most coins are just on the brink of breaking through the percentage gains threshold – let’s take a look at a few.
CoinDesk just did a large spread about the sharding protocol that would essentially split the Ethereum blockchain into parts that would aid in its scalability. While this is just in its beginning stages and initial roadmaps are now being discussed, Ethereum coders have been quick to jump at the chance of finding a solution. Hopefully, developers can find a solution by sometime this year as Ethereuem has some fast-rising stiff competition.
Presently, ETH is trading just about the $450 mark, at $451.88 a coin. It is down -2.89% in 24 hours.
A week and a half ago, the Cardano team unleashed the first Cardano 1.1 upgrade but three days ago, Cardano’s founder announced the next upgrade would be right around the corner.
As more and more new cryptocurrency investors gain an understanding of these cryptocurrency projects and their roadmaps, less panic selling should occur down the road. There have been many individuals criticizing this project, as it has lost nearly -80% of its value since the first of the year like most cryptocurrencies. However, instead of looking at its price, the focus should be on what the team has accomplished – most of these coins are long-term holds because their projects aren’t expected to be fully completed for years.
At press time, ADA is trading at $0.158 a coin, down -2.66%.
Bitcoin Cash [BCH]
It was just announced that the Lightning Network, still in its very beginning stages, already has more nodes than Bitcoin Cash. Bitcoin Cash currently has 1,286 nodes running its network, whereas the Lightning network now has over 1,300. What is impressive is that in mid-January the Lightning network had under 30 nodes.
Some positive news towards the project has just come to light. Today, a press release came out that CoinGeek.com is going to aid and invest in the development of BCH. Some speculators claim that Bitcoin Cash is the “one true” blockchain and the improvements CoinGeek.com help to solve are aimed at tieing BCH more firmly to the official Satoshi White Paper. The owner of the website, Calvin Ayre, said in the press release:
“The Legacy Segwit Coin (BTC) should no longer call itself Bitcoin as there is no resemblance to the coin launched in 2008. BCH is now making sure it is true to the original vision and is adding other useful elements as the cryptocurrency world evolves. I am willing to listen to any sensible arguments as to why this is not the case but can find none to refute the claim that BCH is the real Bitcoin.”
At press time, BCH is trading at $865.33 a coin, down -4.77%. It remains unknown if this latest press release will catapult BCH’s price into the green today.
There are currently 2 days and 14 hours until the official launch of the Tron Test Net. The Tron community is buzzing and until today, TRX was seeing significant gains. Still, TRX moved from the 14th largest cryptocurrency, up to the 12th largest cryptocurrency by market cap.
Presently, TRX is trading at $0.0443 a coin, down -2.53%.