Cryptocurrency News

A Comprehensive Breakdown of Cryptocurrency Market in November 2018

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The Crypto currency’s volatile market has a mixed bag of new for November 2018. It has seen major lows and has some good news in store too. It has been a major hard time for the Chinese Miners and Crypto-mining Host GigaWatt Inc, whereas on the brighter side Gibraltar Block Chain Exchange (GBX) secured DLT Provider Licence, Tron is gaining strength with 2 Million transactions per day, BCH Fork ABC Wins the Bitcoin Cash, and the Bitcoin’s Daily Transfer volume is coming up to 73% of Master Card’s Daily Transfer volume. Here is peep through the major lows and highs:

1. Crypto miners have reached the ‘shut down price.’
The dip in the cryptocurrency has hit the Crypto miners the most. The crypto miners’ market has witnessed an all-time low. This has pushed the small to medium scale miners to sell their mining machines shut down due to no profit coming through.
‘Some small and medium-sized miners in China’s Xinjiang and Inner Mongolia have been selling their mining machines in the second-hand market. The miners were not able to cover the electricity cost by mining currencies with their older machines. According to F2Pool, mining models including Antminer S7, T9, and Avalon A741 [mining machines] have already reached the ‘shutdown price’ — the critical BTC price below which miners have to be shut down for lack of profitability’ – International Business Times.

2. GBX has successfully achieved DLT provider license from GFSC.
There is good news for the Gibraltar Blockchain Exchange (GBX)- the subsidiary of the Gibraltar Stock Exchange Group (GSX Group.) The Gibraltar Blockchain Exchange’s (GBX) efforts to be the world’s top sale platform for the institutional grade token are seeing promising results.
‘In November 2018 it has successfully obtained the Gibraltar distributed ledger technology (DLT) provider license from the nation’s Financial Services Commission (GFSC).’ – Reported Finextra.

This achievement by Gibraltar Blockchain Exchange (GBX), has made GBX the first ever exchange to own a regulated Crypto exchange.

3. GigaWatt Inc. has filed for Bankruptcy in November 2018.
In 2017, GigaWatt Inc. was launched in Douglas County with tall promises of providing attractive mining services and custom packages. These custom-made packages included equipment sales, maintenance, repair to blockchain servicing etc. Within years’ time in November 2018, GigaWatt Inc. has filed for bankruptcy.

‘The promoters of the company appeared at Washington’s Eastern District federal court and filled their Chapter 11 documents which revealed that the company had less than USD 50000 worth of assets and its largest creditors owed nearly $70 million. The documents revealed that Giga Watt’s board secretary and chief coordinator Andrey Kuzenny had signed the court documents as the company failed to sustain a crash in cryptocurrency market values and two class-action lawsuits alleging wire fraud and impropriety in its “initial coin offering.”’

4. Tron is attracting 2 Million Transaction per day.
Torn is gaining strength in the Altcoins market. The incredible speed at which Torn a relatively recent addition to the Altcoin’s landscape is promising a great future.

‘Tron has broken another record as it inched towards 2 million transactions per day. Tron currently has 1911 online nodes and has reached a block height of 1424121. The MainNet has been able to achieve a Maximum of 748 transactions per second which incredible for a relatively nascent MainNet. At this speed, in no time Tron would take over Ethereum.’ – According to a tweet by Justin Sun (The Founder of the project.)

5. ABC Faction has won the Nakamoto Consensus.
‘Nakamoto Consensus’ suggests the technical improvements that can be made to the Network. It is done by making the computers that have Bitcoin Cash network to vote for the major Bitcoin Factions. Bitcoin Cash has two mighty factions after the Fork, namely- Bitcoin SV and ABC Faction. Recently these factions were seen to rule the network with the help of Hashwar. The ABC Faction (led by Roger Ver, a crypto investor) has won the race- ‘Nakamoto Consensus.’

‘No one wins a war. Some just lose less than others.’ – Roger Ver, a crypto investor.

6. Bitcoin is gaining strength while competing with Master Cards in the daily transfers department.
Bitcoin is a new strong contender for Master Card in terms of a daily transfer. There are strong signs of Bitcoins to take over the Master Cards market in terms of daily transfers.

‘Going by the official numbers released by MasterCard in the payment behemoth’s latest quarterly report, Bitcoin is fast becoming a more serious rival than ever. Currently, Bitcoin daily transaction is nearly 73% of MasterCard’s daily volume of $11 Bn.’ – As reported by a news daily Trust notes.

7. The volatile Bitcoin (BTC):
Bitcoin’s prices have seen the high point of USD 5,620.78 and the lowest point of USD 3,795.16 during this week. BitMex, Binance, and BitFinex saw an active percentage of 38.06%, 3.26%, and 2.91% respectively in exchanges in volumes.
‘I expect Bitcoin to hit $40,000 by the end of this very year. 90% of the cryptocurrencies will actually fall.’ – As reported by Llew Claasen (The executive director of Bitcoin foundation)

8. News about Ethereum (ETH):
Ethereum was seen equally affected like BTC this week. It has seen gone close to the breaking levels of USD 100. Ethereum’s prices have reported a high point of USD 177.18 and a low price of USD 110.83. OKEx, BitFinex, and CoinBit were the active ETH pairs. They showed the active rate of OKEx with 5.18%, BitFinex with 5.04%, and CoinBit with 4.03%.

9. Ripple (XRP) holds the second place this week:
Ripple (XRP) prices were at a high point of USD 0.510127 this week. On the lower point, it closed at USD 0.367354 this week. Ripple (XRP) exchanges were more active in volumes with Bitbank with 13.37%, ZBG with 8.54%, and UpBit with 7.61%.

‘The Bitcoin network “has some real technological limitations” – which include “how many transactions it can do per hour…let alone…nobody even talks [anymore] about per minute.” –As reported by Cory Johnson, the chief market strategist at Ripple Labs

10. Other rising coins:
The Coin Market reported some promising raise in these coins on 25th November 2018 at 1.35 PM IST: Veros with 192.75%, Bezop with 96.41 %, and Olive with 85.59% growth.

11. Other Coins that showed a Dip:
On 25th November 2018 at 1.35 PM IST, the Coin Market suggested a dip in the prices of these coins Aphelion with 84.07%, Alibabacoin with a drop of 72.55%, and the VisionX with 72.14% dip.

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