Latest News in the Cryptocurrency and Investment World
Crypto Round Up
There has been a changing of the guard since our last newsletter. Obviously Bitcoin is firmly ensconced at the top of the leader board but it no longer dominates as it once did, commanding only 45% of the total value of the cryptocurrency market. Bitcoin after reaching an all time high of $64,800 on 14 April has been languishing at around the $55,000 to $57,000 mark although it has been edging closer to $60,000 in the last few days. Ethereum finally broke away from its habit of tracking the price of BTC hitting yet another all time high of $3,991 on 9 May. But the change of guard occurred below the top two. Binance moved into third place with a market value of $102 billion followed by Dogecoin at $62 billion. Dogecoin makes tulip bulb mania look like a pin prick on a white elephant, despite the $20bn wiped from its value after Elon Musk appeared on Saturday Night Live, the opposite reaction to what the comunity was expecting.
Turkish Crypto Fraud
Turkey made the crypto news when two of its largest crypto exchanges closed abruptly with one founder disappearing with up to $2 billion in client money. The Turkish government has placed a ban on cryptocurrency as a payment option citing reasons including crypto’s association with crime and its unregulated financial market.
The Problems at Ethereum
There is a reason why the alternative blockchains such as Binance Smart Chain, Polkadot and Polygon have seen massive price increases in their native cryptocurrency. Ethereums high gas price has led to many projects opting to build on alternative chains. And whilst the team at Ethereum say they are working on it the problem persists. It is one of the biggest gripes in the altcoin space right now. If you want to invest $100 into a moonshot and have to pay $50 in gas that is a big ask when similar Binance Chain based platforms are charging a fraction of this. Although a solution is imminent this continued delay has allowed other chains a chance to gain a foothold in a market Ethereum had practically sewn up. In the recent sell off Ethereum’s price has been less volatile than many of the other assets, including bitcoin, reaching an ATH amongst the red ink possibly because the market believes in Ethereum’s bright future.
Our latest report looks at the most promising projects on the Binance Smart Chain. Read, Crypto Moonshots on Binance Smart Chain here.