What is happening with the market?

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Lately, we have seen only red accents when looking at coinmarketcap.com, coingecko.com or any other cryptocurrency statistics website. Although today the market is looking a lot greener, the general perception of an incoming bull-run hasn’t changed much. There has been a lot of FUD in the crypto community as a lot of bearish tweets of getting out of cryptocurrencies and selling everything have become quite popular. 

On the other hand, the Bitcoin Maximalist camp is looking at this pretty positively, justifying that “many sh*tcoins are dying out,” which, in their opinion, is a particularly good sign. It leaves room for Bitcoin to grow. Whether this is true or not, no one knows, but the fact is that most of the ICOs and cryptocurrency projects from last year have lost 95-97% on average from their all-time high (ATH). 

Top losing altcoins

Source: OnchainFX

In the picture above you can see the top 15 of those coins which have lost the most value. As we can see Zclassic, GameCredits and Ethos are the top losing projects, having lost 99% in value. When looking into Zclassic twitter page, it was surprising to see only 1,862 followers. Their activity also is feeble. The last retweet (not even a post) was published on September 7. Also, there has been only 2 GitHub commits in the last 90 days. That all could lead up to an abandoned project.

However, GameCredits has working products like G-Nation which includes G-Play and G-Share. Their mission is to build a worldwide community for gamers and game publishers. However, looking at the price of GAME it looks like they are not doing that well. Especially, if users can purchase games with GAME, or earn it while playing. It looks like it’s not rather profitable for users to use it. Also, only 10 commits on GitHub in the last 90 days. On the other hand, their Twitter page is booming with followers (30k), and they are continually publishing their updates on the GameCredits Foundation. However, the fair point is that GameCredits are competing with an already established industry leader – Steam. Also, NEO (NEO) and TRON (TRX) are entering the blockchain gaming industry, and those are huge companies. How is that going to work out for GAME – we’ll see.

Speaking about Ethos, they have plans to build a universal wallet for all the cryptocurrencies available — kind of what Coinbase has now. Moreover, their internal token – ETHOS, was supposed to be a facilitator of the platform, by mainly reducing fees and allowing users to access certain services on the platform. Ethos also has lost 99% from their ATH. They claim that 60k users are using their platform with almost 1000 joining in every day. However, the thing is, they are planning to implement a fiat gateway with multiple features, which would lead up to thinking that their token might be dying out.

Bitcoin likes bear markets

Overall, the picture looks dreadful. The question is, whether the investors, who helped these projects to raise money, will ever get their return of investment. That is a good question which possibly is asked multiple times during the day. Especially after these bear moves, the market was performing in the last couple of days. These lows don’t necessarily mean that the market is dying out. Cryptocurrency markets have experienced multiple bear markets, and there is no sign that this should be the last one. The history shows that each one of the previous bear markets leads to even higher prices and larger market caps. Whether this is also going to be like that, we can only wait and guess.

The fact is that by each of these bear markets, the bitcoin price has retreated to a previous all-time high. As we can see in the picture below – this looks exactly the case. Now the question is – whether it might fall even lower – to a different previous ATH. Bitcoin price could fall to a $2000 mark or even lower – to a $1000 mark. Because if we remember, the rise from $1000 to anywhere around $4000 was pretty quick, so we wouldn’t be surprised to see even lower price setbacks.

The market

When looking at how this past year has been treating us – the picture is not so confident as we intended it last year. This was supposed to be the year of privacy coins, but that seems to be postponed till next year. The good thing is – this year has boosted the Bitcoins dominance over other cryptocurrencies. It survived the lowest point of 32% in January when the bear market emerged. Now resting at 53-54% for quite a while. It almost looks like it soon could reach the highs of December 2017 when it was around 67% continuing in a pace like this.

Source: Coinmarketcap.com

A few things that fall into our eyes are that Ripple has overtaken Ethereum in market dominance by almost 3%, which has happened only a couple of times in the history of Ethereum. Also, we can see that Bitcoin Cash is losing dominance pretty steadily and Litecoin somehow stays stable around its 1,5% market dominance.

Source: Coinmarketcap.com

The overall cryptocurrency market cap also had dropped quite significantly from its peak in January when it was $829 billion. Currently, it has suffered a severe drop from $210 billion to $130 billion in these last days. It was going sideways for about three months and now seeing this big of a decline, still kind of draws the descending pattern.

So when bull?

This is probably the most common question among crypto-supporters, and no one can quite answer it. The fact is that after a month we will have suffered a year-long bear market. Is it going to continue? The most realistic outcome in our mind would be that Bitcoin keeps loosing price, but gaining dominance. This bear could stop at $1100, and it also could stop at $2000. By all means, this is just a speculation. The price will rise when people start buying Bitcoin. What will be the most appealing price for people to start buying it? Also, at the moment, assets on this market are not individual. They all fall under Bitcoin, and if Bitcoin price ascends, altcoins follow. So we all have to wait for Bitcoin to make a move. 



Photo by Pexels.com

Coinbase competitor Ethos paving their road to fiat gateway with a new partnership!

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Yesterday, September 27, Ethos.io and Voyager Digital Holdings formed a strategic partnership to bring fiat-to-crypto and vice versa trading to Ethos universal wallet users and to enhance wallet solutions and self-custody on Voyager’s retail and institutional platforms. 

On Voyagers’ side, this partnership would improve their wallet functionalities and self-custody optimization while on the Ethos side of the partnership this formation would improve the current Ethos wallet user experience by allowing seamless converting, storing and trading their digital assets, all on one platform, thus being one of the first platforms to do so. With the help of Voyager, Ethos universal wallet users will be able to covert fiat to the Ethos token and vice versa.

Voyager on the other side, will integrate Ethos Bedrock for self-custody on their platform along with the Ethos Universal Wallet in their offerings. All this is done to enhance the Voyagers’ plans to launch their own mobile trading app in Q4.

“With this transformative partnership in place, we believe we are offering the first end-to-end, fully integrated solution in the crypto asset space,” commented the CEO of Voyager, Stephen Ehrlich.

And Shingo Lavine, the CEO of Ethos said that “Voyager gives our users the power of fast, commission free trading, using their smart order router and liquidity network. For Ethos Universal Wallet users, this means that a low-fee fiat gateway will be a future enhancement, first for our U.S. clients and then rolled out globally,” adding that “this partnership creates a true bridge between traditional and institutional finance within the crypto-asset market to create a dynamic and borderless financial ecosystem.”

The way how I see it.

Referring to a recent announcement by Coinbase, on their willingness to implement as many as possible assets to their platform, I believe that this was a strategic move done in the result of this already mentioned partnership. I think that when Coinbase found out about this partnering, they immediately understood that Ethos could become a major competitor. So they went out on CNBC Fast Money to announce their new “idea”, which Ethos has been promoting since the day they rebranded. Since Coinbase most definitely has more users than Ethos, Coinbase would grab the market with ease, while Ethos still has to gain trust in the hearts of its users since their app is currently pretty useless. All this also applies to the new Coinbase updates on educating their users with Informational Asset Pages and Coinbase Learn. Since Ethos is offering their users a similar service, all this is sort of coming together. Ethos is a serious competitor to Coinbase, and Coinbase just acknowledged it by their premature announcement, which a lot of users have been waiting since the beginning of this year.

Hopefully, these two platforms could co-exist in the future, and the fiat-to-crypto gateway goes as smoothly as planned.



Ethos announcement wasn’t delivered yesterday

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The day before yesterday, Ethos, a company which is developing a Universal Wallet (UW) came out with an announcement about an upcoming announcement in the next day. People got excited and even the market price of Ethos started gaining around 30% that day. But the announcement never came and still nothing has been posted on their twitter. 
Under their announcement thread in twitter quite a lot of users are sharing their thoughts on Ethos:
“If no wallet tomorrow, it will tank like zclassic after the fork”

“Blockchain is the only place where companies can survive without any product. I feel sad for those who invested in such ICOs and paid their lavish holidays like @bitdegree_org did”

“Announcement of an announcement lol this keeps on getting better and better. The worse is now that we are all waiting to see the wallet after months of delay,we all seems to forget that there is zero mention of the fiat getaway anymore. That was meant to be the game changer.”

“I wonder if all these Crying Baby’s, are also member of the Ethos Telegram channel?! Instead of screaming for milk, you should know what Ethos has already achieved. Congratz @Ethos_io & Keep it up! ”

Well one thing is for sure – you don’t come out with an announcement of an announcement, but then never deliver it… 
As already mentioned by tweeters, it breaks the investors trust. There already is a healthy competition in the universal wallet field, a lot of wallets accepting ERC-20 tokens, and a few are talking about fiat integration, when Ethos hasn’t.
We will just have to wait for the announcement and see what happens onwards. 


A big announcement from Ethos

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Ethos, previously known as Bitquence, posted on their twitter page an announcement saying:
“Hard to believe it’s been a year! We can’t wait for this next lap around the sun! Stay tuned for a big announcement coming tomorrow…”

Since it’s their year anniversary we should expect something big. 

This announcement really shook the Ethos market, which was one of the rare tokens flying with +16% during yesterday. 

But quite a lot of users are pretty disappointed with the Ethos team, because they have postponed the release of their universal wallet. The discussion started under @MichaelSuppo’s thread where he said:
“…And thus render Ethos the true ‘People’s champion’ after all.

I don’t think people quite get how much of a goddamn POWERHOUSE Ethos will be in a year!”

A lot of users accused him of shilling the Ethos token, but mostly tweeters were just expressing their disappointment with the team. For example @swede_in_cork tweeted “Please explain what it will be able to do in 6 months that no one else will be able to. I am honestly curious and am probably missing something”

He might be right, because if we look at what people are expecting from Ethos, is a universal all-in-one crypto wallet with fiat integration, but when looking under the FAQ in the ethos.io web page, they clearly state, when asking if they will accept fiat payments, that “No, not initially but we will make an announcement when any changes occur.” So considering that an announcement hasn’t been made yet, that could be one of the big news Ethos are willing to share.

Another tweeter @Cryptostevo1 wrote “Shingo (Ethos CEO) has let everyone down making investors wait too long for the UW. Binance already has the clients and with fiat gatway in development and going blockchain. Ethos has let the competition catch up fast. CZ has taken Ethos’s ideas and will execute them faster.”

And he also might be right, because Ethos have been sharing their idea for a year now, and it is only normal and healthy to the market that a considerable competition appears like Binance and others willing to make an all-in-one platform for the crypto community. 

Anyway a fiat payment system is not the general idea of Ethos, it’s the universal cryptocurrency portfolio/wallet, and that is why let’s not all get stuck up on that, let’s wait for todays announcement and hope that Ethos can finally bring us the wallet we’ve been waiting for.