Bulls? Don't call it a pump and dump - TheBit

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Bulls? Don’t call it a pump and dump

Bulls? Is it that time again?


The Bit

The total market cap for cryptocurrencies jumped 17% in a 48 hour span, adding $40 billion. But it’s not quite the same cycle we’ve seen before.


The Bigger Picture

The surge was similarily prolific for some altcoins. At one point yesterday, Syscoin (SYS) literally doubled. We might start hearing of “pump and dumps” again. However, for the major coins, the charts are eerily similar. One of the biggest factors in this uptrend could be the launch of Coinbase’s institutional suite for $100,000+ investors. It’s likely that much of the new institutional money is sticking to the top 15 or so coins – i.e. Bitcoin, Ethereum, Bitcoin Cash, EOS, Cardano, Ethereum Classic, etc. Of those, Cardano reached a high of about +15%. The cherry on top here is a significant rise in trading volume – higher than during the reversal in April.


IBM’s Hyperledger Fabric makes a wave not a Ripple


The Bit

We.trade is a European based platform for financial institutions and business to move money internationally, using permissioned blockchains…quite similar to Ripple.


The Bigger Picture

The big difference is that there’s not Hyperledger Token sold by IBM that no one actually uses to transact anything. We.trade doesn’t operate as a cryptocurrency or blockchain company, but rather a more traditional software solution. The platform announced yesterday that they have successfully completed their first live transactions between 20 different companies and 5 major banks. It’s available in 11 countries right now, but the company will expand as they gain banking partners in new locations.


Where you at VeChain?


The Bit

At #18 in the market, Vechain gets a lot of press, plus they recently launched their mainnet. Yet, VEN wasn’t quite part of the recent surge.


The Bigger Picture

In response to community feedback, VeChain has revised its development roadmap. The initial launch of their mainnet allows token holders who support the project early on to run nodes that would otherwise be out of reach for the amount of tokens they have. Running a “node” is like proof-of-stake, where holding X amount of coins will produce additional ones for that user simply for supporting the network. Further complaints came for storage of the tokens themselves. The only option at the moment is a mobile wallet, which many users worry about security.


“Interest in blockchain technology is exploding. Software developers, product teams, and business managers are all desperately eager to figure out how this technology can solve real-world problems.” – Brian Behlendorf, Executive Director of Hyperledger

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