The third quarter (Q3) of 2020 seems to turn profitable for all investors who put their money in digital currencies this period. Market prices of major coins including Bitcoin (BTC) are a whole lot more in clouds than they were in Q1 and Q2.
Since the deep lows in March, 2020, when all businesses were at a standstill due to Covid-19 pandemic, most cryptocurrencies have seen amazing gains, but others registered massive losses.
The world’s original cryptocurrency BTC has managed to hit and surpass the $12,000 price level. However, there are other altcoins that did not see light in the market during the July’s trading period. Let’s review the biggest losers during that period.
1. Ampleforth (AMPL)
The Ampleforth has faced tough times in the month of July, and it was the worst performing cryptocurrency in that period. In the last 30 days, AMPL lost by -62.75 percent.
At present, AMPL/USD is trading at around $0.725743 (-3.47%), with a market capitalization of $227.3 million and volume (24h) of $18.4 mln.
The coin is currently ranked in the 51st position. The high/low of AMPL in the month of July was $4.04 and $0.632379, respectively.
2. Compound (COMP)
Compound is currently in the 34th position by market cap. In July, COMP plunged by over -20%. However, the month of August seems to be a rally period for Compound.
The cryptocurrency is currently changing hands at almost $149.06 and has gained by 7.52% in the last 24 hours, the cryptocurrency has a MC of over $381.79 mln and volume of $65.38 million.
The high and low price of COMP in the past 30 days was $187.99 and $121.65, respectively. Its all-time-low and all-time-high is $61.25 (June 18, 2020) and $381.89 that it hit on June 21, 2020.
Things like this rarely happen – where you find a cryptocurrency seeing its record high and low in one month and in a period not less than 4 days.
3. Nexo (NEXO)
Nexo, the 91st cryptocurrency by market cap, lost by over -17.18 percent in July. At press time, NEXO/USD is trading at about $0.170652 (-5.54%), with a MC of over $95.565 mln and volume of $5.73 mln.
NEXO hit its all-time-high of $0.539466 (May 7, 2018) and all-time-high of $0.043333 (Sep 12, 2018).
4. Verge (XVG)
Verge, ranked 86th, plummeted by more than -12.73% in the past 30 days. Currently, the coin is trading in green at $0.00616 (+0.89%), with a MC of over $100.65 million and volume (24h) of $3.728 mln.
5. Numeraire (NMR)
The month of July was not a good one for cryptocurrencies like Numeraire. The coin plunged by -10.48% in the past 30 days.
At present, NMR is changing hands in red at $20.30 (-1.49 percent), with a MC of $55.802 million and volume (24h) of $704,740.
The token is ranked as number 132 out of 6,244 on coinmarketcap. NMR’s high / low price in July was $22.09 and $18.59, respectively.
Disclaimer. This analysis and forecast are the personal opinions of the author and not a recommendation to buy or sell cryptocurrency and should not be viewed as an endorsement by Coin Idol. Readers should do their own research before investing funds.
The Number of Addresses Sending Bitcoin to Exchanges Since January Has Doubled Since The Beginning of the Year
The number of addresses sending BTC to exchanges has doubled from January to now, data from Glassnode reveals. There are now roughly 100 thousand unique addresses that send BTC to exchanges daily which is a remarkable increase following the huge outflow of funds from exchanges earlier in the year.
This may be due to an increasing interest in BTC as more uncertainty continues to build up concerning the future of the U.S Dollar. Recent reports indicate that the U.S Dollar inflation rate is constantly increasing and this is expected to worsen as the U.S Fed continues to print dollar bills indiscriminately.
This compromises the currency as a reserve currency and investors are looking for a better reserve currency and Bitcoin seems to be taking over that status lately.
What this means
The huge increase in the number of unique addresses sending Bitcoin to exchanges isn’t a new trend. It is however not one that has been witnessed recently as according to Glassnode, the last time such an increase was experienced was at the peak of the 2017 bull market which was followed by a steep decline in Bitcoin’s price.
As trends in the cryptocurrency market usually repeat themselves, the current increase in the number of addresses sending bitcoin to exchanges may be suggesting that a similar pattern is about to unfold. Could it be that Bitcoin may be on the verge of crashing like it did in January 2018?
The month of September is historically not friendly to Bitcoin, which may explain why its price has been fluctuating just above $10,000. It has even dipped below the psychological $10,000 level during the struggle with the bears a few weeks ago. Although it has gone close to $11,000, it has slipped below $10,500 and currently hovers around $10,300.
The bitcoin market is expected to improve by October since September usually doesn’t favor the digital asset. But if the 2017 pattern plays out, does that mean Bitcoin will be sliding even further down?
Market Analysis Report (24 Sep 2020)
DACOM Summit Announces CFTC Commissioner Dan Berkovitz as Keynote Speake | Winklevoss Twins’ Gemini Exchange Now Allows Buying Crypto With British Pound | Leading Crypto Payments Platform Wirex Announces Launch of $1.2 Million Crowdfunding
Leading crypto payments platform Wirex has announced its first crowdfunding round, aimed at raising £1 million ($1.2 million) with the intention to scale-up in the coming months.
In a press release, the fintech firm detailed it is giving customers and fans the opportunity to invest in it via the crowdfunding round, to which pre-registrations are now open. The crowdfunding round is expected to be “one of the largest and most successful campaigns” carried out by the equity platform Crowdcube.
Pavel Matveev, CEO and co-founder of Wirex, said the decision to crowdfund came at a crucial period in the company’s development. He said:
“Wirex has been making huge strides in changing the financial landscape, by making it easier for everyone to access cryptocurrency and spend it in the everyday. By offering a platform that bridges the traditional and digital economy, we are helping to encourage the mass adoption of cryptocurrency for future generations.”
Since 2014, Wirex has become a popular platform for crypto-enabled payment solutions and providing businesses and individuals an alternative to conventional finance.
Brazil’s Rainforests Are Getting a $182 Million Blockchain Boost
The world’s largest meat-processor aims to use blockchain technology to curb the country’s rising deforestation.
- A Brazilian meat-processor announced a $182 million fund on Wednesday to curb deforestation in the country.
- The firm will invest over $44 million until 2025 and expects other companies to match funding efforts.
- Deforestation has hit record levels in Brazil, which is facing backlash for its failure to control the concern.
Brazil-based JBS, the world’s leading firm for meat processing and packing, said Wednesday it would deploy blockchain technology to combat the rising ill-effects of deforestation by meat suppliers in South America, according to news outlet Reuters.
The firm vowed to monitor its entire supply chain using blockchain by 2025, amidst widespread concerns from environmentalists about rapidly diminishing forest cover in the country. Brazil’s meat industry, among others, is said to contribute to deforestation as meat producers clear out vast areas for cattle pasture.
So far, meatpackers in Brazil, such as JBS, have ensured they do not source meat from farms that illegally cut forests. However, such a system just monitors and measures activity from its final suppliers—leaving space for indirect suppliers (which supply to JBS’s suppliers) to evade such monitoring and eventually manage to sell their product to firms like JBS.
But blockchain technology could present a solution for that, said JBS. It launched a $182.77 million fund yesterday to foster social and economic development in the Amazonian rainforest region, aiming to invest over $44 million in the next five years, and another equal amount from then on to 2030.
Other local and international firms are expected to join the project and contribute the remaining amount, the report noted.
The funds will allow JBS to build an expansive blockchain system that tracks every supplier on its meat supply network, both direct and indirect. “Currently, the company does not monitor indirect suppliers and no company does so. But we plan to close this gap using technology,” said JBS CEO Gilberto Tomazoni.
Tomazoni added the firm’s 50,000 direct suppliers were, however, already monitored. Meanwhile, JBS is expected to launch the system in 2021, starting in the Brazilian state of Mato Grosso.
The development comes at a time when global meat importers, such as Norway, have threatened to pull out their investments from Brazil if the country fails to curb deforestation, noted the report.
Deforestation has remained a global concern since the last decade, with regions like the Amazonian rainforest in South America among the most affected. Data from last year showed that Amazon deforestation hit levels last seen in 2006. So, it will take a major effort to turn the situation around.
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