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In the Fall of 2017, Zimbabweans took to the streets in mass protests against a regime that was presiding over a broken economy and collapsing living standards.
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Billionaire Kylie Jenner is set to lose her long-held title of the Queen of social media to a lowly egg.
A woman who started struggling with her sense of balance and slurring her speech, almost as if she was drunk. A man who had 30 bouts of meningitis over a period of seven years, even though there was no underlying bacterial or viral infection. Another woman who, for 16 years,…
About 56% of what you pay for something “made in China” goes to U.S. workers and companies, on average, according to a new analysis released by the Federal Reserve Bank of San Francisco.
The rules are complicated, but a “made in China” label roughly indicates a good was assembled in a Chinese factory….
A Japanese billionaire has now claimed the honor of having penned the most retweeted tweet ever. But once you hear what he wrote, it’s not that surprising. Yusaku Maezawa’s Jan. 5 tweet offered to split 100 million yen (that’s about $ 925,000) among 100 people, reports the BBC . “To participate,…
Gehad al-Rawy beamed with joy as she emerged from an Egyptian courtroom last September. She had just won a sexual harassment case, with the judge sentencing her harasser to two years in prison.
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The 2018 bear trend brought an increase in correlation across the leading cryptocurrency markets, with recent research indicating that 10 of the top 15 crypto assets by market cap show a price correlation of more than 64%. Additionally, five cryptocurrency pairs show a correlation larger than 80% for 2018 – ADA and XLM, BTC and LTC, XMR and BTC, ETH and LTC, and XMR and LTC.
Research Finds Significant Correlation Between Leading Crypto Assets
New analysis has found the prices of bitcoin cash (BCH), bitcoin core (BTC), ethereum (ETH), ripple (XRP), eos (EOS), stellar (XLM), litecoin (LTC), cardano (ADA), iota (MIOTA), and monero (XMR) to be positively correlated, with all of said crypto assets found to have an average price correlation of between 64.7% and 74.1% when compared with one another.
Five pairings were found to have a correlation higher than 80% – ADA and XLM with 83.6%, BTC and LTC with 83.5%, XMR and BTC with 82.9%, ETH and LTC with 82.7%, and XMR and LTC with 80.6%.
Tron (TRX) comprised the sole cryptocurrency examined to produce an average correlation of less than 50%, with an average correlation of 49.6% when compared with other leading markets.
The research also noted that Proof of Work cryptocurrencies are generally less correlated with crypto assets utilizing alternative consensus mechanisms.
Price Correlation Doubles Year-Over-Year
Compared with the previous year, 2018 saw the correlation between many leading cryptocurrencies more than double.
BTC’s average price correlation increased by 150% from 29.3% in 2017 to 73% in 2018, while ETH’s correlation increased 154% from 29.2% to 74.1%. XRP saw the greatest spike in price correlation, which increased by 220% year-over-year, while XMR saw the lowest percentage increase in correlation among examined cryptocurrencies – rising 105% from 34.6% to 71%. XLM correlation increased 114% from 30.4% to 64.9%, and LTC correlation increased 132% from 30.9% to 71.8%.
2018 also saw in increase in the volume correlation between leading cryptocurrencies year-over-year, with BTC up from 34.1% in 2017 to 53.2% in 2018, ETH up from 31% to 48.9%, XRP up from 31.1% to 45.2%, and XMR up from 20.3% to 22.8%. XLM volume correlation increased more doubled from 12.5% in 2017 to 28.4% in 2018, as did LTC volume correlation, which increased from 15.8% to 37.3%.
Do you expect 2019 to bring a further increase in correlation between the top cryptocurrency markets? Share your thoughts in the comments section below!
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One of the great benefits of the Bitcoin Cash (BCH) network is that miner fees have been consistently inexpensive for well over a year. A typical BCH network fee in 2018 has been lower than most blockchain networks and the median average each day has not surpassed a U.S. penny in 10 months.
Bitcoin Cash Transaction Fees Stay Low
The BCH network continues to truck along in 2019 and with it comes the cheap and lightning fast transactions supporters talk about all the time. Over the last 10 months, the median average for daily BCH miner fees has not risen above a penny. Typically, a transaction of 236 bytes or less costs the sender around $ 0.001 to $ 0.008 on the Bitcoin Cash blockchain. Fees were a touch higher during a three month period (December 2017, January and February 2018) when the BCH price touched record highs. However, this was before the BCH hard fork in May, which bumped the block size from 8MB to 32MB. During the BCH stress tests in the first week of last September, the Bitcoin Cash chain processed millions of transactions per day.
When Millions of Transactions Per Day Were Mined — BCH Fees Did Not Budge
On Sept. 1 miners processed 2.2 million transactions in 24 hours, which was followed by the next day’s 1.37 million transactions and the 1.67 million confirmed on Sept. 4. These records shattered BTC’s milestones back in December of 2017 when the BTC chain processed a little over 400,000 transactions per day that month. Although, at that specific time the BTC mempool was severely clogged with unconfirmed transactions and network fees for BTC were anywhere between $ 25-50 per transaction.
Now one would think fees would have started to increase when the Bitcoin Cash network processed millions of transactions per day, but the BCH median average network fee for all three stress test days was roughly $ 0.001 per transaction. BCH miners also mined several large 4-8MB blocks, but they also processed a 9, 10, 13.5, 15.2, 23.15MB blocks that week as well.
BCH Network Fees With Exchanges and Wallets May Differ
Some people still may be paying too much per BCH transaction, if their wallet’s fee settings are set incorrectly or the wallet client does not let the user customize the network fees. If you think your wallet is sending BCH transactions with a high network fee rate, check the wallets settings and set the fee to “low” or “economy,” instead of “high” or “priority.” Some wallets like Electron Cash allow users to create a customized fee (satoshis-per-byte) so they can set the miner fee to whatever they desire. If a wallet doesn’t allow you to change the fees to a lower setting, then you might want to move the funds to a wallet that does allow custom fee settings. With the ability to customize the fee settings, a BCH wallet user can send incredibly small micropayments across the network.
When a crypto newcomer withdraws BCH from an exchange, they might assume the Bitcoin Cash network is slow and fees are more expensive than the median rate because of the exchange’s method of operations. If it takes too long to withdraw BCH from a trading platform this is not the network’s fault at all, as the exchange is entirely in charge of releasing the funds. Further, when depositing BCH on an exchange, most of them will not let a customer trade the funds until a number of onchain confirmations have completed.
Another issue with exchanges is that they usually don’t let customers change the network fee and will sometimes make the customer pay the highest network fee. None of these issues are inherent with the BCH network and have everything to do with leaving funds in the hands of a third party and not having full control. However, there are some exchanges that use low fee settings and in extremely rare occasions some trading platforms will let customers customize the fee.
Low Fees Allow for More Innovation and Global Participation
All year long, BCH network fees have been incredibly inexpensive, which has allowed for all types of innovation. This includes the opcodes added last May and the use of OP_Return transactions with metadata. A wide variety of applications were released during the second half of 2018 that leveraged OP_Return transactions and the new opcodes and the low fees have made things much easier for developers and end users. Low network fees have inspired users to create representative tokens, upload written text, books, and all kinds of files using the BCH chain’s security. BCH network fees that are less than a cent also make it uncomplicated to send microtransactions and support crowdfunding charities like Eatbch in South Sudan and Venezuela. If there is a whole ton of small amounts of micropayments, then it can really add up for people in need. Bitcoin Cash fans believe that inexpensive fees will help push adoption forward and over the last year the network fees have been very low even when processing 4X the number of transactions that other networks have recorded.
What do you think about the low fees on the Bitcoin Cash (BCH) network? Let us know what you think about this subject in the comments section below.
Images via Shutterstock, Bitinfocharts.com, Fork.lol, Pixabay, Electron Cash, and the Bitcoin.com wallet.
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The man the WWE calls “the most recognizable interviewer in sports-entertainment history” has died, and Deadspin says that’s no exaggeration. Gene Okerlund, better known by the “Mean Gene” moniker bestowed on him by Jesse Ventura, was 76. No cause of death was given. The WWE reports he began his career…
Over the course of 2018, failing initial coin offerings that raised billions last year have continued to dominate the news cycle. Despite ethereum losing more than two thirds of its value, ICO projects have been liquidating massive amounts of ETH. ICO treasuries cashed out 433,000 ETH ($ 52.4M) in December, surpassing every other month this year.
After Ethereum’s Price Dropped 84%, ICO Treasury Withdrawals Increased
One of the biggest stories of 2017 was how initial coin offerings (ICOs) raised billions. 2018 was a different story, with the recurrent themes being regulatory action against ICOs and the majority of these projects failing miserably. In February, research by news.Bitcoin.com revealed that over 46 percent of 2017’s ICOs had failed. Seven months, ago ICOs had a failure rate of 92 percent, showing the world that even though a project can raise millions it won’t necessarily go on to be successful. Furthermore, many of the ICOs trying to survive the 2018 bear market have been cashing out large amounts of ETH from their treasuries. Diar Research details that 433,000 ETH was withdrawn from ICO treasuries this month despite the fact that ETH’s value hit record annual lows in December.
“Ethereum has dropped 84% in price from the start of the year when ICO treasuries saw massive activity with withdrawals being the highest they ever were this year,” explains the chart created by Diar Research.
The researchers also detail that November (290,000 ETH withdrawn) was the second largest withdrawal period this year. Diar states that Tezos withdrew 82,000 ETH and Aragon moved 40,000 into the Ethereum stablecoin dai. The third highest month was in January, which saw a total of 232,000 ETH withdrawn from ICO treasuries. “As a whole, 24 percent from the start of the year has moved from the 100 wallets assessed — But what was worth $ 3 billion is now only $ 350 million,” explains Diar.
Out of 50 ICOs, Filecoin Cashed out Close to Half of the Month’s Treasury Withdrawals
Diar has shared a comprehensive spreadsheet which details 50 of the highest grossing ICOs and how much money they started with in January and how much they withdrew in 2018. Big name projects such as Digixdao, Polkadot, Golem, Tezos, and Filecoin are included in Diar’s informative table alongside treasury account holdings. Statistics show that Filecoin withdrew its entire stash of 216,906 ETH this December, which encompasses about half of the month’s total withdrawn coins. A few other projects also liquidated their entire treasury accounts this year and some projects have very little ETH left.
The research also explains that 2018’s average withdrawal rate was only about 2.4 percent, but December exceeded most months with 12 percent. Of course, withdrawing coins doesn’t necessarily mean the project failed, but that the team may have tried to avoid ETH’s volatility by using a stablecoin or converting to fiat. However, if they did convert to a stablecoin or some form of fiat then they would have gotten more bang for their buck if they cashed out earlier. It is strange that many of the projects withdrew the most ETH during November and December when ETH was at its lowest price range of the year. When these projects were faced with a burn rate that outpaced the funds on hand, they may have been left with no other choice.
What do you think about ICOs cashing out the most ETH during the months of November and December? Let us know what you think about this subject in the comments section below.
Images via Shutterstock, and Diar Research.
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The post ICO Treasuries Offloaded the Most ETH in November and December This Year appeared first on Bitcoin News.