Digital Asset Development Platform Market Recap: Cardano, NEM, Ethereum, EOS

Digital Asset Development Platform Market Recap: Cardano, NEM, Ethereum, EOS

BTC Peers team
BTC Peers team

One week after a free fall, the cryptocurrency market is stabilizing. At last week’s bottom, its total market cap plunged below $200 billion psychological level. However, at the time of press, bulls are flowing back and Bitcoin, the world’s most valuable cryptocurrency by market cap, is up 6.2% week-to-date, adding $10 billion after prices sunk to a 6-month lows on Nov 23.

With this resurgence, the crypto market cap is $210, up $6 billion in 24 hours. Interestingly, traders are participating. According to statistics, trading volumes are up $3 billion. This highlights investor confidence and demand for leading, liquid digital assets.

The Upbit Heist
The recovery is amid a string of bad news. Notably, the Upbit hack where a reported 340,000 ETHs or $51 million at spot rates were stolen from the leading South Korean exchange, the ETH market is unchanged.

Upbit is yet to admit weakness of their system. Rumors have it that the loss was because of an inside job. Analysts and commentators observed that the “hack” coincided with the exchange’s regular maintenance.

Ethereum is Attractive to Developers
Nonetheless, the smart contracting sector seems to be bottoming up, ready for an uptrend if candlestick arrangement guides. Part of this can be attributed to the confidence associated with top platforms.

Ethereum for example, despite tough competition from scalable and fast alternatives as Tron and EOS, is resilient and attracting developers. EOS is faced with centralization complains while Tron, fronted by Justin Sun, is accused of being under the tight grip and influence of the co-founder. His aggressive marketing style is particularly off-putting, attracting trolls.

In the long-term, investors reckon, development platforms offer better return on investment than pure cryptocurrencies like Bitcoin or Litecoin. Although cryptocurrencies offer a solution, critics say, are speculative despite their multi-billion market caps.

ETH, ADA, XEM, EOS Market Performance
Presently, there are many smart contracting platforms to choose from. Each present an investor with different opportunities upon critical analysis on influencing fundamental and technical factors.

Here is a recap of last week’s top asset development platforms:

Ethereum (ETH)
As a pioneering platform, Ethereum remains attractive to developers and investors. Although gains are modest, the bounce back from the $150-$160 zone could be a shot in the arm for bulls. ETH price is up 3% translating to a market share of 8.05%, a noticeable improvement.

Aforementioned, the Upbit coin loss is the seventh in 2019 and the 342,000 ETHs stolen are now on the move, split into four tranches pointing to different addresses, could dent investor confidence and further highlight the vulnerabilities of cryptocurrency exchange.

Exchanges act as crucial connectors linking traditional investors to the largely unregulated by developing crypto space. Other than the hack, Ethereum developers are readying for the Istanbul hard fork set for Dec 7, 2019.

The system-wide upgrade will complete the Metropolis stage on Ethereum’s roadmap, setting the ground for Serenity. This hard fork implements six EIPs which upon activation will protect the network against DDOS and other spam attacks.

After their one-year ICO marred by accusation of wash trading at Bitfinex, EOS prices are largely suppressed. Still, the coin is one of the most liquid and ranked higher, ahead of Ethereum, by China’s CCID.

At seventh in the market cap leaderboard, EOS is up 6.7% week-to-date trading at $2.77. The coin is down 87% after peaking at $21 in late April 2018. Evidently, centralization accusations stemming from creator’s choice of settling with dPoS, a consensus algorithm that assigns 21 Super Nodes (Block Producers) to veto and secure the network, has been heavily criticized.

Already, EOS New York, a Block Producer, is up in arms, publishing data that purportedly claim that the six of the top 21 Block Producers are controlled by one entity. No names were specified but is three months after it was widely reported that some Block Producers were voting for each other in an attempt to lock out competitors.

EOS Tribe, another Block Producer, stepped away as a Block Producer complaining that it was virtually impossible to earn from the EOSIO blockchain without the support of EOS whales. These whales, Eugene Luzgin representing EOS Tribe wrote, preferred financing China-based Block Producers.

Behind NEM’s revival is the recent update of Catapult, dubbed Fushicho.

The fifth Catapult Migration Update, codenamed Elephant, is already on forum. Catapult is a scalable blockchain engine that can power private and private chains. The private chain is scheduled for launch in early 2020.

XEM has posted modest gains against ETH and the greenback, adding 2% and 3% respectively in the last week. Also, NEM Ventures, the investment wing of the blockchain, also announced their support of Cyclebit.

Cardano (ADA)
With a market dominance of 0.61%, ADA is up 12.2% week-to-date. The coin soared on November 29 after it was announced that only ADA coins stored in specifically in Yoroi and Daedalus wallets, will be captured in a snapshot scheduled for Nov 30 at epoch 159, slot 6886 according to a tweet by Charles Hokinson, the co-founder.

Cardano is preparing for Shelly TestNet and here, the captured balance can be used to operate a stake pool. On Nov 29, AdaPay went live.

AdaPay is a payment solution developed by the Cardano Foundation in partnership with COTIpay. Merchants who integrate this solution can convert ADA into 35 different fiat currencies.

Overly, a wave of fundamental steels investor confidence. The market remains fragile. Because of the direct correlation between Bitcoin and altcoins, it remains to be seen whether prices will rebound, edge higher diverging from BTC’s trajectory in the short to medium term. Investors will have their eyes set on Ethereum’s performance this week thanks in part to Istanbul upgrade. Any recovery could have a cascading effect, buoying other sector assets of which ADA, XEM and EOS could benefit.