Filecoin

Top Ten Crypto Market Capitalizations Shifted a Great Deal Since the Last Time BTC Hit $60K

18/10/2021 by Idelto Editor

The price of bitcoin recently jumped above the $60,000 per unit mark on October 15, and the leading crypto asset has not seen prices this high since mid-April six months ago. However, as far as the top digital assets are concerned, in terms of market capitalization, things are a whole lot different. For instance, ether tokens are worth a lot more than they were six months ago and binance coin values were higher back then than they are today.

Six Months Later as Bitcoin Returns to $60K, Some Crypto Coins Trade for More Value, While Others Trade for Less

On April 11, 2021, statistics from coinmarketcap.com’s historical snapshot data show that on that day, bitcoin (BTC) exchanged hands for $60,204 per unit. BTC also reached an all-time high three days later on Apr 14, 2021, at $64,804 per coin that week. The data from the historical snapshot indicates that ethereum (ETH) was swapping for $2,157 per coin on April 11 and today, a single ether is trading for $3,761 per unit.

The stats six months ago show binance coin (BNB) held the third position six months ago and at the time each BNB traded for $525. Prices are a bit lower than they were back then and BNB lost the third position to cardano (ADA) for a few months. Today, metrics show that BNB is swapping for $480 per coin which is 9.375% lower than the price six months ago. At that time, XRP held the fourth position in terms of market cap but today, XRP has slid to the sixth position.

The stablecoin tether (USDT) held the fifth spot back then, today it is sitting at number four. Like ethereum (ETH), cardano (ADA) is another coin that was trading for lower prices on April 11. At the time, ADA exchanged hands for $1.27 per coin and on October 18, ADA trades for $2.12 per unit. Polkadot (DOT) held the seventh position trading for $41.42 per DOT six months ago, today DOT trades for a touch lower at $40.76 and sits in the eighth largest position.

Litecoin, Uniswap, Chainlink Bumped Out of the Top 10 — Theta, Filecoin, Tron, Vechain Slip Out of the Top 20

Litecoin (LTC), uniswap (UNI), and chainlink (LINK) held the last three positions in the top ten respectively. But none of these coins are in the top ten positions anymore and UNI is the closest today. Positioned at 14 today, UNI is trading for $25.39 but on April 11, the token changed hands for $29.98. LTC was holding the eighth largest market valuation six months ago, but today it has slid to the 16th largest. LTC exchanged hands for $253.63 and today its much lower at $185.22.

Chainlink (LINK) was swapping hands for $33.92 per LINK back then, but on October 18, the price is around $25.59. LINK at that time held the tenth-largest spot and it now holds the 18th position. Missing from the top 20 coins that were seen on the list back then include tokens like theta (THETA) filecoin (FIL), tron (TRON) and vechain (VET). One notable gainer is solana (SOL) which moved from the 20th top position to the crypto economy’s seventh-largest spot in terms of valuation.

What do you think about the top ten crypto coin shift and some of the crypto assets that were bumped out of the top ten and twenty market positions during the last six months?

Bitcoin Price Dive-Bombs on the Same Day El Salvador Adopts the Crypto Asset

07/09/2021 by Idelto Editor

After touching a high of $52,956 on Monday evening, the very next day the price of bitcoin slid to a low of $42,900 at around 11 a.m. (EST). Bitcoin is currently trading for prices between $46K-$47K per unit and down 8% during the last 24 hours.

Bitcoin Price Slides Significantly After Nearing $53K

Crypto advocates watched bitcoin tumble in a very short period of time down to $42,900 per BTC on September 7, 2021. The drop was on the same day El Salvador adopted bitcoin (BTC) as legal tender in the country.

Hovering between the $46K to $47K handle, BTC’s overall market capitalization is $890 billion at the time of writing. There’s $60 billion in global trade volume across a myriad of cryptocurrency trading platforms worldwide.

Bitcoin Price Dive-Bombs on the Same Day El Salvador Adopts the Crypto Asset — BTC/USD at 12:30 p.m. (EST).

BTC is down more than 8% at the time of writing, and many other digital currency markets also saw significant drops in fiat value on Tuesday. The entire market economy of 10,000+ crypto assets slid over 9% collectively to a low of $2.21 trillion.

Ethereum (ETH) slid 9.3% and cardano (ADA) dropped by 10.3% on Tuesday morning. Neo (NEO), zcash (ZEC), and eos (EOS) were the biggest losers during the dip seeing double digit losses. Horizen (ZEN), qtum (QTUM), filecoin (FIL) lost double digits during the slide as well.

Coins that were barely affected by the drop in value included crypto assets like fantom (FTM), near (NEAR), and solana (SOL). All three of these crypto-assets saw double-digit 24-hour returns despite the swift drop across crypto markets.

At the time of writing, there’s $242 billion in 24-hour volume across the whole crypto economy and tether (USDT) captures $122 billion of that volume at press time. Across the board, stablecoins of all flavors saw a lot more volume on Tuesday than prior days.

For now, BTC remains consolidated in the $46K-$47K region and crypto supporters are uncertain as to what will take place next.

Of course, as bitcoin prices plummeted, the economist and gold bug Peter Schiff had to throw in his two cents about El Salvador adopting bitcoin.

“Welcome to Bitcoin El Salvador,” Schiff said. “Your national ‘currency’ just lost over 15% of its purchasing power in under an hour. Get used to it. Just another perfectly orchestrated pump-and-dump by the Bitcoin whales. Too bad this time they had to sacrifice an entire nation to pull it off,” he added.

What do you think about bitcoin’s price dropping on the same day El Salvador adopted bitcoin as legal tender? Let us know what you think about this subject in the comments section below.

As Miners Leave Bitcoin in Droves, Space Allocation Dedicated to Filecoin and Chia Surges

05/07/2021 by Idelto Editor

As Droves of Miners Leave Bitcoin, Space Allocation Dedicated to Filecoin and Chia Surges

While a large quantity of hashrate has stopped dedicating resources to the Bitcoin network, a great number of alternative mining ecosystems are swelling with new participants. China’s ASIC exodus has ignited a significant increase in demand for accessing storage power on both Filecoin and Chia’s proof-of-storage networks. Both networks have seen space allocation spike significantly since the bitcoin mining crackdown in China.

Alternative Consensus Algorithms Reap Benefits of the SHA256 Hashrate Drop

A lot has been happening in the cryptocurrency mining space recently, as the industry is seeing a massive shift since the start of the bitcoin mining crackdown in various Chinese provinces. SHA256 hashrate dedicated to the Bitcoin (BTC) network has plummeted over the last few weeks and the hashrate drop caused the network’s mining difficulty to dip close to 28% this past weekend. Interestingly, this was the largest epoch mining difficulty drop BTC has ever experienced and in two weeks it may be even larger.

At press time, according to coinwarz.com’s hashrate chart set for a one-month interval, BTC’s hashrate is 87,660,572,446,369,430,000 hashes per second or 87 exahash per second (EH/s). The mining difficulty drop made it easier and more profitable to mine BTC but alternative crypto assets that leverage different consensus algorithms have been far more profitable. Today’s most profitable consensus algorithm is Blake256R14 which can mine the crypto asset decred (DCR).

As Miners Leave Bitcoin in Droves, Space Allocation Dedicated to Filecoin and Chia Surges — Today’s most profitable mineable coins leverage consensus algorithms like Ethash and Blake256R14.

A machine that boasts more than 52 terahash per second (TH/s) — and pulls 2,200 watts off the wall with an electricity consumption rate of $0.12 per kilowatt-hour (kWh) — can see profits of up to $116 per day using DCR exchange rates on July 5. A machine that can mine the Ethash algorithm and coins like ETH, ETC, CLO, PIRL, and UBQ can get roughly $42 per day using today’s crypto exchange rates, the same electrical consumption with 750 megahash per second (MH/s), and 1,350 watts of power.

Chia and Filecoin Networks Benefit From the ASIC Exodus

These specific consensus algorithms have seen an increase since the SHA256 exodus, but in comparison to times prior to China’s crackdown, these networks also lost a considerable amount of hash during the shift as well. Two notable crypto networks, however, saw the opposite effect as space allocations dedicated to the Chia network and Filecoin network have grown exponentially. In mid-October, Bitcoin.com News reported on Filecoin’s miner strike which saw a standoff between members of the Filecoin mining community.

At that time, Filecoin’s “Network Storage Power” according to filfox.info was 600 pebibyte (PiB) of effective storage. When the first warnings of a miner crackdown in China came out of Inner Mongolia back in March and went viral, Filecoin’s effective storage rate skyrocketed. The effective storage rate climbed higher and higher as each week passed, as today’s rate is 7.087 exbibyte (EiB). he network crossed a milestone of 1 EiB on November 24, 2020. The network crossed a milestone of 1 EiB on November 24, 2020, then a great majority of the effective storage increase stemmed from Q2 2021.

The crypto asset network Chia has also seen the space allocated to the Chia network grow exponentially and after the Sichuan crackdown, it spiked considerably higher than usual. Chia network statistics show 30,505 PiB of allocated storage dedicated to the chain on July 5. It was only 26,718 PiB on June 22, which shows it has increased 14.17% since the start of the Sichuan mining crackdown that week. The Chinese journalist Colin ‘Wu’ Blockchain tweeted about the demand that Chia and Filecoin mining was seeing on June 20 and since then space allocated to both networks has increased a great deal.

“The computing power of Chia and Filecoin in China has not been affected,” the regional reporter noted that day. “[The] Chinese government mainly controls the power sector to crack down bitcoin mining, but they consume less electricity. Their computing power is continuing to rise, and some bitcoin miners may switch to them,” he added.

What do you think about the other consensus algorithms besides Bitcoin’s SHA256 seeing more demand these days? What do you think about the exponential increase in space allocated to Chia and Filecoin’s networks? Let us know what you think in the comments section below.

Report: Filecoin and Chia Believers in China Are Converting to Ethereum Swarm Disciples

12/06/2021 by Idelto Editor

There’s a lot of buzz in China around the Bee mainnet soft launch following the recent hype surrounding Filecoin and Chia. Reports detail that Swarm is set to kickstart the mainnet on June 13, and droves of miners from China are getting prepared to obtain rewards from the distributed storage platform and content distribution service.

Swarm Preps to Launch Mainnet and Native Token BZZ

This Sunday, the anticipated Bee mainnet launch is supposed to happen according to a blog post published by the Swarm Foundation. The Swarm project details can be found on ethswarm.org which details that Swarm is a distributed storage platform and content distribution service that leverages an ethereum web3 stack.

Here is a detailed video showing our friends in #China how to install a Bee node. Install your Bee node, become a part of the network and take part in the 1 million BZZ token airdrop at the same time. https://t.co/HjzU3uX5rL
#ethswarm #Ethereum

— Ethereum Swarm (@ethswarm) February 21, 2021

The project also has a native token called BZZ which will be a utility coin aimed at rewarding decentralized storage and transactions. There’s an abundant quantity of info on Swarm and BZZ on the web, but the team has also published a compendium on the subject called the “Book of Swarm.”

We are getting closer to mainnet launch; BZZ token has not been deployed or distributed yet. Private buyers are not allowed to pledge the token before mainnet launch. 1/5

— Ethereum Swarm (@ethswarm) May 18, 2021

In February, Swarm raised $6 million in a private token sale and following the mainnet soft launch, a public BZZ token sale will take place on June 14. Just recently, reports stemming from China indicate that Swarm is becoming very popular in the region and Filecoin and Chia miners are preparing to join Swarm’s network.

Chinese Journalist Says Swarm Popularity in China ‘Based on Belief’

Regional reporter and 8btc contributor Priyeshu Garg details that there “has been a huge increase in the number of Swarm groups popping up on Wechat.” Reports on Chinese social media verify Garg’s claims and the reporter notes that Swarm’s “popularity is based only on belief.” So far, Swarm started as a proof-of-concept created by its lead developer Viktor Tron and moved on to a testnet and a few releases.

“So-called Swarm ‘believers’ [are] actively preaching on other social platforms as well. Some Filecoin groups have also reportedly been converted into Swarm groups.” Garg’s report insists.

Digital currency networks like Chia and Filecoin have been very popular in China specifically because the two network’s offer different mining solutions. Bittorrent creator Bram Cohen’s crypto project Chia sparked hard drive and SSD shortages in China earlier this year. During the BZZ private placement token sale, BZZ tokens sold for $0.25 per unit.

The public offering indicates that BZZ will sell for $1.92 per unit increasing a whopping 668% in value compared to the private placement. According to the website, U.S. residents cannot participate in the BZZ public sale. U.S. visitors of the website coinlist.co where the BZZ sale is taking place, gets a warning that says: “Sorry, this content is not available in your location.”

The codebase Bee v0.6 release is required for all existing Bee node operators and for users who want to participate in the airdrop. Anyone running a prior version (v0.5.x.) must upgrade or they won’t be able to connect to the network. The 0.6 version release will contain features such as light nodes, postage stamps, free bandwidth allowance, and reupload content.

What do you think about the buzz around the Bee mainnet soft launch in China? Let us know what you think about this subject in the comments section below.

Ethereum Sets a New All-Time High Above the $2K Handle, Bitcoin Cash Markets Jump 8%

02/04/2021 by Idelto Editor

The price of ethereum tapped a new all-time high (ATH) on Friday afternoon reaching an ATH of around $2,072 around 12 p.m. (EST). Today, ethereum’s market capitalization captures 12.3% of the crypto economy’s overall $1.9 trillion market valuation. Meanwhile, as ether prices jumped over 6%, the crypto asset bitcoin cash has spiked over 8% nearing $600 per unit during the afternoon trading sessions.

Ethereum Markets Shine

While bitcoin (BTC) prices have been sitting just under the $60k per unit zone, a number of crypto assets are seeing strong gains. Yesterday it was dogecoin (DOGE) and filecoin (FIL) ramping up the action, but today all eyes are on ethereum (ETH) and bitcoin cash (BCH).
Ethereum prices touched an ATH on Friday reaching $2,072 per ether and the crypto asset has managed to stay above the $2k handle. During the last seven days, ETH is up over 20% and a whopping +165.03% during the last three months.
Just recently the billionaire investor Mark Cuban touted ethereum (ETH) as “the closest we have to a true currency.” “Smart contracts came along, and that created defi and NFTs. That’s what changed the game,” Cuban stressed during his interview.

On Friday afternoon, the top trading pairs with ethereum (ETH) include tether (USDT) capturing 48% of all trades, BTC (17.7%), USD (13.7%), BUSD (6.4%), and EUR (3.3%). The South Korean won commands 3.3% of ether trades as well on April 2.

Bitcoin Cash Raises the Bar

Bitcoin cash (BCH) has been nearing the $600 per BCH region and is currently just under the psychological handle at the time of publication. BCH saw an 8.42% 24-hour gain today and has captured 18.4% during the last week.
BCH has jumped 4.87% against BTC today, and 66.27% against the U.S. dollar over the last 90 days. In recent times, BCH has been seeing far more confirmed transactions per day as well with 356,844 during the last day, while BTC has seen 298,851.

Kim Dotcom has been discussing the benefits of bitcoin cash (BCH) a lot and recently discussed the subject in a Clubhouse room with a number of BTC maximalists. “I joined a Clubhouse room full of bitcoin maximalists,” Dotcom tweeted on Thursday. “I was moved on stage and asked why I support bitcoin cash. The merits of my argument were so powerful that the laser-eyed Bitcoin crowd wanted to burn it off the Internet, without success.”
Besides ETH and BCH, Friday’s biggest gainers include faceter (FACE) up 80.21%, insureum (ISR) up 80.08%, and PRVS gaining 71.38%. Today’s biggest losers during the last 24 hours include cryptaur (CPT) down 40.14%, PAID token down 39.54%, and spendchain (SPND) 35.51%.

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What do you think about ethereum and bitcoin cash market gains today? Let us know what you think about this subject in the comments section below.