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From $250 Billion to $2.35 Trillion: A Look at the Top Ten Crypto Market Cap Shifts Over 2 Years

03/09/2021 by Idelto Editor

From $250 Billion to $2.35 Trillion: A Look at the Top Ten Crypto Crypto Market Cap Shifts Over 2 Years

While the crypto economy is worth more than $2.35 trillion, there’s a variety of new cryptocurrencies that have claimed top ten positions, in terms of market capitalization, in recent times. Two years ago, the top ten crypto assets by market cap looked a lot different than today, and things have also changed a great deal in the past 12 months.

The Top Ten Crypto Assets in August 2019

Since the crypto asset’s inception, bitcoin (BTC) has held the largest market valuation out of all the coins in existence and no other digital currency has ever taken the top position. We know the crypto economy is valued at more than $2.3 trillion, and out of the 10,000+ cryptocurrencies, dominance levels are changing. Top ten shifts are happening, and the top ten crypto-asset positions in terms of valuation have changed a great deal last year and the year before.

At the end of August 2019, bitcoin (BTC) held the top position but only had a market valuation of around $181 billion. Today, BTC has an overall market valuation of $929 billion or 413% more than it was in August 2019. That same summer, ethereum (ETH) was the second-largest crypto asset by market cap with just over $20 billion. Today, ETH has an overall valuation of around $443 billion which is a whopping 2,115% increase in two years.

Cryptocurrency market capitalization in August 2019.

In August 2019, XRP held the third-largest crypto valuation with an $11 billion market cap. The market cap has increased by 427% but XRP now holds the sixth-largest position in terms of valuation among the top ten. Bitcoin cash (BCH) was the fourth largest crypto cap in the late summer of 2019 with an overall valuation of $5 billion. Today it is $12.4 billion which is an increase of 148%, but BCH is now in the 15th position in terms of market valuation. Litecoin (LTC) held the fifth biggest market with $4 billion two years ago, but today, LTC is in the 16th position.

Cryptocurrency market capitalization on September 3, 2021. These prices were recorded at 8:30 a.m. (EST) on Friday morning.

Binance coin (BNB) managed to move up from the sixth position that year, as it now holds the fourth largest crypto market valuation today. Tether (USDT) moved up from two years ago when it was in the seventh position and today, USDT is the fifth position. Tether is still the most valuable stablecoin and has been for the last two years in a row. EOS was in the eighth position back in 2019 and today, EOS has slid all the way down to the 35th top position in terms of market cap.

Bitcoinsv (BSV) was in ninth place in 2019 and stellar (XLM) held the tenth position in August the same year. BSV has plummeted to the 52nd position in terms of market cap and XLM is now the 22nd largest crypto asset. BSV had a $2.3 billion market cap back then and it has improved a bit (34.78%) to today’s $3.1 billion. Stellar had a $1.4 billion market valuation while today it is $8.5 billion, gaining 507%.

The Top Ten Crypto Assets in August 2020

In August 2020, things were also different. While BTC and ETH held the first and the second position, XRP was really close to being overtaken by tether (USDT) that year. XRP held the third position with a $12 billion market cap and USDT was around $10 billion in August 2020. At that time, BCH, BSV, LTC, and BNB remained top ten contenders. Meanwhile, Chainlink (LINK) held the fifth-largest market cap with a $5.7 billion valuation. LINK is now the 12th largest coin market cap today with $13.5 billion.

Cryptocurrency market capitalization in August 2020.

Crypto.com (CRO) was in the ninth position in August 2020 with a $3.5 billion market cap and CRO is sitting in the 43rd position today with $4.1 billion. It is interesting to note that all the top ten coins in 2021 have market caps of over $20 billion. While in August 2020, only five coins had market caps over $10 billion, and in 2019 only three coins were over $10 billion. CRO and BSV have seen very little increases in market valuation in two years, while other markets have seen much larger gains.

Moreover, coins like dogecoin (DOGE), solana (SOL), cardano (ADA), polkadot (DOT), and usd coin (USDC) are all newcomers as far as the top ten cryptos are concerned. Solana (SOL) is up more than 19% in 24 hours and recently flipped dogecoin (DOGE) in terms of market cap.

What do you think about the changes in the top ten cryptos during the last two years? Let us know what you think about this subject in the comments section below.

The US Government Is Auctioning $377K Worth of Bitcoin and Litecoin

21/06/2021 by Idelto Editor

The U.S. government is selling bitcoin and litecoin worth $377K via the General Services Administration (GSA). The auction closes at 5 p.m. on Monday, with the possibility of an extended closing time. The government auction house is selling the digital assets in 11 lots and so far, the lots have seen active bidding.

The GSA Auction House Has Close to Ten Bitcoin and 150 Litecoin for Sale, Auction Ends Today

From June 18 to Monday, June 21, the General Services Administration, otherwise known as the GSA, is auctioning two types of crypto assets. GSA auction bidders can try to buy 11 lots of crypto that hold approximately 8.93 BTC and 150.2 LTC.

The U.S. government estimates the value to be in the ballpark of $377,000 for the aggregate BTC and LTC lots. The GSA announcement notes that the entity has sold crypto assets on behalf of the U.S. government since the beginning of 2021.

To date, the GSA has auctioned crypto assets three times and sold 16.99 BTC in total. The three previous GSA auctions settled at $937,092 for the bitcoin assets sold on the platform. The GSA advertisement also tries to entice the reader by saying: “Become a part of the growing cryptocurrency community by placing a winning bid during GSA Auctions’ next cryptocurrency sale.”

“Experienced investors recognize a good opportunity when they see it, which is why our auctions have generated so much enthusiasm among the crypto community,” Thomas Meiron, Regional Commissioner for GSA’s Federal Acquisition Service said in a statement. “With the addition of a new type of cryptocurrency, this promises to be one of our most exciting auctions of the year.”

The new type of digital asset Meiron refers to is litecoin (LTC), as prior auctions only saw the sale of BTC. The GSA was created in 1949 and is a solution for government-owned surplus, forfeited goods, and federal personal property they no longer require.

The independent agency of the U.S. government allows the general public, businesses, and other government agencies to bid on items in an exclusive fashion. Local and international GSA auction buyers are mandated to purchase electronically.

The electronic only-purchasing arrangement is due to the President’s declaration of a national emergency on March 23, 2020. Since then, the GSA no longer accepts payments made by cash, money order, cashier’s check, and official or personal checks.

The description of the crypto lots being sold explains that when a bidder wins they must accept the responsibility of paying the mining network fee. Bidding has been active so far and dozens of offers have been made on the GSA’s current stash of digital assets.

What do you think about the GSA cryptocurrency auction? Let us know what you think about this subject in the comments section below.

Bitmain Reveals New Scrypt Miner — Model Mines DOGE and LTC Four-Times Faster Than Today’s Top Machine

20/06/2021 by Idelto Editor

Regional reports from an exposition in Chengdu indicate Bitmain has unveiled a new scrypt ASIC rig for dogecoin, litecoin, digibyte, and verge mining. The Chinese reporter who disclosed the information says the new Bitmain model has a hashrate of around 9,500 megahash per second (MH/s) and overseas prices are reduced by 13%.

Bitmain Unveils New Scrypt Miner With 9.5 Gigahash

According to the Chinese journalist Colin ‘Wu’ Blockchain, Bitmain has revealed a new scrypt coin mining device that packs a lot more hashrate than the company’s previous model. Wu tweeted out the news on Saturday after Bitmain showed off the specifications at an exposition held in Chengdu.

“On June 19th, Bitmain released the new Litecoin/Dogecoin mining machine L7,” the China-based reporter tweeted. “With a hashrate of 9,500 MH/s and 3425W, equivalent to 19 sets of L3+, and the price is $15,000, [the] overseas purchase price is reduced by 13%. The delivery time is November 2021,” he added.

Moreover, Wu also said that Bitmain had shown off its “5nm-based Bitcoin water-cooled mining machine and a preview of the Dash mining machine D7.”

Photo via Colin ‘Wu’ Blockchain from Twitter.

The news from Bitmain follows the company’s unveiling of the Antminer E9 ethereum mining rig at the end of April. The device is not for sale yet and E9 prices have not been announced.

“[The] Antminer E9 ethereum miner. Equivalent to 32 – 3080 graphics cards, Equipped with a hashrate of 3 GH/s,” Bitmain explained at the time. The new scrypt miner from Bitmain follows the October 2017 release, the Antminer L3+ which produces around 600 MH/s.

Presently, the Innosilicon brand A6+ Ltcmaster is the most profitable scrypt miner on the market today with 2,200 MH/s. A single A6+ Ltcmaster will give an owner $26 per day in profit using today’s exchange rates and $0.12 per kilowatt-hour.

Using the same electricity rate and today’s crypto prices for the most profitable scrypt coins, the Bitmain L3+ can rake in around $6.35 per day in profit.

If the specifications revealed by the Chinese journalist Colin ‘Wu’ Blockchain and the screenshot Wu shared as well are correct, the new Bitmain scrypt miner will be the most powerful on the market once it is released to the public.

For some perspective, the upcoming Bitmain scrypt ASIC machine would be more than four-times more powerful than Innosilicon’s A6+ Ltcmaster. 9,500 megahash per second is equivalent to 9.5 gigahash per second (GH/s) and the Innosilicon machine captures 2.2 GH/s.

What do you think about Bitmain unveiling the new scrypt miner with 9,500 MH/s specifications? Let us know what you think about this subject in the comments section below.

As Crypto Interest Winds Down Bitcoin’s Daily Transaction Rate Plummets to Two-Year Lows

08/06/2021 by Idelto Editor

Onchain data indicates that bitcoin transactions per day have plummeted to lows not seen since October 2018. Further, bitcoin transaction fees have dropped 93% after touching a high of $62 per transaction in April 2021.

Bitcoin Daily Transaction Rate Dips by 35%, Google Trends Data Shows Interest Has Dropped Since May

While bitcoin (BTC) prices have dropped to lower bound ranges, after touching an all-time high over $64K per coin, the number of daily transactions has dive-bombed as well.

In fact, daily BTC transactions have been plummeting since the first week of 2021, as statistics show a high of 387K transactions on January 6. Data from bitinfocharts.com indicates that the number of bitcoin transactions confirmed on June 3 was around 249K. Between the first week of January up until now, daily transactions have slipped by more than 35%.

Statistics from bitinfocharts.com indicate daily transaction rates are as low as they were in October 2018.

Fork.lol stats show on June 7, the BTC network processed around 221,624 transactions on Monday. From February 14 to April 28, 2021, the Bitcoin Cash (BCH) network outpaced the BTC chain’s daily transaction rate during that time span.

Today, the BCH chain has a lower daily transaction count than BTC, as current daily stats for June 7 show, BCH has processed around 68,973 transactions. BTC transactions per day have not been this low since October 2018, as daily transactions have been consistently higher since then.

BTC’s highest daily transaction rate has only tapped 478K confirmed transactions, while BCH broke over two million confirmed transactions per day during the first week of September 2018. In addition to BTC transactions per day dropping to 2018 levels, bitcoin fees have slid as well during the last few weeks.

On April 21, 2021, the average BTC transaction fee hit a high of $62.79 per transaction according to ycharts.com. The same ycharts’ data set shows fees are down to $4.38 per transaction today.

Worldwide Google Trends data for the search query “bitcoin.”

The lack of interest in bitcoin and cryptocurrencies, in general, may have contributed to the daily transaction levels dipping to 2018 levels. The search query “bitcoin” touched an all-time high on Google Trends in May with a score of 100, but the worldwide search trend has dipped to 52 on June 5.

Daily transactions for a great number of the top digital assets including BTC, ETH, DOGE, XRP, LTC, and BCH have all dipped significantly. While XRP transactions did dominate Ethereum’s daily confirmed rate during the first few months of 2021, the ETH chain is now ahead of XRP in terms of daily transactions confirmed.

What do you think about BTC transactions dropping to 2018 levels? Let us know what you think about this subject in the comments section below.

Bitcoin Depot Deploys Over 350 ATMs in the US, Global Number Exceeds 19,000

04/05/2021 by Idelto Editor

Cryptocurrency ATM operator Bitcoin Depot has launched 355 new teller machines across the United States. The announcement comes as the number of ATM locations supporting crypto-fiat exchange now exceeds 19,000 globally.

US Company Bitcoin Depot Expands ATM Coverage in 40 States

Bitcoin Depot, which runs a growing network of crypto teller machines in the U.S., has added 355 new kiosks only in the past month. In March, it announced the launch of 115. Its ATMs allow registered users with a wallet to acquire cryptocurrency. For amounts of less than $250, providing a phone number will be enough for identity verification.

The Atlanta-based company says it has installed over 2,500 crypto ATMs worldwide, most of which are in the U.S. The latest batch of 355 machines have been deployed in 40 U.S. states, 20 of which are in its home state of Georgia, 40 in Florida, 32 across North Carolina, 24 in Texas, and 23 new kiosks across California. Most locations are open 24/7.

In just six months, Bitcoin Depot has doubled its footprint and now expects growth to reach 200% this year, a press release details. Its kiosks support purchases and sales of three different cryptocurrencies with fiat: BTC, LTC and ETH.

Bitcoin Depot President and CEO Brandon Mintz believes that cryptocurrency provides new opportunities for people who don’t have access to traditional financial services: “Our kiosks allow them to essentially self-bank through the digital wallet on their phone, by turning their cash into cryptocurrency which can be used to transfer money, pay bills or invest.”

19,000 ATMs Around the World Offer Access to Cryptocurrencies

Many other companies work in the same direction globally and BATMs have increased exponentially over the past year. According to data compiled by the tracking website Coinatmradar, there are now over 19,300 ATMs and tellers providing crypto-fiat exchange services in 73 countries, almost double the number registered in September 2020.

The teller machines are installed and operated by close to 600 companies and manufactured by at least 40 producers. BTC, BCH, ETH, and LTC are among the most widely supported cryptocurrencies. Coinatmradar’s bitcoin ATM market dynamics report published in April reveals that the speed of installations maintained a stable rise, between 8% and 10%, during the previous monthly period.

Have you used a bitcoin ATM to buy or sell cryptocurrency? Let us know in the comments section below.