Market capitalization continues to increaseMar 25, 2019
CoinMarketCap, the leading provider of market data on cryptocurrencies, reports an increase in market capitalization, which already exceeds $140 billion. At the same time, there are only 12 coins with a capitalization of more than $1 billion. Monero (XMR) holds the 13th place, and it needs to grow by less than 10% for reaching $1 billion.
In general, the week was quite calm. Most TOP12 cryptocurrencies were traded sideways, fixing a profit or loss within 2%-3%/. Cardano (ADA) became the growth leader in the last seven days. Binance Coin (BNB) also shows a high yield, adding 7%.
Fake trading volumes
Information about fake trading volumes often appears in the networks. But, in this case, a statement was sent to the US Securities and Exchange Commission (SEC). Bitwise Asset Management has prepared a presentation for the SEC, which states that 95% of trading volumes on unregulated exchanges are fake and devoid of any economic sense.
This presentation begins with a statement that about $6 billion of the daily trading volume of cryptocurrencies on the spot market are fake.
“The lion’s share of the volume of trading announced by the exchanges is devoid of economic sense and represents fictitious transactions [wash trades]”.
Bitwise notes that the Bitcoin market is, in fact, “much smaller, more streamlined and regulated,” contrary to popular belief. Its real volume is $273 million.
The popularity of cryptocurrency is growing, but not everywhere
Payment giant Western Union (WU) is working with Stellar (XLM) Thunes so WU customers can transfer funds directly to mobile wallets around the world. The development was announced in an official press release published on March 21. Thunes is recently renamed TransferTo, a cross-border payment network focused on emerging markets.
The indisputable fact is that the largest banks in the world use cryptocurrencies and some of them have got their own. At the same time, cryptocurrencies penetrate the largest payment systems. This indicates the expansion of the cryptocurrency market.
However, there are examples of the refusal to accept payments in cryptocurrency. Amazon’s Twitch streaming service has removed Bitcoin (BTC) and Bitcoin Cash (BCH) as options to pay for a subscription.
“The option has been removed in the last couple of weeks for all countries”, – says the user of Reddit.
Payment in cryptocurrency is no longer available in all countries for Twitch users. Therefore, it is not logical to argue the refusal of this form of payment, citing the strict laws of a particular state. However, there are no official comments, as well as answers to requests for the return of past payment methods.
Summing up, there is an uncertainty in the cryptocurrency market. At the same time, the rise in prices of the main coins will contribute to the development of this industry.