Within the space of a week, Bitcoin ascended by over 18 percent breaking multiple resistance levels in the process. At press time, the king coin is priced at just over $6,700 exhibiting a 6.87 gain against the US dollar in a 24-hour window. Invariably, the king coin’s ascendance has sparked a massive bullish swing with the collective market rising over $200 billion in the process.
This recent unexpected price push even broke past the November 2018 price cliff level, which many analysts pegged as the peak of the crypto-winter. At the close of last October, Bitcoin was trading above $6,400 and then owing to the Bitcoin Cash [BCH] hardfork tensions, coupled with the recurring bearish movement, the market experienced a meltdown in the ensuing weeks, with the price of the king coin plummeting to under $3,200.
Bitcoin broke the $6,000 ceiling on May 9 after positive movements at the start of the week, adding over $200 to its price between May 6-May 8. With FOMO increasing and the overall sentiment in the market on a high, the price rally continued with Bitcoin breaking resistance levels placed between $6,100-$6,300.
A fear of imminent correction did arise late on May 10, with the coin dropping from $6,414 to $6,316 in a matter of two hours, but the bulls continued to rage. The drop was followed by a significant 6.07 percent price increase, which placed the coin at its press time price of $6,701 with the market looking to rise.
In terms of market capitalization, Bitcoin has not only managed to hold its $100 billion valuation, but add over 18 percent to it. The king coin, at press time, posed a market capitalization of $118.43 billion, an enormous increase given its market cap was under $64 billion in February.
BitMEX led the Bitcoin trade volume via their derivatives contracts, XBT/USD, which accounts for 17.63 percent of total trade. Other notable exchanges on the list are Negocie Coins, FCoin, ZBG, and BW.com.
King coin aside, the second most prominent ‘bank coin,’ Stellar Lumens also saw a notable uptick. The ninth largest cryptocurrency in the market posed a 5.16 percent increase against the US dollar, while it dropped by 1.78 percent against Bitcoin, given the latter’s relative pump. XLM began shooting up at 0300 UTC on May 10 and has since posted a 7.86 percent gain to reach $0.096, where the coin currently stands. It must be noted that barring this recent rally, XLM has been performing poorly, falling by close to 13 percent compared to its price at the beginning of the year.
The market cap of the coin stood at $1.83 billion. BW.com takes the top spot for XLM trading volume via the pair XLM/USDT, accounting or 11.72 percent of the total. Other notable exchanges are BCEX, Fatbtc, Exrates, and HitBTC.
Monero, the privacy coin also saw a massive rally breaking out from its roller-coaster motion breaking its peak of $69.64 seen earlier this week. The recent XMR rally began late on May 9 and saw the coin rise by 9.81 percent to its press time price of just under $70. In the aforementioned period, the coin increased its valuation by $100 million, which, at press time, stood at $1.18 billion.
Bithumb takes the top spot in XMR trade volume, accounting for almost one-fourth of the market in the fiat trading pair XMR/KRW. Other notable exchanges on the list are HitBTC, CHAOEX, IDCM, and Exrates.
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XRP TipBot comes back online after a tiny downtime; Nothing to be worried about, says Wietse Wind
XRP TipBot’s website and the corresponding application suffered a downtime on June 23, 2019 for a few hours, during which the application wasn’t showing the balance of users. The website and the API for TipBot instead, displayed a “500 Internal Error.”
A Twitter user, @BlueNETGaming, tweeted Wietse Wind, inquiring the same. Wind confirmed that it was just an “infrastructure blip,” and that there was nothing to be worried about.
Oops! Sorry! Infrastructure blip. Really easy fix but I enjoyed an offline afternoon with my girls 😇 So I only found out after some time, when I checked my phone. Monitoring, messages, calls 😇 Social media tips went through during the downtime. Sorry! 😆
— Wietse Wind (@WietseWind) June 23, 2019
XRP TipBot is probably the first and most widely accepted use-case of XRP. It leverages the transaction settling time of XRP Ledger to make tipping easy among peers on Twitter, Reddit, and other platforms, and this was the brainchild of developer Wietse Wind.
After TipBot, a lot of other cryptocurrencies have tried to mimic this idea of facilitating tipping; an example being Bitcoin’s, Tippin.Me which leveraged Lightning Network for tipping users. Although successful, it isn’t as popular as Wind’s TipBot.
The reason behind the same is that XRP Ledger allows transaction settlement in under 5 seconds, which makes tipping fast and efficient, unlike Bitcoin’s transactions which take a few minutes for transactions to be confirmed.
This is same reason why XRP is being used as a liquidity provider for cross-border payments in Ripple’s proprietary product, xRapid.
XRP community is a tightly-knit community with people who are very bullish about XRP’s success. There are equally talented developers in the community who are developing apps that help create more use-cases for XRP.
SchlaubiDev is one such developer known for developing plugins for Gmail and Microsoft Office, plugins that allow a user to send XRP over e-mails.
Ripple has identified Wind and his team’s talent and inducted them into Xpring, which finances them to help develop more community-based apps for increasing XRP use-cases.
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