Bitcoin and Ether Market Update: April 12, 2019

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The total crypto market cap declined to $169.3 billion after losing $11 billion of its value since April 10. The top ten currencies are all in red for the 24-hour period with Litecoin (LTC) losing 7.8 percent. At the time of writing, bitcoin (BTC) is trading at $5,055, while ether (ETH) stands at $165 and Ripple’s XRP hovers around $0.326.

BTC/USD

Bitcoin was trading in the $5,197 to $5,487 zone on  April 10 and closed the session at $5,310 on the Bitfinex daily chart. The coin was showing stability as bulls were already preparing for a run towards $5,600 and $5,660.

On April 11, however, the BTC/USD  pair entered a short-term correction, which resulted in a 4.6 percent drop to $5,052. It was still able to hold above the psychological level of $5,000.

Coinbase, one of the most popular cryptocurrency exchanges announced their new product, Coinbase Card on April 11. The exchange will enable crypto payments in all VISA-supported locations by converting their customer’s crypto funds to fiat in real time. This means Coinbase users can download the new Coinbase Card App and select the preferred wallet and cryptocurrency to use for the transaction. The new feature is currently available for UK-residents only, but the plan is to expand it to the whole EU in the coming months.

Blockstack, a decentralized computing network has applied with the United States Security and Exchange Commission (SEC) for a security token offering under the Commission’s Regulation A+ framework.  If approved, it will become the first ever blockchain company to accomplish this. The $50 million Stacks token (STX) offering will take place on the stackstoken.com website as 215 million STXs will be offered at a discounted price of $0.12.  

Additionally, there will be up to 62 million tokens at a purchase price of $0.30 and up to 40 million tokens sold for non-cash consideration such as app mining or blockchain-based app creation.

BTC Price Movement Chart

BTC Price Movement Chart

ETH/USD

The Ethereum Project token remained flat for the day on April 10 and closed at $177. It surpassed the $180 mark on April 8, but buyers could not keep up with the momentum and allowed a price decrease in the following days.

On April 11, the ETH/USD pair followed the general trend in the crypto market and dropped to $165 losing 6.7 percent of its value.

dApp, the decentralized app analysis website released its Q1 2019 report revealing that Ethereum blockchain is still the preferred dApp platform.

As per the document, “Ethereum-based dapps dominated and accounted for more than half of the newly listed” applications. On the other hand, it is more than clear that TRON is on the rise with the fastest growing user base and more than 300,000 active users, compared to 260,000 on EOS and 72,000 on Ethereum.  

What’s more, 85 percent of TRON users were active on the platform in Q1, which is the highest rate among leading dApp blockchains. It also broke the record for single-day transactions volume when it surpassed $91 million on March 15.

ETH Price Movement Chart

ETH Price Movement Chart

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