Aug 19, · Bitcoin’s Correlation With Gold at All-Time Highs Bitcoin’s narrative as digital gold keeps strengthening. As covered in Bloomberg, the prices of Bitcoin and gold have moved in tandem throughout most of August. CACHE Gold is up % in the last 24 hours. The current CoinMarketCap ranking is #, with a market cap of $2,, USD. It has a circulating supply of 43, CGT coins and a max. supply of 8,,, CGT coins. The top exchanges for trading in CACHE Gold are currently Uniswap (V2), Bithumb Global, and Bittrex. Nov 20, · Grayscale’s increase of positions may be because institutional investors and family offices аre turning their gold ETF investments to BTC. If the concept “Bitcoin is the digital gold” could be embedded into crowds’ minds deeply and undoubtedly, it will widley benefit the development of Bitcoin and the blockchain industry.
Coinmarketcap btc goldBitcoin’s Gold Rush: A Data Perspective by IntoTheBlock - CoinMarketCap Blog
This trend is evident when looking at the average size of transactions taking place on the Bitcoin blockchain. The average transaction size seen on August 17 was the highest so far in and the second highest in the last twelve months. With Bitcoin prices remaining far more volatile, though, it is still considered a riskier investment for most traditional institutions, especially if there is a liquidity shock and markets-wide panic as seen earlier this year.
A different type of gold rush has been taking place within crypto this year. DeFi tokens have seen stellar returns amid increased usage and growing liquidity supplied by users. Lending protocol Aave has realized a particularly exceptional price performance with its native token LEND up by over 30x year-to-date. While there has been an increasing amount of speculation among DeFi tokens, blockchain activity also signals growing value coming from user transactions within DeFi protocols.
One common supply-side metric tracking the liquidity provided to these protocols is the total value locked TVL in smart contracts powering these systems. Despite growing criticism about the actual value locked being significantly smaller than reported in DeFi Pulse, on-chain activity for these protocols and their tokens demonstrate thriving activity.
For instance, the number of transactions for the LEND token recently reached an all-time high. Among the many features described, they teased a collaboration with real estate tokenization platform RealT through which they aim to bring mortgages to the Ethereum blockchain.
The upgrade will also introduce a series of gas optimizations aiming to lower the cost of using the Aave protocol as Ethereum gas fees continue to climb. Overall, while there may be inflated expectations and speculative activity surrounding Aave, these upgrades remark its large ambitions to provide finance without frontiers. While there are no guarantees for Aave and DeFi, there is no denying that these innovations have the potential to redefine finance as we know it.
In this upgrade, Litecoin will be implementing Mimblewimble — a highly scalable privacy protocol that would give Litecoin users the option to remain anonymous.
In part, this upgrade may have sparked increasing activity within the Litecoin blockchain. Along with the recent price increase, the number of Litecoin transactions has been growing. As can be seen in the graph above, the number of Litecoin transactions reached the highest average level since January By diving deeper into the value of these transactions, we can observe that it is likely that whales have been making more Litecoin transactions, possibly investing into it.
While Litecoin has so far lagged other major cryptocurrencies this year — with many currently at or near yearly highs — network activity is appearing to grow.
It is possible that many holders are optimistic about the privacy features introduced through MimbleWimble, but also possible that speculation has grown as crypto traders feel more comfortable about a bull market. This means Bitcoin will be more difficult to buy for retail investors.
Is this a good thing or a bad thing for the future of Bitcoin? We have been waiting for the institutional investors to come into the market, but would that be the situation that we have dreamt of? Some day in the future, if most of the Bitcoin are owned by institutions, would Bitcoin be valuable again? TokenInsight internally has been discussing this question recently and we ended up with many opinions.
We are happy to discuss it with anyone interested. Feel free to join us by the email included in the beginning of this piece. Recently, we published our Q3 exchange industry quarterly report. Check our website to see what has happened in the exchange industry for the last few months. Click the link below to read the report. CoinMarketCap is providing these links to you only as a convenience, and the inclusion of any link does not imply endorsement, approval or recommendation by CoinMarketCap of the site or any association with its operators.
This article is intended to be used and must be used for informational purposes only. It is important to do your own research and analysis before making any material decisions related to any of the products or services described. This article is not intended as, and shall not be construed as, financial advice. Hi, crypto communities, We are delighted to provide you with our weekly review of the crypto market, beginning this week. Bitcoin price in the last 30 days, Source: tokeninsight. The market needs more pioneers like Paypal, Facebook Libra to pave the way.
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