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Ethereum was the Most Traded Cryptocurrency in Q3 2020 with 1.1M Average Daily Transactions, 3.5x More than Bitcoin

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Ethereum - Investors King

As the world’s second-largest cryptocurrency, Ethereum witnessed impressive growth in 2020. Since the beginning of the year, Ethereum price surged by a remarkable 230%, drawing more and more attention from investors in times of economic uncertainty caused by the COVID-19 outbreak.

According to data presented by AksjeBloggen, Ethereum was the most traded cryptocurrency in the third quarter of 2020, with 1.1 million average daily transactions, 3.5 times more than Bitcoin.

Daily Transactions Surged by 131% in Three Months

As the world’s leading cryptocurrency, Bitcoin witnessed over 319,000 average daily transactions between June and September, revealed the CoinMetrics data. Other leading cryptocurrencies saw less than a tenth of the daily volume of Ethereum. Litecoin ranked third with 56,000 average transactions per day in this period. Dash, Bitcoin Cash, and Monero followed with 25,100, 17,200, and 12,000 daily transactions, respectively.

The BitInfoCharts data revealed the number of Ethereum transactions jumped significantly since the beginning of the year. In the first quarter of 2020, the number of average daily transactions amounted to 537,900. After a slight drop to 463,100 in March, transactions continued rising in the following months.

Statistics show the number of Ethereum transactions per day increased by 610,000 between June and September, a 131% jump in three months.

Ethereum Market Cap Hit Over $50bn, Almost 150% Jump YoY

Besides impressive growth in price and the number of transactions, Ethereum also witnessed a surge in market cap since the beginning of the year.

In December 2019, the combined value of all Ethereum coins amounted to $14.3bn, revealed the CoinMarketCap data. After peaking at $30.8bn in February, Ethereum market capitalization slumped by 58% to $12.7bn in the second week of March.

However, the world’s second-largest crypto coin quickly bounced back, with market cap recovering to $25.2bn in June.

The increasing trend continued in the third quarter of 2020, with the combined value of all Ethereum coins in circulation peaking at $53.8bn in September, a 102% jump in three months. Statistics show the market cap of the world’s second-largest cryptocurrency stood at $50bn at the end of last week, almost 150% jump year-over-year.

CEO/Founder Investors King Ltd, a foreign exchange research analyst, contributing author on New York-based Talk Markets and Investing.com, with over a decade experience in the global financial markets.

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Dogecoin

Meme Coin War: Shiba Inu Overtakes Dogecoin As Market Value Hits $42.7 Billion

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Shiba Inu and Dogecoin- Investors King

One of the most popular meme coins, Shiba Inu (SHIB) has overtaken Dogecoin (DOGE) to hit a $42.7 billion market capitalisation, taking the 8th spot on the list of top digital assets by market capitalization.

However, its rival, Dogecoin is currently in the 10th spot with a total market capitalisation of $39.8 billion.

In the last seven days, Shiba Inu tagged “dogecoin killer” has surged by over 170 percent amid wild speculation of it being listed on Robinhood a popular U.S. trading app.

However, an intense dog fight between the two most popular meme coins, Shiba Inu and Dogecoin has seen traders rotating profits within the two meme coins. Some traders are profiting from the renewed interest in the two by taking spread trades.

On Wednesday, Shiba surged to $0.00008700 or 64.80 percent from $0.00004798 it opened before dropping to $0.00004689 to close the day’s trade at $0.00007907. The same day Dogecoin opened trade at $0.25585 surged to $0.26362 to close at $0.23790.

The price action observed in the past several hours is perhaps reflective of the rotation of money out of SHIB and into Doge the rival meme coin, and vice versa. Doge is still down by over 60% from its all-time high of $0.74 in May.

“It’s hard to deny that money could be moving to DOGE,” pseudonymous trader and self-proclaimed JPEG collector Kano The Giga Chad said while revealing his position to CoinDesk.

“Being short SHIB and long DOGE feels nice, I took the position about two hours,” the trader said.

It was revealed that retail investors account for almost the entire volume in meme coins. A surge in trading activities of meme coins is observed to represent excess greed as often seen at market tops.

Dogecoin has surged to $0.33807, however, at press time the meme coin is trading at $0.30619. Shiba Inu is currently trading at $0.00007298 after dropping low to $0.00005648.

Dogecoin co-creator Billy Markus in a tweet warned that the crypto market is “all about risk.”

“There are no promises in crypto, except from scammers,” said Markus. “The people telling the truth will tell you that it’s just all about risk. Your profits only come from other people taking their own risk. If you lose money, you paid for someone else’s risk. Ultimately, that is your choice.”

However, some do think there are legitimate reasons for investors to buy both the dogecoin and Shiba Inu cryptocurrencies. Dogecoin, a fork of bitcoin that dates back to 2014, is currently less sophisticated in its smart contract capabilities than Shiba Inu—launched just this year.

“Bitcoin is designed to be scarce whereas SHIB is intentionally made in a way that is abundant in nature,” Nirmal Ranga, chief revenue officer at bitcoin and crypto platform ZebPay, said in emailed comments.

“The Shiba Inu token system supports innovative and artistic projects like non-fungible token (NFT) art incubators. The development of its own decentralized exchange called the ShibaSwap is also in the pipeline, all factors which have been driving the tokens value and interest among traders.”

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Blockchain Hackers Have Stolen Over $1 Billion in Q3 2021

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blockchain - Investors king

Blockchain technology and cryptocurrency hype have gotten a lot of attention in the past years.

According to the data presented by the Atlas VPN team, blockchain hackers have stolen over $1 billion worth of cryptocurrencies in the third quarter of 2021. While blockchain-related hacks and scams continue to rise, the Ethereum ecosystem suffered from the most significant number of hack events and lost the most money during attacks.

The Ethereum ecosystem suffered 20 hack events and lost over $800 million in the third quarter of 2021. One of the most significant hacks was the Poly Network heist, in which the hacker stole $610 million from the cryptocurrency platform.

Next up, cryptocurrency exchanges had 5 hack events in which they lost $114 million. A noteworthy hack happened to a Japanese cryptocurrency exchange, Liquid, as cybercriminals took away about $90 million worth of digital coins.

Other types of hacks and scams have accumulated 28 events, throughout them losing $193 million. Such events include attacks against smaller ecosystems or rug pull scams.

Blockchain manipulations

The success of blockchain-related hacks and scams is bringing more and more cybercriminals looking for a quick buck.

A significant increase in blockchain-related hacks happened in 2019 when 133 events were seen. It indicates a 58% percent growth since 2018 when 84 hack events took place.

Through three quarters of 2021, there were more hack events than over the past three years — 146. It signifies a 20% percent increase since last year when 122 hack events and scams were seen.

While comparing more statistics from now and 2020, the Ethereum ecosystem and cryptocurrency exchanges remain the primary targets for hackers.

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Cryptocurrency

U.S. Regulators Plan To Provide Roadmap for Banks on Crypto Assets Holdings – FDIC Chair

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In pursuit of Cryptocurrency adoption, Reuters reported that the Federal Deposit Insurance Corporation (FDIC) Chair, Jelena McWilliams affirmed that U.S. regulators are looking into possible ways to provide a clear roadmap for banks and clients that are looking to deal in bitcoin and other crypto assets.

This will avail the U.S. regulatory the legal avenue to ensure that crypto holders will hold their assets in line with the country’s regulations – at the same time maintain a certain level of control in the crypto space.

The roadmap is expected to provide clear rules for banks on crypto assets holdings, client’s trading, using crypto as collateral for loans and other crypto-related activities.

The FDIC Chair said, “I think that we need to allow banks in this space, while appropriately managing and mitigating risk.

“If we don’t bring this activity inside the banks, it is going to develop outside of the banks. … The federal regulators won’t be able to regulate it.”

This development will certainly usher in a new wave of adoption in the crypto space and also give millions of people access to the industry through the traditional gateway.

However, in absence of regulatory clarity, some banks such as US Bank launched their cryptocurrency custody services earlier this month following strong demands from institutional clients.

According to McWilliams, the end means in providing regulatory clarity is to protect the bank and its clients from unregulated and inefficient crypto assets in their bid to gain exposure in the crypto industry.

The Chair announcement gives a concise and clear picture of the company’s goal. The goal of the team was to ensure cryptocurrency policy coordination among the three main U.S. bank regulators – FDIC, Federal Reserve and Office of the Comptroller.

She said: “My goal in this interagency group is to basically provide a path for banks to be able to act as a custodian of these assets, use crypto assets, digital assets as some form of collateral.

“At some point in time, we’re going to tackle how and under what circumstances banks can hold them on their balance sheet. The issue there is … valuation of these assets and the fluctuation in their value that can be almost on a daily basis.”

“You have to decide what kind of capital and liquidity treatment to allocate to such balance sheet holdings,” McWilliams added.

At the time of writing data from Coinmarketcap sees Bitcoin trading at $59,021.33 down by 6.29 percent in the last 24 hours.

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