Bitcoin continues to give up recent gains, to trade at $9,300.
Altcoins are all slipping across the board, with Bitcoin Cash and Ethereum dropping 7%. The only top 10 alt flashing green is the redoubtable EOS, although it too has pulled back from highs early last week and is currently priced at $17.98, 5.3% higher in the past 24 hours, according to cryptocompare.com.
Negativity from Warren Buffett and Bill Gates hasn’t helped sentiment and neither has uncertainty about the outcome of a US regulators meeting this Monday 8 May on decidingwhether cryptos are securities. According to reports in the Wall Street Journal some among the regulators favour designating crypto and specifically Ethereum as a security. The meeting is behind close doors and there will not a be a statement officially released.
One coin bucking the southerly trend today is the mysterious BitcoinDark (BTCD). It is a mystery because to try to get a handle on its erratic price movements, which saw it reach highs highs last month of $253 (see chart), is tough work. It was trading at $122 yesterday according to coinmarketcap (cmc) and has since risen 26% to $155 at the time of writing.
BitcoinDark has developed a protocol for peer-to-peer trading of the coin with other crypto that can work with its tech. The InstantDEX protocol means crypto can be transacted instaneously in a truly decentralised fashion.
The Komodo Project, who’s relationship with the original development team is unclear, is working to push development forward, in particular its pegged asset trading tech that theoretically would allow trading of exchange traded funds and equities with crypto, although there is no news in that area to explain today’s movement.
Circulating supply of BitcoinDark is 1.29 million out of a total of 22 million. The network uses a proof of stake consensus mechanism, so is more efficient from a computing power perspective than btc’s proof of work, and most of the trading – more than 90% – takes place on Poloniex. The Poloniex exchange was acquired by US payments startup Circle in February.
With a market of $202 million BTCD is the 94th-ranked coin according to cmc and is up 150% in the past 30 days to date.
Gary has been writing about cryptocurrencies since 2013 and currently works as the cryptocurrency analyst at interactive investor, the UK’s second-largest online investment platform. Gary contributes for Coin Intelligence News in a personal capacity and none of his commentary should be considered investment advice. Gary is the winner of the ADVFN International Financial Awards 2018 Cryptocurrency Writer of the Year. Contact Gary on twitter at: @gary_mcfarlane