Weekly Crypto Wrap: November 16, 2021
Altcoins surpass both Ethereum and Bitcoin by Trading Volume on Coinbase
- Coinbase’s FY2021 Q3 (financial year quarter three) report shows some interesting data. Both Bitcoin and Ethereum, the two largest cryptocurrencies has been shadowed by altcoins.
- Bitcoin has a trading volume of 19% and Ethereum 22% with a combined trading volume of 41% according to the financial report. The combined value of Altcoins on the other hand makes for the remaining 51% which is quite shocking.
- The FY2021 Q3 explains that “In terms of trading volume by asset, our efforts to support more assets for trading is reflected in our trading volume trends. Other Crypto Assets represented 59% of trading volume on our platform, compared to 19% and 22% for Bitcoin and Ethereum, respectively. The continued expansion of crypto assets supported for trading provides greater choice for our users and further strengthens our competitive position as a leading global crypto exchange. Bitcoin and Ethereum constitute a larger share of institutional trading volume compared to retail although we are starting to see institutions increasingly diversify into Other Crypto Assets as well”
Why it’s relevant
- Both Ethereum and Bitcoin are considered the top two cryptocurrencies in the world right now. They’ve been at the forefront of the crypto market for a long time and it’s surprising to see that altcoins exceed them in terms of the trading volume.
- Although this doesn’t necessarily mean that ETH and BTC are declining it does show that altcoins are becoming more and more prominent lately especially with all the rising stars for the past year like SOL, SHIB, DOGE, and many more.
Relatively unknown crypto Kokoswap rises in value by %76,200 within 24 hours
- Kokoswap is a relatively new coin in the market released in the month of April 2021. The coin hasn’t garnered a lot of attention lately but it suddenly gained a lot of value on November 9, 2021.
- Kokoswap jumped from $0.009999 to $7.63 within a day.
- One of the biggest reasons for this sudden change is their planned migration from Etherium to the Binance Smart Chain.
- This migration has made them more appealing to a lot of users thanks to the larger community that the Binance ecosystem has to offer.
Why it’s relevant
- Time and time again you’d hear people saying that cryptocurrency is very volatile and unpredictable. The recent event with Kokoswap and its sudden rise in value is a good example of this.
- It’s also relevant because a simple change in platforms can yield very promising results when it comes to the crypto market. A larger platform might be able to attract more users which is exactly what happened with Kokowap and its shift from Etherium to Binance Smart Chain.
Cryptocurrencies are declared unlawful by Indonesian Council
- The MUI (Indonesian Ulema Council ) has stated that using cryptocurrencies is deemed to be unlawful.
- Indonesia is currently the biggest country when it comes to Muslims so this ban on the usage of crypt can easily be declared and followed by the populace.
- It’s not all bad news since the council has only declared the use of cryptocurrencies to be unlawful. Trading digital assets are still allowed so it isn’t a 100% ban on crypto.
Why it’s relevant
- Although it’s rare to see cryptocurrency and religion to be in the same room we have rare instances like this one. If crypto is going to be a major global market then various religions and cultures should have their own go at cryptocurrency.
- The clash of culture, religion, and crypto will help the crypto market grow. They could even make adjustments so that they can have the approval of other cultures as well.
* We hope this information will help you in your investment process, but this is not investment advice. Every investment carries risk, especially in this industry, so DYOR before making a decision.