Bitcoin price started a downside correction after rallying to a new 2020 high near $8,460 against the US Dollar. BTC corrected $500, but the price is still above many key supports.Bitcoin failed to continue above $8,500 and started a downside correction against the US Dollar.There was a significant correction below the $8,200 and $8,080 support levels.There is a connecting bullish trend line active with support near $7,930 on the hourly chart of the BTC/USD pair (data feed from Kraken).The pair is likely to bounce back as long as it is above the $7,800 support and the 100 hourly SMA.Bitcoin Correcting GainsThis week, we saw a strong rise in bitcoin price above the $8,000 resistance against the US Dollar. BTC traded to a new 2020 high near $8,460 before it started a downside correction.The bears were able to push the price below the $8,300 and $8,200 levels. During the decline, there was a break below a key bullish trend line with support near $8,040 on the hourly chart.Besides, the price failed to stay above the $8,000 support area. Finally, it traded as low as $7,867 and is currently consolidating in a range. On the upside, there are initial hurdles near $8,000, and the 23.6% Fib retracement level of the recent decline from the $8,426 high to $7,867 low.The first key resistance for bitcoin is near the $8,145 level. It represents the 50% Fib retracement level of the recent decline from the $8,426 high to $7,867 low.If there is a clear break above the $8,145 and $8,200 levels, the price is likely to resume its upward move. The next major resistance is at $8,280, above which the bulls are likely to aim a new 2020 high.What Could Invalidate Bullish Trend In BTC?On the downside, there are a couple of key supports for bitcoin near the $7,800 level. More importantly, the 100 hourly simple moving average is near $7,800.Therefore, a successful bearish close below $7,800 might invalidate the current bullish view. In the mentioned case, the price is likely to revisit the $7,500 support.Looking at the chart, bitcoin price is clearly under stress below the $8,000 and $8,100 levels. In the short term, there could be a downside extension, but the price is likely to bounce back as long as it is above $7,800.Technical indicators:Hourly MACD – The MACD is slowly reducing its bearish slope.Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is currently well below the 50 level.Major Support Levels – $7,860 followed by $7,800.Major Resistance Levels – $8,000, $8,145 and $8,200.
Archives for January 8, 2020
Ripple was rejected near the $0.2250 resistance area against the US Dollar, similar to bitcoin near $8,450. As a result, there was a downside correction in XRP below $0.2150 and $0.2100.Ripple price is down more than 10% and it is now trading below $0.2100 against the US dollar.The price even failed to stay above the key $0.2080 support area.There is a major bearish trend line forming with resistance near $0.2105 on the hourly chart of the XRP/USD pair (data source from Kraken).There are chances of more losses unless the price climbs above $0.2100 and $0.2100.Ripple Price Facing HurdlesAfter a strong increase, ripple failed to surpass the $0.2250 resistance area against the US Dollar. There was a sharp bearish reaction in XRP and the price declined below the $0.2150 support.Moreover, there was a break below the $0.2100 support and the 100 hourly simple moving average. The bulls even failed to protect the $0.2080 support and the price traded as low as $0.2031.A similar price action was observed for bitcoin after it was rejected near the $8,450 level. BTC is down 5% and it broke the $8,080 support area.Looking at ripple, it is currently correcting higher after trading as low as $0.2031. It recovered above the 23.6% Fib retracement level of the recent decline from the $0.2170 high to $0.2031 low.However, the previous support near $0.2080 is now acting as a hurdle. More importantly, there is a major bearish trend line forming with resistance near $0.2105 on the hourly chart of the XRP/USD pair.The 50% Fib retracement level of the recent decline from the $0.2170 high to $0.2031 low is also near the $0.2100 level to prevent an upside break. Therefore, ripple needs to climb above $0.2080, $0.2100 and $0.2120 to start a fresh increase.One Final Push In XRP To $0.2000?The current price action suggests that XRP might be setting up for a final downside thrust below the $0.2050 level. In the mentioned scenario, the price might spike towards $0.2000 or $0.1980 before it starts a new upward move.Ripple PriceLooking at the chart, ripple price is clearly broke a couple of important supports to invalidate the chances of a run towards $0.2400. Still, the price is likely to bounce back until there is no daily close below $0.2000.Technical IndicatorsHourly MACD – The MACD for XRP/USD is about to move into the bullish zone.Hourly RSI (Relative Strength Index) – The RSI for XRP/USD is now well below the 50 level.Major Support Levels – $0.2050, $0.2000 and $0.1980.Major Resistance Levels – $0.2080, $0.2100 and $0.2120.
Ethereum started a downside correction from the $148 resistance versus the US Dollar, similar to bitcoin from $8,450. However, ETH price is still in an uptrend unless there is a close below $135.Ether price corrected lower after it failed to bounce from the $142 support against the US Dollar.The price is currently finding support near the $138 level.This week’s followed bullish trend line was breached with support near $142 on the hourly chart of ETH/USD (data feed via Kraken).The pair is still in an uptrend and likely to rise again unless the bears push it below $135.Ethereum Price Holding SupportAfter a steady rise, Ethereum found resistance near the $148-$150 zone against the US Dollar. As a result, ETH price started a downside correction below the $145 and $142 support levels.Besides, bitcoin is down more than 5% and it failed to stay above the $8,100 and $8,080 support levels. On the other hand, ripple price is still holding the $0.2050 and $0.2000 support levels.During the recent slide, this week’s followed bullish trend line was breached with support near $142 on the hourly chart of ETH/USD. Ethereum price even declined below the $138 support and the 100 hourly simple moving average.It is now slowly recovering and trading above the $140 level. An immediate resistance is near the $142 level. The 50% Fib retracement level of the recent decline from the $148 high to $137 low is also near $142 to protect gains.The first key resistance is near the $145 level. Moreover, the 76.4% Fib retracement level of the recent decline from the $148 high to $137 low is also near $145.Therefore, a clear break above the $145 resistance will most likely push Ethereum further higher above the $146 and $148 levels. The main target for the bulls is still above the $150 level.Bearish Case for ETHThe main supports on the downside are near $135. If ETH price fails to stay above the $135 support area, there is a risk of a downside extension. The next key support is near the $128 zone.Ethereum PriceLooking at the chart, Ethereum price is trading above a couple of important supports near $135. As long as the bulls protect $135, there are chances of a steady increase above the $142 and $145 levels in the near term.Technical IndicatorsHourly MACD – The MACD for ETH/USD is slowly moving into the bullish zone.Hourly RSI – The RSI for ETH/USD is now below the 50 level, with a flat bias.Major Support Level – $135Major Resistance Level – $145
Bitcoin’s meteoric uptrend over the past several days and weeks has allowed BTC to smash through multiple resistance levels that were previously hampering its price action, and yesterday’s break above $8,000 led to a sense of euphoria amongst the cryptocurrency’s bulls.Analysts are now noting that Bitcoin could currently be caught within the early stages of the next major bull run, but it is important to note that how it responds to this one key price level could be the single factor that validates or invalidates this incredibly bullish possibility.Bitcoin Hovers Around Key Support Level as Analysts Watch for Heightened VolatilityAt the time of writing, Bitcoin is trading down roughly 1% at its current price of $8,020, which marks a notable decline from its daily highs of just under $8,400 that were set at the peak of the recent rally.It does appear that in the near-term Bitcoin could be on the verge of breaking below its key support at $8,000, although each slight dip below this level over the past couple of hours has been quickly absorbed by buyers.HornHairs, a popular cryptocurrency analyst on Twitter, explained in a recent tweet that he is closely watching to see how BTC responds to $8,000 for insight into which direction it will go next, as it could be the determining factor for whether or not this recent rally marks a long-term trend shift.“May be jumping the gun here but I’m willing to hop back in if we see another solid bounce & recovery at this demand. On the other hand a close back below the range high would make me flip my bias & short a retest. If this does trend higher this will be an entry worth holding,” he explained.May be jumping the gun here but I’m willing to hop back in if we see another solid bounce & recovery at this demand. On the other hand a close back below the range high would make me flip my bias & short a retest. If this does trend higher this will be an entry worth holding. pic.twitter.com/c1mQOKtV4A— HornHairs 🌊 (@CryptoHornHairs) January 8, 2020Holding Above $8,000 Could Confirm Next Major Bull MarketPeter Brandt, a renowned analyst, spoke about Bitcoin in a recent tweet, explaining that it is currently attempting to break above the upper boundary of a multi-year descending channel, but bulls need to continue to maintain their buying pressure in order for this to be confirmed and in order for BTC to enter the early stages of its next bull market.“Has a new bull market began in #Bitcoin $BTC? 1. Market held support at lower boundary of multi-yr channel 2. Small H&S bottom on daily chart 3. Pending penetration of 6+ mo channel… If enough cryptocultists have been shaken out since Dec ’17, then ‘yes’ If not, then ‘no’,” he said while referencing a chart showing the aforementioned channel.Has a new bull market began in #Bitcoin $BTC?
1. Market held support at lower boundary of multi-yr channel
2. Small H&S bottom on daily chart
3. Pending penetration of 6+ mo channel
If enough cryptocultists have been shaken out since Dec ’17, then “yes”
If not, then “no” pic.twitter.com/vpKQeOKqLI— Peter Brandt (@PeterLBrandt) January 8, 2020The next few hours may shine a light on the validity of this pending channel breakout, as a dip below $8,000 could spark a larger sell-off that puts the crypto firmly back into the middle of this wide trading channel.Featured image from Shutterstock.
Ethereum’s recent uptrend reached a boiling point yesterday when the cryptocurrency rallied to highs of $148, which is the level at which ETH met significant selling pressure that led to a strong and swift rejection.The strong rejection at this level has put ETH into a downwards tailspin, even forcing it to lose its position within the $140 region.Analysts are now noting that this rejection came about after the cryptocurrency hit a key resistance level, which may lead it to drop to the lower boundary of its current descending channel, potentially leading it as low as $85 in the near-term.Ethereum Shows Signs of Reversing Recent Uptrend At the time of writing, Ethereum is trading down roughly 3% at its current price of $139, which marks a notable decline from its daily highs of $148 that were set at the peak of yesterday’s rally.It is important to note that Ethereum is still trading up significantly from weekly lows of $126, although its recent uptrend uppers to be at risk of reversing as its selling pressure begins ramping up.While looking at Ethereum’s BTC trading pair, its current price action looks even more bearish than it does against USD, as it is currently down 4% against Bitcoin. This is a notable drop while considered that Bitcoin also faced a sharp sell-off earlier this morning.Joe Weisenthal, an editor at Bloomberg, pointed out ETH’s bearishness against BTC in a recent tweet, referencing a chart that shows the Bitcoin/Ethereum cross rate denominated in USD.“The Ethereum/Bitcoin cross is an ugly chart,” he explained.The Ethereum/Bitcoin cross is an ugly chart. pic.twitter.com/xYwA45lV3o— Joe Weisenthal (@TheStalwart) January 7, 2020Will Growing Weakness Send ETH to $80?It is important to note that the recent rejection at $148 came about as the cryptocurrency attempted to break above the upper boundary of a descending channel that it has been caught within.Scott Melker, a popular crypto analyst, pointed to this channel in a recent tweet, explaining that the lower boundary exists around $85, which could mean that this will be the level Ethereum’s bears target if they are able to spark a massive sell off.“$ETH (USD) At the top of a descending channel, pushing against resistance. Like any USD pair, this will likely only rise if $BTC rises as well – in which case you would probably be better off sitting in $BTC anyway, assuming you are stacking sats and not dollars,” he explained.$ETH (USD)At the top of a descending channel, pushing against resistance. Like any USD pair, this will likely only rise if $BTC rises as well – in which case you would probably be better off sitting in $BTC anyway, assuming you are stacking sats and not dollars. pic.twitter.com/IqGj3bure9— The Wolf Of All Streets (@scottmelker) January 8, 2020Whether or not Bitcoin is able to sustain above $8,000 in the near-term will likely be one key factor that helps determine whether or not ETH will soon undergo a bearish trend reversal.Featured image from Shutterstock.
It’s always refreshing to hear that a company or individual is prepared to accept Bitcoin in exchange for goods and services. It’s even more refreshing when they actually know enough about the cryptocurrency to want to hold it.British rapper Zuby announced earlier that he not only accepts Bitcoin payments, but that he doesn’t intend to convert them payments immediately to fiat currency. Demonstrating that he has at least done a little homework, in true Bitcoiner lingo, he claims he’d rather “HODL” than sell it straight away.‘Bitcoin Acceptance’ Doesn’t Always Mean Accepting BTCNewsBTC has reported on numerous previous occasions about high profile Bitcoin “acceptance” stories. Some pretty massive companies, such as AT&T, have recently started to allow customers to pay for goods or services using the digital asset.However, there is a problem with this. When a big company claims to accept Bitcoin, more often than not, they don’t. In the example of AT&T, the company used the controversial payment processing company BitPay to facilitate payments.When someone pays AT&T with Bitcoin, BitPay acts as a middleman. The company immediately converts that money to fiat currency and sends the funds to the telecom firm. The payment is no longer peer-to-peer and it isn’t censorship resistant, as the Hong Kong Free Press discovered last year. Political pressure can force BitPay to censor a payment, which runs at odds with what drew many people to Bitcoin to begin with. Had BitPay been involved with WikiLeaks’s now famous Bitcoin funding raising efforts, the website might have received no donations whatsoever, instead of the almost $3 million it managed to generate.Another issue with using such a payment processor is that the payment immediately creates selling pressure since the company needs to exchange the Bitcoin for fiat to pay the intended recipient. Although British rapper, author, and podcaster Zuby is working with Coinbase Commerce to facilitate payments for his goods and services, he does claim to be a holder, rather than an immediate seller:I accept bitcoin for all of my goods and services.I just want you to know that.— ZUBY: (@ZubyMusic) January 8, 2020In response to the above tweet, a Twitter user asked Zuby if he kept them or instantly converted them to fiat. The singer replied simply:“HODL”Another user recommended that he consider switching to the open source cryptocurrency payment processing platform BTCPayServer. The service is championed by many of those critical of the likes of BitPay. Zuby responded that he would indeed look into using BTCPayServer going forward.Zuby’s welcoming of Bitcoin, as well as his apparent willingness to hold the crypto asset and use services supportive of the ideas underlying the industry, appears to have impressed at least one follower. Shortly after the rapper’s announcement today, Twitter user Caleb Gregory quickly became the first person to pay for Zuby’s merchandise using the cryptocurrency.First person to buy my merchandise with bitcoin! 🙌🏾 https://t.co/rbb3Wu0pT9— ZUBY: (@ZubyMusic) January 8, 2020 Related Reading: Bitcoin Price Plunges to $7,900; Can Bulls Save the Day?Featured Image from Shutterstock.
Stronger privacy is coming to the largest stablecoin, tether, with a recent blockchain-to-blockchain swap of $15 million worth of tokens.
At 11:27 UTC on Jan. 7, stablecoin issuer Tether conducted a cross-chain swap of some 15 million USDT reserves from ethereum to Blockstream’s Liquid, a federated sidechain running parallel to the bitcoin blockchain. The technical possibility of USDT’s Liquid debut was first announced in July 2019.
Innocuous at first glance, the transfer has implications for both digital asset trading and the larger tether market, which saw a mass migration from Omni, a bitcoin-based protocol, to ethereum and even Tron over the course of 2019.
But what Liquid offers is privacy.
Through confidential assets – a privacy tool which blinds asset values on public ledgers via a protocol called “confidential transactions” – these tether may never see public light again. In fact, it may be the first instance of private digital asset trading at scale.
By hiding tether transfers between off-exchange accounts on Liquid and exchanges themselves, traders can move assets around “without worrying about frontrunning,” pseudonymous Blockstream community manager Grubles told CoinDesk via Telegram.
For example, a trader could move some Liquid-based tether to an exchange, with the intent of buying bitcoin without tipping her hand to others who might drive the price up before she can make the purchase.
“Movements of tether can be tracked in general but also particularly to and from exchanges, which is valuable information. People absolutely trade based on this information,” Grubles said. “Moving from a blockchain that has transparent transactions and onto Liquid is somewhat of a no-brainer in the context of trading.”
Tether maintains a healthy competitive advantage against other stablecoins with nearly 75 times the daily trading volume of the next leading stablecoin, the Paxos Standard (PAX), according to Messari’s Stablecoin Index. Noting its ubiquitous use today by traders, Grubles said a pairing with privacy tech only adds to tether’s competitive edge.
Moreover, tether on Liquid may be the first instance of a semi-private stablecoin, according to Blockstream CTO Samson Mow.
“Services like Whale Alert, that track movements of assets, would not work for confidential assets in Liquid,” Mow told CoinDesk.
However, tokens issued on tether remain public via the Blockstream block explorer, said Grubles, potentially assuaging some of the concerns of Tether skeptics. The stablecoin issuer and its sister company, Bitfinex, are currently under investigation by the New York Attorney General’s Office for allegedly commingling corporate and customer funds.
Confidential assets (CAs) were first formally proposed by Blocksteam employees in an April 2017 academic paper penned by bitcoin researchers Andrew Poelstra, Adam Back, Mark Friedenbach, Gregory Maxwell and Pieter Wuille.
As described in the paper, the researchers used Pedersen commitments, a mathematical function capable of shielding input information while proving its overall validity, to “blind the amounts of all unspent transaction outputs (UTXOs, the term for individual blockchain values).”
Through CAs, coins can be both hidden from prying eyes and proven to still exist. Customer demand drove the decision to convert $15 million worth of tether from ethereum to the Liquid version, Tether CTO Paolo Ardoino told CoinDesk.
“With Confidential Transactions you can’t see the amounts being sent from one party to another,” said Mow. “That means that USDT issued in the Liquid Network provides better privacy than USDT on other chains.”
Tether’s blockchain hop
As a vehicle for crypto trading and price volatility protection, it’s likely more USDT will be minted on Liquid given the advantages. And, it’s not like Tether hasn’t played nomad before.
“We may be witnessing the beginning of another Tether migration from ERC20 to Liquid,” said Tales from the Crypt podcast host Marty Bent in a blog post Tuesday. (ERC20 is the standard Tether has used to create tokens on top of ethereum.)
Launched as RealCoin in July 2014, tether is currently issued on multiple blockchains, the largest of which are ethereum, Omni and Tron. As data provider CoinMetrics shows, Tether kicked issuance onto the ethereum blockchain into high gear in April 2019, rising from $60 million to $400 million in a mere four weeks.
Eight months later and a flippening of sorts occured, with tether issuance on ethereum overtaking Omni earlier this winter. As of press time, some $2.3 billion tether is issued on ethereum compared to $1.5 billion on Omni.
While $15 million may be a far cry from $60 million, let alone $1.5 billion or $2.3 billion, Tether’s last year with ethereum demonstrates how fast the tide can shift.
“The impetus for the transition away from Omni to an ERC20 standard is, from what I understand, because their wallet support is [subpar]. What Ethereum has done really well to date is make it really easy for services to spin up a wallet and accept random tokens,” Bent wrote. “One thing the transition to an ERC20 standard hasn’t solved for Tether users is the Whale Alert problem.”
The leader in blockchain news, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups.
Bitcoin (BTC) has been posting strong and consistent gains over the past several days, with its recent dip to lows of $6,800 being closely followed by a massive price surge that has allowed it to gain a position within the lower-$8,000 region.There has been an abundance of different narratives regarding what could be behind this latest movement, but some investors are now noting that US-investors’ taxes may be playing a role in the recent rally, which could make sense when put into historical context.Are Taxes the Unlikely Suspect Behind the Recent Bitcoin Rally? Bitcoin ended 2019 on a positive note, climbing nearly 100% from where it started the year. In spite of this, not all BTC investors in 2019 ended the year with profits, as the crypto did reach highs of $13,800 at one point.All investors who purchased Bitcoin above roughly $7,200 – where BTC ended the year – likely incurred some YTD losses, which means that selling their cryptocurrency could entitle them to a 2019 tax write off.Pete Rizzo, a popular journalist within the cryptocurrency industry, mused this possibility in a recent tweet, saying:“What if all this #BTC buying is just… investors who sold EOY for tax purposes buying back to start the year…”What if all this #BTC buying is just… investors who sold EOY for tax purposes buying back to start the year … pic.twitter.com/sfAbNWVPiz— Pete Rizzo (@pete_rizzo_) January 8, 2020Because BTC did decline during December 31st and continued to inch lower until January 2nd when it tapped lows of $6,800, this theory could be supported by Bitcoin’s price action.If these investors did sell their holdings for a loss in order to get a tax write off, they would likely then buy back into their Bitcoin positions at the start of the new year, which could have been the spark that started the recent uptrend.Does This Theory Make Sense from a Logical Standpoint? Other theories regarding what the impetus behind the recent rally was have largely been focused on technical developments, as well as fundamental ones regarding Bitcoin’s potential status as a safe haven investment.It is possible that the recent rally is a result of not one sole factor, but rather a combination of different factors.Although individuals who sold their BTC at the end of last year could have sparked the recent uptrend, the lack of an equally sized sell-off prior to this rally signals that they could not have been the sole factor behind this move.Furthermore, this narrative – which is clever and could hold sway over Bitcoin’s EOY price action in the future – appears to be more pertinent during years like 2018, when the cryptocurrency ends the year on a sour note and leaves the vast majority of investors at a loss – rather than just a small handful of ones who bought the top.Featured image from Shutterstock.
After a jaw-dropping six-day rally that saw Bitcoin rally from last week’s lows of $6,850 to a peak of $8,450 — a 23% gain — momentum finally stalled in Wednesday, with the leading cryptocurrency retracing hard.Related Reading: Why Bitcoin Network’s Record 2019 Is Bullish For the Crypto MarketAs of the time of writing this, the price of BTC has just plunged to $7,920, creating an eerie daily candle, implying a potential correction back into the mid-$7,000s in the coming days.This move isn’t entirely unwarranted. Per previous reports from NewsBTC, an analyst noted that BTC’s pumped to $8,450 pushed three indicators to an extremely overextended zone. More specifically, the Relative Strength Index, Stochastic Oscillator, and the Stochastic RSI — all three being indicators to track an asset’s directionality — printed readings higher than they were after Bitcoin’s pump to $10,600 at the end of October 2019.
Although still a long way behind any leading centralised application, 2019 saw the entire decentralised app ecosystem expand. There are numerous different networks that developers can build these so-called Dapps on but three have emerged as by far the most popular: Ethereum, Tron, and EOS.As the longest running smart contract network, Ethereum continues to hold number one spot in terms of both number of active applications and volume of transactions associated with Dapps. However, Tron is proving increasingly popular with developers and, for the first time ever, actually just surpassed EOS in terms of the number of active applications on the network.Did Technical Troubles Cause EOS to Slip Behind Tron?With a total of 637 active Dapps now supported, Tron has overtaken fellow smart contract platform EOS for the first time ever. The latter network currently hosts 633 active Dapps.Last year saw a total of 579 new applications launched on Tron. Meanwhile, developers working with the EOS network created a total of 408 new applications.The figures come from a review of the decentralised application ecosystem recently published by Dapp Review. The dominance of both “high risk” and casino applications launched on the Tron blockchain over the last 12 months prompted the article’s authors to nickname the network “Las Vegas on the blockchain”. The lion’s share of Tron’s $4.4 billion total transaction value reportedly came from decentralised casino applications.According to @dapp_review, the total number of #TRON #Dapps reached 669 on Jan 07, 2020. It has surpassed the number of #EOS Dapps(668) for the first time. #TRON ecosystem is growing at a steady pace, we welcome more users and developers to join us. #TRX $TRX pic.twitter.com/rwOiXbOZSd— Justin Sun (@justinsuntron) January 8, 2020The report notes that the EOS Dapp ecosystem started 2019 positively. However, the cost of resources, as well as numerous attempts by hackers to compromise EOS-based casino Dapps appears to have dampened enthusiasm somewhat. NewsBTC previously reported on one such hack that saw a casino smart contract flaw lose around $200,000 in EOS last year.These network difficulties seem a likely cause for the sudden change of fortunes that has resulted in Tron not only hosting more applications, but also more active users. Last year, Tron applications were used by 989,280 individuals. By comparison, EOS had just 729,450. Despite the EOS troubles, the network still saw greater transaction volume than Tron. Users spent around $2.68 billion more on EOS Dapps than on their Tron-based counterparts.Ethereum Dapps Still Rule the RoostAlthough the title of second most popular decentralised application network is more hotly contested than ever, Ethereum still dominates the wider ecosystem. The network now hosts a total of 1,223 active Dapps. At 668 new additions, it saw more fresh applications built in 2019 than are currently active on either Tron or EOS.Ethereum also boasts a total transaction value of $12.8 billion, more than both EOS and Tron combined. Although games are the most popular Ethereum Dapps with both developers and users, the 2019 report states that more than 90 percent of the total spent on Ethereum Dapps comes from decentralised finance and decentralised exchanges.The DeFi sector had a particularly explosive 2019, as noted by cryptocurrency analyst CryptoWolf (@IamCryptoWolf) in the following tweet. With Ethereum hosting the most popular DeFi applications by far, both EOS and Tron have an uphill struggle ahead before either will be in a position to overtake the comparatively huge transaction value of the second most popular public blockchain. However, with the sector still relatively small, one killer application on either network could see this happen in 2020.ETH locked in DeFi going parabolic.
Price will follow, i’m accumulating AF. pic.twitter.com/JjgetnovqN— CryptoWolf (@IamCryptoWolf) January 8, 2020 Related Reading: Bye-Bye Bear Market? These Hallmark Bitcoin Reversal Signs AppearedFeatured Image from Shutterstock.