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Rush on the cryptocurrency market ended

Jul 8, 2019

After the abnormal growth and, as a result, the renewal of the highs of the current year, rush in the cryptocurrency market ended. We witness BTC price consolidation in a relatively narrow range, which indicates uncertainty. The good news for investors is that BTC sellers did not manage to keep the price under the critical technical support level of $10000.

As before, 19 coins have a capitalization of more than $1 billion, the share of Bitcoin continues to increase, reaching 62.2%. The clear leader of growth last week was Monero (XRM) with an increase of more than 15%. It is noteworthy that not a single coin from the remaining 18 coins showed an increase of more than 7%. While investing in 11 of 19 coins would have brought moderate losses.

Eight Monero security vulnerabilities already fixed

The developers of the anonymous cryptocurrency Monero (XRM) reported several vulnerabilities, two of which are “critical”. The Next Web says five detected DoS attack vectors. The nine vulnerabilities were made public after 8 of them were fixed, as well as after the release of the updated Monero client version in June.

The release of the updated client, as well as the correction of critical vulnerabilities, provides moderate support for XRM against the background of general market uncertainty.

Anonymity of  Ethereum

One of the key advantages of cryptocurrency is its anonymity. It is difficult to call the second most capitalized coin anonymous. Therefore, attempting to increase Ethereum’s privacy, Kendrick Tan created a mixing service called Heiswap.

Vitalik Buterin called the developer “an accidental genius” he had never heard about before.

The created service works as follows: users send a fixed amount of coins to the Heiswap smart contract, and when the number of users required to participate in the mixing round is collected, the tokens are mixed. The minimum number of participants is 5, but users have the opportunity to increase the number of participants, which will help to increase anonymity.

After mixing, users can withdraw their coins. Information about senders is hidden, which provides the necessary anonymity.

Another delisting on Bittrex

Bittrex announced the next wave of delisting. This time we are talking about nine coins, which will not be available from July 19, 2019. This information appeared on the website and Twitter. Like last time, the official reason for delisting is not revealed.

Coins are delisted from both the American and international Bittrex sites.

Rush on the cryptocurrency market ended

We recall that in June, US users were denied access to 74 digital assets while respecting regulatory requirements. This decision has not affected the international trading platform.

Correlation in the cryptocurrency market

Last week we talked about reducing the level of correlation between BTC and the rest of the coins. At the time of moderate growth of Bitcoin, most tokens with a capitalization of more than $1 billion lost in value.

The research division of Binance published a quarterly report, according to which the correlation between BTC and the rest of the market declined markedly in the second quarter compared to the first quarter of the current year.

An increase in the share of BTC, which already exceeds 62%, is one of the most undeniable factors of reducing the level of correlation. The growth rate of Bitcoin exceeds the average for the market, which led to an increase in its share.

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