Bitcoin Leads the Cryptocurrency Market as it Continues to Grow
FinancialBuzz.com News Commentary
NEW YORK, October 17, 2017 /PRNewswire/ --
According to data from Coinmarketcap, the market capitalizations of all cryptocurrencies reached about $175 billion. Increasing interests of individual and institutional investors are continuing to drive the growth of the market. Bitcoin, the largest cryptocurrency by market cap, accounts for over 54 percent of the cryptocurrency market. The price of Bitcoin hit all-time high above $5800 last week and has gained over 460 percent this year. The second-largest digital currency Ethereum also continued to gain market share. Ethereum now has a market value of about 32 billion and accounts for approximately 18 percent of the total market. Global Blockchain Technologies Corp. (OTC: BLKCF), Bitcoin Investment Trust (OTC: GBTC), Bitcoin Services, Inc. (OTC: BTSC), BTCS Inc. (OTC: BTCS), Overstock.com, Inc. (NASDAQ: OSTK).
Russia plans to launched its own cryptocurrency called CryptoRuble, according to a recent report from Cryptocoisnews, citing sources from a closed-doors meeting Russian publication AIF. Russia's Minister of Communications Nikolai Nikiforov said: "I confidently declare that we run CryptoRuble for one simple reason: If we do not, then after two months our neighbors in the EurAsEC [Eurasian Economic Community] will." On Monday, IBM announced a new blockchain banking solution to address the processes of cross-border payments. Partnering with Stellar, the owner of the third-largest cryptocurrency Ripple, IBM plans to speed the global payment transactions.
Global Blockchain Technologies Corp. (OTC: BLKCF) also listed on the TSX Venture Exchange under the ticker symbol "BLOC". Yesterday the company announced breaking news that it has commenced an Australian Stock Exchange ("ASX") listing application. The Company plans to apply as an ASX Foreign Exempt Listing. This category is for entities listed on another securities exchange which wish to have a secondary listing on the ASX and which meet certain eligibility criteria. Entities in this category are expected to comply with the listing rules of the TSX.V and are exempt from complying with most of ASX's Listing Rules. The ASX listing will bring significant benefits to the Company's exiting listings. These include:
Global Blockchain President Shidan Gouran noted, "The addition of a listing in Australia to our listing in Frankfurt brings access to trading much closer to 24 hours a day on conventional exchanges, which should be the standard in the digital age.
It is important that investors internationally have access to a basket of holdings within the blockchain space, managed by a team of industry pioneers and early adopters of all major cryptocurrencies."
Bitcoin Investment Trust (OTCQX: GBTC) enables investors to gain exposure to the price movement of bitcoin through a traditional investment vehicle, without the challenges of buying, storing, and safekeeping bitcoins. Grayscale Investments, LLC, the sponsor of the Bitcoin Investment Trust, announced earlier this September that it continues to work with the Trust's professional advisors and third-party service providers to understand the implications for the Trust of the fork in the Bitcoin blockchain that resulted in the creation of Bitcoin Cash.
Bitcoin Services, Inc. (OTC: BTSC) offers services related to cryptocurrency and bitcoin, such as Bitcoin Mining and Blockchain Software Development. "Bitcoin mining serves to both add transactions to the block chain and to release new Bitcoin. The mining process involves compiling recent transactions into blocks and trying to solve a computationally difficult puzzle. The first participant who solves the puzzle gets to place the next block on the block chain and claim the rewards," according to the company's website.
BTCS Inc. (OTC: BTCS) earlier in August announced that it signed a non-binding Letter of Intent ("LOI") to merge with Blockchain Global Limited ("BCG"), an Australian blockchain company, which will be subject to a number of conditions detailed at the end of this press release. BCG operates four distinct business lines, an institutional exchange platform, transaction verification services (bitcoin mining), a blockchain start-up accelerator, and a blockchain technology consultancy. BCG generated AU$5.9 million (approximately US$4.4 million) revenue in FY16, a 300% increase over FY2015 revenue.
Overstock.com, Inc. (NASDAQ: OSTK) announced this August an integration with ShapeShift, the world's leading instant digital asset exchange, that allows customers to use all the major cryptocurrencies, including Ethereum, Litecoin, Dash, Monero, and the new Bitcoin Cash, to buy online from Overstock's selection of nearly 4 million products, including, furniture, accessories, bedding, décor, rugs, DIY, and more. "Overstock's long history with bitcoin and blockchain technology demonstrates their commitment to innovation," said ShapeShift CEO Erik Voorhees. "The ShapeShift team could not be more excited for this partnership and are pleased our technology will be helping the next generation of Overstock customers."
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