Market report

ETHEREUM'S ETHER IS ON FIRE

London Block Exchange

10th January 2017

Have Koreans finished surfing XRP’s wave and returned to ETH?

ETHEREUM’S ETHER IS ON FIRE

Have Koreans finished surfing XRP’s wave and returned to ETH?

The alternative cryptoassets price surge, also known as the ‘alts party’, seems to have cooled down after yesterday’s CoinMarketCap-induced dip. Today only 33 out of the top 100 cryptoassets are in the green and Ethereum’s ether is king!

The most paradigmatic of the struggling projects is Ripple’s XRP. Having been on a downtrend since Sunday, it has decreased 20% in the past 24 hours. Today it reached a low of £1.4 ($1.9) from its all-time high of £2.45 ($3.3) — Icarus in the making or healthy dip?

Some other tokens have performed quite well though. NEO, previously dubbed China’s Ethereum (which is arguably a poor analogy); Kyber Network, a decentralized exchange that runs on Ethereum; and Raiden Network, a scaling solution for (guess what) Ethereum.

It’s not a coincidence they all have something to do with the most popular decentralized computing platform in the world. Why? Because Ethereum is also the project responsible for kick-starting the current wave of blockchain and financial tech innovation.

Introduced in 2013 by Vitalik Buterin, who was still a teenager at the time, the ether-fuelled platform has grown from £7.4 ($10) exactly one year ago to today’s all-time high of £1,010 ($1,370). However, can these tech issues affect the current growth?

THE KODAK MOMENT RISES AGAIN

And Jamie Dimon offers Bitcoin an apology — but why?

More than a Kodak moment took place yesterday when the 130-year old Eastman Kodak Co. announced an ICO for a photography-related cryptocurrency — the KODAKCoin — during the Consumer Electronics Show in Las Vegas.

Its stock grew more than 115% after the news, in which Kodak promises to create an image-rights management platform for photographers. Kodak’s shares had been declining since February and the motives behind the move are unclear.

Its CEO noted that despite blockchain and ICOs being “hot buzzwords”, a real use case exists. The cryptocurrency will power KODAKOne — a blockchain-based digital ledger of ownership rights — and will be launched in a SEC regulated ICO operated by a partner.

This is especially interesting as Jamie Dimon, the CEO of JPMorgan Chase, has commented he regrets mocking Bitcoin as a fraud last September. Is this a sign that cryptocurrencies are becoming fully embraced? Or does it imply that the bubble is bursting?

WHAT TO LOOK OUT FOR TODAY

Prepare for tomorrow!

More details are coming out about Telegram’s ICO, which has been deemed the most ambitious so far. The non-profit instant messaging app wants to raise £900 million ($1.2 billion)!

More cautious measures were promised by Coinbase and GDAX in their future decisions to support new cryptoassets after the Bitcoin Cash controversy!

More crypto taxes were announced by South Korea. This is actually good news as moves such as this legitimise the investments and provides an incentive for the government to grow the industry!

ARTICLES OF THE DAY

An insight a day keeps the red candles away

The co-founder of Consensys Capital, a venture fund dedicated mostly to Ethereum projects, offers 18 (Ethereum-biased) blockchain predictions for 2018!

The alts party might be coming to an end — will we see a massive drop in prices like we did last June? A slow drop like in October? Or no drop at all? Check the possibilities here!

The Crypto Valley Association, a Swiss-based non-profit organisation, presented new guidelines on ICOs (which should be called Initial Token Offerings) — including a Code of Conduct!

Learn more about the LBX Premium Membership today.

  • Ethereum
  • Ripple
  • Kyber Network
  • Kodak