By Jason Pigeon, VARIO CEO, and Founder
Hi all, it was another interesting week in the crypto world, next week should be really interesting as all Canadian’s can invest in VARIO’s crowdfunding campaign from Tuesday! We are really excited around here. Here’s a summary of the most interesting stories of the week.
Crypto Market bounces up 15% to $225B
We had a nice mini-rally last week. There was positive movement in the market, and this time from some of the other major coins and not Bitcoin. The number two coin by market cap, Ethereum was up 10.47% and the number three, Ripple was up a staggering 102.25% for the week alone. We’ve seen in the past that BTC (Bitcoin) will do a bit of a run then the others will follow behind with a rally of their own.
The majority of the top ten were all green as the market picked up a bit of steam. Fun times again as it has been a while since we have seen those kinds of gains in a week.
Comparisons between Fall, 2017 and Fall, 2018
Watching the charts this week I couldn’t help draw comparisons between this fall and last fall. On today’s date in 2017, the market cap of the entire crypto market was $125 billion. By Nov 16th the market reached $225 billion and $825 billion by January 7th. The market quickly recoiled to $330 billion by Feb 5th and drifted down to its low of $192 billion. With the market at the point where it is today it isn’t hard to draw a comparison to last year’s parabolic run that everyone was so excited about. If we were to see a similar increase between now and this time next year the market would have settled at around $370 billion.
Of course, past markets are not an indicator of future performance but it is easy to get excited about this fall run that we are starting to see the repeat.
Japanese Cryptocurrency Exchange Zaif Hacked of Reported 5,966 Bitcoins
As a result of a security breach on September 14, hackers have managed to steal 4.5 billion yen from Japan’s Zaif cryptocurrency exchange, as well as 2.2 billion yen from the assets of the company, with total losses amounting to 6.7 billion yen or around $59.7 million. Tech Bureau Inc, which operated Zaif, stated this week that the exchange detected a server error on September 17, after which Zaif suspended deposits and withdrawals. On September 18, the exchange realized that the error was a hack, and reported the incident to Japan’s financial regulator, reporting losses of 5,966 bitcoins (BTC) in addition to some Bitcoin Cash (BCH) and MonaCoin (MONA).
Never leave your coins on an exchange. Ever. They should always be stored in a secure cold storage wallet – as we do at VARIO.
Prediction of The Week
Bitcoin to see 30% Rally by End Of 2018, says Mike Novogratz
On Twitter this week, Billionaire investor Mike Novogratz predicted that Bitcoin will see a 30% rally by the end of 2018. Stating that the $8,800 to $10,000 threshold would be the defining moment for institutional investors to enter the space; Novogratz claimed that it is impossible for BTC to not reach the $8,800 to $10,000 price points by the end of the year.
Quote of the Week
“The data age is a major opportunity for manufacturers to reform the industry. But blockchain and IoT will be meaningless tech unless they can promote the transformation of the manufacturing industry, and the evolution of the society towards a greener and more inclusive direction,” — Jack Ma, founder of Chinese e-commerce giant Alibaba
VARIO’s Coin of the week
Each week we will highlight a coin we have our eye on and give a quick overview of why we think it is a high potential project.
This week’s coin of the week – DASH
Dash is an open source cryptocurrency and is a form of decentralized autonomous organization (DAO) run by a subset of users, called “master nodes”. It is an alternative digital currency (altcoin) that is a Bitcoin fork. The currency permits fast transactions that can be untraceable. 45% of mined coins go to miners, 45% to master nodes and 10% into a fund that the DAO invests.
The reason DASH catches our attention is how cohesive they are as a group. Their marketing is fantastic. They are active on online gambling sites like Fandual where they run contests and the prizes are awarded in DASH.
They also invest heavily in markets that have strained banking systems like Venezuela – there are over 1,500 merchants that accept DASH in Venezuela and their new Dash Text SMS Wallet launched in Venezuela enables transactions without internet connectivity. Adoption is king in the digital world.
While DASH is a currency like Bitcoin or Litecoin, their ability to work as a team and actually going after markets where digital currency adoption will make a real-world difference and making wallets that are easy to use and secure makes it one to keep an eye on.
As of writing:
Market Cap – $1.7 billion (#11)
30-day increase in value – $139.97 Aug 23rd – Sept 23rd $203.15 – approximately 45% increase
Have a great week, and have a look at our crowdfunding campaign at www.frontfundr.com/company/VARIO.