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The rise of Stable Coins: From USDT to USDG, all you need to know

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The stable coins were introduced to the cryptocurrency domain, to provide a stable cryptocurrency for more accessible storage. We access USDT, TUSD, USDG

Comprehending various stable coins of the future.

 

Upper hand of stable coins in the crypto domain

The advancements in the cryptocurrency domain have resulted in volatility, as emerging cryptocurrencies affect the former ones. To combat these fluctuations, some kind of initiative has to be taken which indirectly resulted in an outcome of the stable coins. They tend to provide some kind of stability within the Crypto market as other cryptocurrencies fluctuate it. It has also been quite popular due to its various other advantages apart from providing stability to the market. That cryptocurrencies fluctuate by more than 20% in a single day, which makes it highly difficult for it to be considered as a store of value and hence a democratized currency.

 

Why do we need stable coins in the first place?

The stable coins were introduced to the cryptocurrency domain, to provide a stable cryptocurrency for more accessible storage and transfers without any risk of price slippages. It even provided a great convenience to the users, who had to forcibly convert their cryptocurrency funds into the Fiat currency and transfer it out of the exchange, in order to keep it safely, but after the advent of stable coins they are easily able to store it in their hardware Wallets, without the intervention of banks. In a nutshell, the stable coins add to the development of cryptocurrencies in completely eradicating centralized institutions from finance.

 

Let us unveil, some of the most popular stable coins in the Crypto market.

 

Tether (USDT)

This particular stable coin was the pioneer in its field, and also known as USDT. The token is quite popular in the Crypto space with most of the exchanges supporting it. With millions of tokens released by the concerned authority at regular intervals, leads everyone to suspect that the respective amounts of US dollars are not being deposited as a collateral. The token value is connected with that of 1 USD, but the catch is that the organization hasn’t officially audited its reserves.

 

Digix

Another popular crypto coin is Digix, whose price is pegged to 1gm of Gold. This is the gold counterpart of USDT. However, as the price of gold changes, it would be reflected Digix too. Therefore, it’s not a convenient option for the people who are looking for stability concerning any Fiat. However, the gold standard has also become outdated in the various financial economy.

 

Dai

Initially developed by Maker DAO, this particular stable coin is backed by Ethereum, but its value is associated with that of USD. The exciting part about such crypto backed stable coins is that the backed funds itself are highly volatile. As a result, to counteract with the fluctuations, excess reserves are utilized.

 

nUSD

This particular stable coin utilizes the Tokens as its collateral. The Haven Tokens are used by the Havven platform which manages everything. The fluctuations are balanced through the staking of the Haven tokens.  

 

Basis and Saga

These are two of the most interesting stable coins, as no collateral backs their existence. The former one is pegged to CPI (Consumer Price Index ) and the second one with that of International Monetary Fund’s SDR (individual drawing rights).

 

TrueUSD (TUSD)

This particular token is also collateralized by the Fiat currency pegged with 1 USD. Even this particular stable coin had to face with speculations, but the TrustToken foundation made sure that there was no room left for any kind of speculations. The foundation hired legal firms to develop a legal architecture around the stable coin. The facility had an automated escrow account, which was periodically audited ensure transparency with its users.

 

Gemini dollar (USDG)

This particular stable coin is a head to head competitor to USDT. Developed initially by the Gemini Trust, the stable coin was recently announced to be centralized in nature and all the funds concerning Gemini dollar could be nullified completely.

 

Future of stable coins

Many other US-based companies are on the verge of developing their stable coin amidst the Crypto chaos. is it it is pronounced that is table coin have their own set of pros and cons concerning the fluctuations in the market. The future of the stable coins is highly stable, as they reduce the volatility of the cryptos.

Altcoins

Best Tools to track Cryptocurrency Markets: CryptoCompare, CoinMarketApp, CoinGecko

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There are different websites and mobile applications designed to keep the track of cryptocurrency market, we cover the Top 3 of these.

The cryptocurrency market includes the prices and market capitalizations of different Cryptocurrencies like Bitcoin, Ethereum, Stellar and many others. Currently, there are thousands of cryptocurrencies, markets are 16084 and market capitalization is about $124,123,711,224.

 

There are different websites and mobile applications designed to keep the track of cryptocurrency market, we cover the Top 3 of these:

 

CryptoCompare.com

Known for its high-end API and real-time tick data, CryptoCompare has been serving the cryptocurrency space from 2014.

Founders: Charles Hayter & Vlad Cealicu

CryptoCompare shows real-time data for more than 5300 Coins and 240k trading pairs, enough for an entire overview of the market. Users can see live Order books, historical data, reports, social data and reviews on all cryptocurrencies. The website is very easy to use and is free for everyone.

 

CoinGecko.com

We love CoinGecko because it focuses on tracking community growth, events hosted by teams and open-source code development apart from the usual price tracking, market capitalization and volume traded. It was also founded in 2014.

Founders: TM Lee, Bobby Ong & others

CoinGecko’s team is very dynamic and is very active on social media like Twitter, Telegram & Facebook. They cover more than 260 exchanges with live data and have more than 3300 cryptocurrencies. They are free for everyone to use.

 

CoinMarketApp (Mobile Application)

When it comes to easily track the live prices and your portfolio on your mobile, CoinMarketApp is the preferred choice for most. With live alerts on more than 1400 Cryptocurrencies, the app saves your time and alerts you on every move.

Download on Android

Download on iOS

Apart from cryptocurrency prices, the app lets you manage your portfolio, mining pools, new contracts and the latest news from the crypto industry.

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Altcoins

Cryptocurrency Market Updates: Bitcoin May fall further

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The cryptocurrency market is still facing the same bullish trend today, yet again. Bitcoin price recovered a little with trading around $4300 to $4400.

The cryptocurrency market is still facing the same bullish trend today, yet again. Bitcoin price recovered a little with trading around $4300 to $4400. Yesterday the price of bitcoin fell up to $4190. Ethereum is still trading at a year and a half low of $125. Apart from ethereum, most altcoins are showing small corrections. Bitcoin Cash moved 3% upwards while Monero has moved 4% upwards in the last 24 hours. Bitcoin Gold and Bitcoin Diamond have had good gains for the day with 8% and 16% rise. IOTA is trading at around $0.32 which shows a 6% improvement from yesterday’s price. NEO is up by 5%. However, the small gains are nothing in front of the massive downtrend these altcoins went through in the past couple of days.

 

Cryptocurrency Market Capitalization Improved

The total cryptocurrency market cap yesterday came down up to $136 billion which was the lowest of 2018. In the last 24 hours, cryptocurrency market has managed to add $4 billion in the market capitalization adding to $140 billion. Over the last week, the cryptocurrency market had lost over $40 billion and over the last month, around $70 billion have been erased from the cryptocurrency market capitalization which is yet to be recovered.

 

Bearish predictions for bitcoin

While the market cap is trying to recover the price predictions for bitcoin still remain bearish as many cryptocurrency analysts have predicted that the only support after the current significant support of $4000 is at $3000. So if the price drops below $4000, it will definitely reach down to $3000 after which the price is expected to recover.

 

The overall situation of the market is still harsh as there is no major recovery from the massive losses that occurred in the past few days. What do you think about the bitcoin predictions being made by crypto analysts? Tell us in the comments section below.

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Bitcoin Cash Hard fork screwed the whole cryptocurrency market

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Whole cryptocurrency market is suffering because of the continues wars going on between ABC and SV which has created a bad reputation of the crypto space.

The original Bitcoin Cash split into Bitcoin ABC and Bitcoin SV during the hard fork but no one is sure to weather BCHSV or BCHABC will survive in the market as the hash wars still continue. The hard fork has lead to an uncertain future of Bitcoin Cash and also screwed the whole cryptocurrency market. The Price of both the new coins is on a continues decrease where Bitcoin Cash ABC values at around $226 and Bitcoin Cash SV values at around $76.

 

Cryptocurrency Market Crash

The whole cryptocurrency market is suffering because of the continues wars going on between the two teams which have created a bad reputation of the crypto space to the newbies. At this time when more and more institutional investors were entering into the cryptocurrency space, the hard fork has created a feeling of Fear, Uncertainty and Doubt amongst them.

 

BTCUSD yearly chart

BTCUSD yearly chart

 

As the hard fork started, the entire cryptocurrency market faced a downfall where all major cryptos are on a 6 month low with bitcoin trading around $5200 that is a yearly low for the most dominant cryptocurrency. The decline is the price has created fear in the minds of investors who are now talking about capitulation.

 

Should Craig Wright be blamed?

Craig Wright who claims to be the real Satoshi Nakamoto and the founder of the original bitcoin has been funding his side of the war using BTC. Cryptocurrency enthusiasts around the world are criticizing Craig Wright and also calling him a lier.

 

 

The local media’s role

The real reason behind the rise of cryptocurrency and blockchain was the mass adoption by people who heard about it through local media. At that time, the local media described bitcoin and other cryptocurrencies as the future of money explaining the decentralized nature of such currencies, but now due to the wars within the cryptocurrency ecosystem, the local media has started to criticize cryptos and people have started to lose faith in the crypto market.

If the amount of money being used in such hash wars would have instead been used for the development of the crypto ecosystem with advancements such as lightning network, the market could still be flourishing rather than being on the verge of getting sunk.

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