The positive momentum continued on Wednesday, with the top 5 crypto assets by market capitalisation posting gains of as much as 6% (Litecoin). The picture beyond the top 10 assets is somewhat less clear cut and the fact that a number of the listed crypto projects are now entering their second or even third years of “public” listing may finally begin to take its toll on the respective treasury crypto/fiat cash piles necessary to keep the companies afloat. Just like in the traditional markets, the ratio of start-ups that turn out to be IPO worthy to those that fail within a few years does not paint a pretty picture for prospective founders. As such, it remains to be seen how many of the currently listed coins and tokens will survive this and the coming years of secondary cryptocurrency market trading.
A yesterday’s snapshot for top-5 cryptocurrencies. Source: coin360.com
Elsewhere, the credit system behind Maker DAO continued to increase and, as mentioned earlier in the week, there are currently more than 2 million Ethereum tokens locked in as collateral. This makes it possible for users to leverage their respective positions by borrowing DAI and then using it to buy more ETH.
Finally, on average, buying Bitcoin (BTC) at midnight (GMT timezone) is a very profitable strategy. According to our data gathered over the last 104 days, Bitcoin closed lower during the first hour of trade (between midnight and 1am) only 37.50% of the time.
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