Crypto Analyst: Critical Bitcoin (BTC) Shortage Fueling Rally – Plus Ripple and XRP, Ethereum, Litecoin, Stellar, Cardano, Tron
From a new look at Bitcoin whale accumulation to a big hire at Ripple, here’s a look at some of the stories breaking in the world of crypto.
Senior market analyst at eToro, Mati Greenspan, says Bitcoin’s increasingly limited supply is the number one reason for the leading cryptocurrency’s 2019 rally.
In a new note to clients, Greenspan points to Bitcoin’s already finite supply and upcoming halving as the key catalysts, reports Bloomberg.
“The recent surges in Bitcoin are mainly based on the supply side. There’s already a shortage of Bitcoin in the world and with the halving event coming up next May, the countdown to even less supply has already begun.”
New research from digital assets research firm Diar supports Greenspan’s theory and shows whales have been accumulating BTC since August of last year.
“Over 26% of circulating supply, $36 billion worth of Bitcoin, now sit in addresses that have a balance of 1000-10k BTC. In August 2018 when Bitcoin was also at $8,000, these ‘Firm Size’ addresses held under 20% of the circulating supply showing a sharp accumulation of nearly 7% in less than a year.
The research also highlights an apparent increase in Bitcoin buying from retail investors.
“Bitcoins held by major addresses – most of which are exchanges – have seen an exodus of over 300K Bitcoins since the start of 2018. At peak, these addresses held 750,000 more Bitcoins than they do today, 21% of the total circulating supply versus 16% today.”
The latest ConsenSys-sponsored Week in Ethereum blog post is out.
This week’s edition covers the latest on Ethereum 2.0 and looks at a number of updates on Ethereum-based platforms including Augur, Maker and Compound.
Ripple and XRP
Blockchain.com’s head of institutional sales and strategy is reportedly leaving to work for Ripple.
Breanne Madigan, a former executive at Goldman Sachs, told The Block she will continue her work to bring institutional investors into crypto.
“I am thrilled to confirm that I have joined Ripple to lead the Global Institutional Markets team. This is an exciting time to be joining the Ripple team, helping to foster mass adoption of digital assets and transforming global payments systems across the world.”
Litecoin’s halving is now less than 70 days away.
The halving will reduce by half the amount of LTC that miners will get for powering the network, which will slow the creation of new LTC.
Are You Ready?
The #Litecoin 2019 halving is about 70 days away!
— HuobiGlobal (@HuobiGlobal) May 28, 2019
IBM’s global head of blockchain, Jesse Lund, has left the tech giant.
Lund helped create IBM’s World Wire payment network, which is designed to use the Steller network to power cross-border payments. IBM says its policy is “not to discuss the specifics of employee departures,” but told CoinDesk it is still moving full steam ahead with World Wire.
The NostrADAmus Show is set to host a live interview with Cardano creator Charles Hoskinson. The interview starts at 7:00 a.m. PST.
Tron’s latest weekly report is out. The new edition highlights new adoption for Tron’s native cryptocurrency TRX, including its addition to Opera’s in-browser crypto wallet.