Category Archives: Altcoin

Its almost impossible for Bitcoin to be supplanted by an altcoin; heres why – CryptoSlate

For over a decade, Bitcoin has been the king of the crypto industry; more accurately, its the so-called grandfather of cryptocurrencies, the first that spawned the rest.

Over the majority of this decade, the assets primacy hasnt been threatened. But, ever since 2017s bull run, there have been some claiming theyve created a better Bitcoin or a blockchain to beat all the rest. I wont mention any examples, but theyre easy to come by just take a look at Twitter or Reddit.

According to a prominent investor, however, it is nigh impossible for Bitcoin to be supplanted by another cryptocurrency project. And according to him, the logic behind this argument is rather simple.

Over the past few years, Bitcoin has been branded many things by its skeptics the Myspace of cryptocurrencies and a first-generation blockchain are amongst the many names attempting to discredit the innovation of the system.

This was epitomized on Twitter when an individual commented that he struggles to get behind Bitcoin as an investment and technology because he sees it as the Netscape Navigator of crypto or a technology that is great first but will ultimately be superseded.

PlanB a pseudonymous though respected institutional investor dabbling in Bitcoin was quick to rebut this comment, writing (emphasis ours):

If you see bitcoin as a protocol (like tcp/ip, pop/imap, http etc) instead of a product or company, it will become clear that the next bitcoin is highly unlikely if not impossible. Network effects are important: you need developers, miners, exchanges, investors/liquidity etc.

Indeed, with the introduction of the Liquid Network, Lightning Network, and other solutions, innovators are seeking to build all applications and functionality Bitcoin competitors have on BTC. Bitcoin is being seen as the base layer of a digital economy: the backbone of the future system.

Furthermore, it goes without saying that Bitcoin has the biggest network out of all cryptocurrencies, with the most active community and consistently-growing usage. For it to be passed would require a lot of work.

Dan Morehead and Joey Krug of blockchain-centric fund Pantera Capital echoed this, writing that even in the short term, theres a high probability that Bitcoin outperforms a majority of altcoins amid the ongoing coronavirus crisis.

In Crypto In This Crisis: Pantera Blockchain Letter, March 2020, the investor explained that BTC will probably out-perform other tokens for a while, explaining that it is one of the crypto projects that are seriously entrenched and doesnt rely on inconsistent external funding per se:

Its a project thats already built, it works, it has an 11-year track record. Many newer blockchain and smart contract projects are still in development and might be stressed to raise funding to complete their development.

They further explained that theres typically a flight-to-quality or flight to safety where people want to put money in the mega-caps, the safest asset, the Treasuries of the industry. In the case of crypto assets, Bitcoin is a Treasury bond, as it is much more liquid than the rest.

In the same letter, Pantera predicted that BTC could surmount its $20,000 all-time high within the next 12 months, citing the monetary and fiscal trends that are transpiring.

See the original post:
Its almost impossible for Bitcoin to be supplanted by an altcoin; heres why - CryptoSlate

These Five Altcoins Have Emerged As Most Preferred Alternative Crypto Assets – ZyCrypto

A recent survey conducted by cryptocurrency exchange Kraken has unearthed some interesting insights about cryptocurrencies and the respondents views about their future. The survey findings indicated that besides Bitcoin, the respondents had a positive outlook on some major altcoins. Accordingly, Ethereum, Monero, XRP, Litecoin, and Tezos were the five most preferred altcoins in that order.

The data gathered by the Kraken Intelligence team has some strong bearing on the outlook of altcoins as a majority of the respondents believe that altcoins are due to surge soon. This result is quite significant as the study collected views from 400 respondents that included individual traders, institutions, investors, payment firms, crypto exchanges, and miners.

The strong agreement in opinion among such a diverse set of respondents shows that the general market sentiment is positive towards altcoins. This can be interpreted as the general crypto community having great expectations that the alternative cryptocurrencies will emerge from their bear market that has lasted for close to two years now.

The study found that Ethereum was the most preferred altcoin, which is unsurprising since it is the second-largest cryptocurrency by market valuation, only behind Bitcoin. What was a little surprising is Monero being the second favourite altcoin, ahead of XRP. Monero is ranked 14th in market cap terms, quite far behind XRP that is ranked third.

One potential explanation for this huge difference between preference and market cap rank is Moneros strong privacy features. Monero users can send funds securely and anonymously without traceability. On the other hand, XRP real use case is facilitating cross-bank settlements thus lacking much use for the ordinary person other than speculation.

This observation is backed by the research findings that indicate a preference for Monero was that it was ASIC resistant, anonymity and the developer teams proficiency and competence. On the other hand, reasons for XRP preference were high beta to BTC, secure and institutional adoption and interest.

Those that preferred Litecoin cited its community, market cap, early mover and merchant support as the main reasons for their support of the faster version of Bitcoin.

Preference for Tezos, which emerged fifth was its ease of staking, STO play, ETH hedge and because its upgradable.

The insights provided by Kraken customers about these altcoins generally paint a positive picture and huge expectations this year.

Get Daily Crypto News On Facebook | Twitter | Telegram | Instagram

The views expressed in the article are wholly those of the author and do not represent those of, nor should they be attributed to, ZyCrypto.This article is not meant to give financial advice. Please carry out your own research before investing in any of the various cryptocurrencies available.

Link:
These Five Altcoins Have Emerged As Most Preferred Alternative Crypto Assets - ZyCrypto

Waves, Augur and Ethereum price: Bearish channel persists as optimism hovers – AMBCrypto

With the collective cryptocurrency market trading sideways, altcoins are moving helter-skelter. Ethereum, Waves and Augur, three diverse altcoins have moved in different directions, one is is yet to recover, another is trending upwards, while the third is trading flat.

Ethereum

The leading altcoin in the market saw increasing decoupling from Bitcoin earlier in the year, but now the push-and-pull with the leading cryptocurrency is back. Ether, posting a market cap of $14 .1 billion, is trading with a narrow increasingly downward sloping wedge, formed as a consequence of the infamous March 12 drop, when Bitcoin lost almost half its value.

Resistance, for the altcoin, lies quite high at $141, while the press time price was $129. Looking down, the altcoin finds support, closer to its market price at $125.4, which is where the lower bottom of the wedge lies.

Bollinger Bands for Ethereum posit an increase in volatility as the bands are moving further apart. Given that in the last two hours the candlesticks have turned red, the average is now intersecting with the price, if it moves above the price, bearish woes lie ahead.

Augur

Augur, unlike its contemporaries, is trading in an upwards channel, with the price rising since the beginning of the previous week. Owing to the March 12 collapse, Augur had lost almost a third of its value, falling to a low of $7.86. Since then, the upwards channel has pushed the coin as high as $9.86, its press time price.

Since hitting the support of $7.64, the altcoin has seen bullish pulls, allowing it to break resistance after resistance, flipping it into support levels. Two such levels can be charted at $8.24 and $9.54, respectively. Despite the fall on 27 March, REP has managed to steer clear of the drop below the latter support, and now is striving to trade within the upward channel.

MACD line for REP has moved below 0 and has dipped below the Signal line indicating bearish pressures. With the upward channels lower-bound trend line close to the price, the coin will face a struggle going forward.

Waves

The Waves platform cryptocurrency, has seen a roller coaster ride since the beginning of 2020, and now is right back to where it started. Since breaking $1 and then $1.5 in February and March, the coin went down with the Bitcoin drop, losing almost 40 percent of its value, and is now trading at $0.815.

Support lines lie at $0.789 and $0.726, while a short term resistance line is present above at $0.962, with the price firmly in between. Since the March 12 drop, the altcoin has seen a visible, albeit weak, upward channel, which is looking to alter given the dropping price since March 27.

RSI for the Waves platform cryptocurrency has been dropping since mid-February, indicating a surging selling pressure, and now is at 40.74 a marginal recovery from 33.9 where it stood on March 14.

Follow this link:
Waves, Augur and Ethereum price: Bearish channel persists as optimism hovers - AMBCrypto

Dash, NEM and Bitcoin Cash price: Altcoins recover post breakdown – AMBCrypto

The March 12 Bitcoin plummet was a collectively woeful period for altcoins as well. With the premier cryptocurrency holding over 60 percent of the total coin market, altcoins bleed with Bitcoin, and now are seeing a resurgence.

At press time, Bitcoin Cash, NEM and Dash are vying for a breakout of their respective individual wedges, with some buying pressure acting as a foundation. However, if a move-up were to be charted, the buys would need to come in thick and fast.

Bitcoin Cash

The medium of exchange to Bitcoins store of value, and fifth-largest cryptocurrency in the market has been trading upward since March 16, to March 20, but since then hit a snag. Bitcoin Cash after reaching resistance of $242, bounced off and began moving down. The altcoin, since the high, has lost 11 percent of its value, dropping to $213 in the interim.

Looking below, immediate support lies at $201 above which is the base of the wedge, which also bears significance. In the longer-term, the $164 level should be looked at with caution as BCH dipped below and rose above it on two occasions between March 12 to March 16.

Indicators-wise, MACD or the moving average convergence divergence has seen a movement of the MACD line over the Signal line and if this pressure continues, it should move over 0, indicating more buying pressure.

Nem

Nem [XEM] also faces a similar predicament of moving within the wedge, away from its base. The wedge in question has been forming since before the March 12 drop, which shaved over a fourth of the altcoins value.

However, the altcoin has mounted a strong recovery from March 16. This recovery and subsequent sideways trading has resulted in the formation of a short-term support level at $0.0355, which at press time price was only marginally trading above by a mere 5.71 percent. Long-term support looms at $0.0301, formed earlier in the month.

Relative Strength Index [RSI] is healthy at 52, right in the middle of the channel, and has been rising consistently over the past two days, suggesting steady buying pressure.

Dash

Unlike the other two altcoins, Dash [DASH] is trading within a parallel channel, a relatively better sign than the back-and-forth movement for the rest of the market. Since the March 16 recovery, the altcoin has been trading with the range $61.6 to $76.7, where only once did it brush the roof, on March 20, and three occasions after when the floor was almost breached [once on March 23 and twice on March 28].

Going by this parallel movement, the immediate support and resistance points are placed on either ends of the channel in the short-term.

Bollinger Bands suggest that the volatility of the altcoin has dropped, as the bands are now closer together. The coins current price-candlesticks are trading over the average line, indicating a bullish move.

Read more from the original source:
Dash, NEM and Bitcoin Cash price: Altcoins recover post breakdown - AMBCrypto

Cosmos, DigiByte and Bitcoin SV price: will the alts fight back? – AMBCrypto

With increasing uncertainty surrounding the markets across the globe, cryptocurrencies have seen higher levels of volatility and steeper price drops. Altcoins have not been able to recover their losses after the March 12 crash and most coins continue to struggle. Bitcoin SV [BSV], Cosmos [ATOM] and DigiByte [DGB] have all endured a dip in their price in the past few days.

Bitcoin SV [BSV]

While the early parts of 2020 looked promising for the fork coin BSV, its recent price performance is rather somber. Over the past days, BSV registered a 12.4 percent drop in its price and at press time BSV has a trading value of $155. Bitcoin SV currently has a market cap of $2.8 billion and a 24-hour trading volume of $1.6 billion.

As per the 4-hour chart, there is strong support for BSV at $155 and two points of resistance at $167 and $182. Bollinger Bands are slowly expanding at the moment and imply an increase in volatility. As per the RSI indicator, BSVs price has been in the oversold zone and is now moving away towards the overbought zone.

Cosmos [ATOM]

Earlier in the year, Binance U.S began offering staking rewards for Cosmos however not much has changed regarding the fate of this altcoin. Over the course of the last few days, the price of Cosmos has once again registered a dip of 9 percent bring the price down to $1.91. If the price were to give in to the bearish momentum and fall further the strong support at $1.70, Cosmos can rely on. However, there are also resistances at $2.03 and $2.25.

As per the MACD indicator, the same has endured a bearish crossover with the signal line hovering above the MACD line. The Stochastic indicator is currently at the oversold zone but is heading northbound at press time.

DigiByte [DGB]

DGBs price is at $0.0041 and has a market cap of $52 million. In the past day, DGB has endured a price dip of 13.5 percent and if the price were to fall further, DGB might find support at $0.0029. On the contrary, if the bulls were to raise the price of the coin there are two crucial resistance that would have to be breached, at $0.0042 and $0.0057.

Currently, the RSI indicator is heading towards the oversold zone after having spent a considerable amount of time at the top. MACD indicator echoes a similar sentiment, as it has now undergone a bearish crossover.

Visit link:
Cosmos, DigiByte and Bitcoin SV price: will the alts fight back? - AMBCrypto

Ripple, Binance and Gemini Get Exemption In Singapore – Cryptocurrency Regulation – Altcoin Buzz

Ripple Labs, Coinbase, Binance, Gemini and other cryptocurrency firms, have received a permit to operate in the country without obtaining a license by The Monetary Authority of Singapore (MAS). The exemption is applicablefor a limited period of time.

Singapores financial regulator, MAS, has granted license exemption to some cryptocurrency firms that allows them to offer specific digital payment services until July 28, 2020.

At the end of this period, the firms are to apply for the relevant license in order for them to carry out their offers and services.

Apart from CoinBase, Ripple, and Binance, other recognized cryptocurrency firms have been granted exemptions. They include the Singapore entities of AAX Exchange, Cumberland, DRW, LedgerX, GSR, OKCoin, Pundi X, and few others.

The Chief Legal Officer of Pundi X Labs, David Ben Kay, said: In compliance with the PS Act, we will be filing our license application to operate account issuance and digital payment token services by 28 July 2020.

Some other crypto firms were offered a longer period of exemption. A 12-month exemption was granted to BitGo, a subsidiary of one of the biggest Bitcoin payment processors. As well as, to Gemini Trust Company led by the Winklevoss twins.

According to MAS, these firms can offer domestic money transfer, account issuance, and inward cross-border money transfer services in Singapore until January 28, 2021.

The regulators said: Please note that these entities are not licensed under the PS [Payment Services] Act to provide the specific payment services, but are allowed to continue to provide the specific payment services, said the regulator.

Some local crypto companies in Singapore have also praised PSA for serving as a legal instrument that encourages blockchain-related businesses.

At the beginning of 2020, the Payment Services Act, which represents the law regulating payments in Singapore, was established. The Act came into force when the MAS aired its interest concerning cryptocurrencies because of their anonymity, which can lead to laundering of money. Due to this fact, all cryptocurrency firms must possess the relevant license in order to operate in the country.

Besides, under the Act, there are three classes of licenses that should be granted and this includes:

Each service provider needs to hold only one of the three licenses, said MAS.

Read the original:
Ripple, Binance and Gemini Get Exemption In Singapore - Cryptocurrency Regulation - Altcoin Buzz

Bitcoin Dominance Could Soar to 90% amid Economic Crisis, Crashing Altcoin Market – newsBTC

More and more traders would dump their altcoin investments to seek shelter in bitcoin amidst a deepening financial crisis, according to Qiao Wang, head of product at Messari.

The New York-based angel investor said Wednesday that he expects bitcoins dominance to rise above 90 percent by the end of the ongoing economic slowdown. The term Bitcoin Dominance refers to bitcoins market value relative to that of the broader cryptocurrency market comprising of more than 5,000 assets.

Mr. Wang took cuesfrom the US dollar, a global reserve currency that behaves as a hedge for emerging economies in times of a worldwide financial crisis, notingbitcoin could offer similar protection to traders with extreme exposure in highly volatile and illiquid crypto assets. He wrote in a tweet published Wednesday:

Bitcoin is to [alternative cryptos] as the USD is to EM currencies, except the Bitcoin Open Miners Committee cant unilaterally inflate the supply enough to offset the relative increase in demand.

Mr. Wangs statements came at the time when almost every higher-, medium-, and lower-cap digital assets logged losses against bitcoin. For instance, the second-largest token by market cap, Ethereum, was trading more than 25 percent lower against bitcoin from its year-t0-date top. Similarly, the third-largest XRP was down by circa 24 percent.

Overall, about $58 billion worth of capital flew out of the altcoin market from February 15 until today. Part of it reached the US dollar market as investors sought cash to cover their margin calls. And the other ended up in bitcoin that pushed its market dominance up from its YTD low of 61.98 percent to as high as 67.91 percent this Wednesday.

Bitcoin Dominance inching higher as economic crisis looms | Source: TradingView.com

Bitcoins market capitalization, on the other hand, plunged from $189 billion to $121 billion within the same timeframe. It shows that cash remained an indisputable hedge against the worsening macroeconomic sentiment, further validated by the upside bias of the US Dollar Currency Index (Ticker: DXY). It was up 5.83 percent from its YTD low at the time of this writing.

Following the US governments $2 trillion coronavirus relief package, DXY has plunged by up to 2.86 percent. At the same time, bitcoin is up by a modest 1.94 percent.

The upside move has followed a bullish narrative that projects the cryptocurrency as a deflationary alternative to an open-ended dollar supply system. As central banks and governments introduce major stimulus programs to safeguard their economies from Coronavirus-induced crisis, some top analysts believe part of the free cash would make its way into the bitcoin market.

As for altcoins, they are most likely to feel sidelined as investors feel the real market pressure in the coming weeks or months. While bitcoin could feel the same owing to higher cash demand, its likelihood of stealing capital from the altcoin market seems higher owing to its relatively lower volatility and higher liquidity.

Go here to see the original:
Bitcoin Dominance Could Soar to 90% amid Economic Crisis, Crashing Altcoin Market - newsBTC

Top 3 Price Prediction Bitcoin, Ether, Ripple: Altcoin segment Houston, we have a problem – FXStreet

The crypto ecosystem seems to be satisfied with the price increases that are taking place in the vast majority of crypto assets. Bitcoin reacted with a 10% price improvement, followed by Ether and already in today's Asian session by XRP.

This feeling remains in the headlines, as a more in-depth insight makes it clear that the crypto board will continue to be under stress as long as prices manage to escape the current bearish scenarios.

The reflection of this worrying situation is in the market sentiment measure published by alternative.me, which reaches level 12 in other words, extreme fear.

One of the most apparent reasons to be concerned is the behaviour of the Bitcoin dominance chart. In my opinion, this graph is one of the critical indicators of the health of the crypto market. The other is the ETH/BTC chart.

The Bitcoin dominance chart shows how the king of cryptocurrencies has been regaining market share since the end of the bullish stretch that started in January (A). During February and early March, there were two attempts to recover the trend line (B).

Today, the daily chart shows how Bitcoin faces a significant technical challenge that can define the future of the entire crypto market in the short and medium-term.

As you can see in the image below, the dominance indicator is located just below an essential technical junction, formed by two significant trend lines and also by the presence of the SMA200 (C). If the dominance level exceeds these obstacles, it will be favourable for the survival of Bitcoin. Still, it can drag the whole crypto segment into a critical situation that could end up with many projects.

A healthy market needs multiple investment options, and too much dominance of one endangers the rest.

If, on the other hand, Bitcoin's market share increase stops here, it could be the start of a recovery from the upward trend seen since the beginning of the year.

The ETH/BTC pair is currently trading at the price level of 0.0209and is moving dangerously below the SMA200, reinforcing the momentum of the Bitcoin dominance chart.

Above the current price, the first resistance level is at the price level of 0.021, then the second at 0.022 and the third at 0.023.

Below the current price, the first support level is at 0.020, then the second at 0.0186 and the third one at 0.018.

The MACD on the daily chart shows a decrease in the bearish momentum, with a flattening of the curve approaching a possible upward cross.

The DMI on the daily chart shows bears losing support from the ADX line, a sign of weakness that supports the momentum expressed by the MACD. The bulls do not see it the same way, and at the moment, they are not interested in challenging the bears for the lead.

The BTC/USD pair is currently trading at the price level of $6708, trapped between price congestion support and resistance lines densely positioned on the chart.

Above the current price, the first resistance level is at $6825, then the second at $7000and the third at $7175. Above this last resistance level, BTC/USD would again enter a favourable scenario in the medium term.

Below the current price, the first support level is at $6500, then the second at $6350 and the third one at $5850.

The MACD on the daily chart shows the development of the bullish cross that occurred at the end of last week. The slope is a bit too steep, so a slight drop in the price can be expected in the next few hours.

The DMI on the daily chart shows bears losing trend-line strength as the bulls are increasing it, another fact that reinforces the importance of the timing over the next few hours.

The ETH/USD pair is currently trading at $140and is slowing down sharply after yesterday's gains. The relative technical simplicity of the Ether chart gives an idea of how dependent it is on what Bitcoin is doing.

The first resistance level is at $145, then the second at $150 and the third one at $155.

Below the current price, the first support level is at $135, then the second at $130 and the third one at $125.

The MACD on the daily chart shows a bullish cross developing, which would support a possible positive resolution for the Ether and Altcoin segment against Bitcoin and its dominance level.

The DMI on the daily chart shows that the bears are losing trend strength but without excessive competition from the bulls.

The XRP/USD pair is currently trading at a price level of $0.158 and is unable to exit the consolidation zone it began building last week.

Above the current price, the first resistance level is at $0.171, then the second at $0.19 and the third one at $0.20.

Below the current price, the first support level is at $0.15, then the second at $0.14 and the third one at $0.13.

The MACD on the daily chart shows a bullish cross developing, which would support a positive outcome for the Altcoin segment of the event on the Bitcoin dominance chart.

The DMI on the daily chart shows the bears are losing traction, while the bulls are also dropping a bit. The buy-side shows a lack of confidence in the short term.

Get 24/7 Crypto updates in our social media channels: Give us a follow at @FXSCrypto and our FXStreet Crypto Trading Telegram channel

Excerpt from:
Top 3 Price Prediction Bitcoin, Ether, Ripple: Altcoin segment Houston, we have a problem - FXStreet

Litecoin Could See Another Price Crash Soon, Will Bitcoin Follow? – Bitcoinist

The crypto market remains volatile, with analysts actively trying to seek insight into its next moves. Litecoin now appears ready for a notable correction. Such a move could set off a similar drop in Bitcoin and other cryptos, as it has done before.

As crypto traders attempt to find patterns in the present market environment, many look to altcoins which have lower liquidity and tend to be traded by more experienced players. Analyst Benjamin Blunt asserts that Litecoin may soon see a price drop. In a recent tweet, he stated:

Should Blunts prediction prove true, and Litecoin does tank to the low 20s, Bitcoin may soon follow. Litecoins curious relationship with Bitcoin dates to the earliest days of crypto adoption, with market action between the two frequently working in tandem. In fact, Litecoin moves can often be used as predictors for Bitcoin.

As with the rest of the cryptocurrency market, Litecoins price has swung wildly over the past several days. It is down two percent over the past twenty-four hours. This decline is understandable, as profit takers are now selling to reap the rewards of yesterdays big gains.

Much has been made of the uniform movement of all coins within the cryptocurrency market. Despite the tremendous differences between different platforms, they all seem to rise and fall together. Before the introduction of stablecoins, altcoins tended to move opposite of Bitcoin. More recently however, the market tends to move as one.

Litecoin critics have long claimed that its similarity to Bitcoin makes it unnecessary, and thus doomed to fail. Nevertheless, it has remained resilient, with a large group of dedicated advocates that have stood by the project even after founder Charlie Lee sold off his huge LTC stash. Longevity notwithstanding, Litecoin remains primarily a speculator coin used almost entirely for trading.

Altcoin advocates repeatedly assert that mass adoption of blockchain technology will lead some platforms to challenge Bitcoin for the top spot in the market rankings. However, Bitcoin remains by-far the most valuable and best-known blockchain asset, worth far more than all others combined. It has been almost three years since another coin presented a serious threat to this hegemony.

Following altcoin prices as a metric to gauge Bitcoin will no doubt continue. Such a strategy may be useful, yet all crypto trading remains risky. Blockchain adoption and mass use of cryptocurrency as a new asset class is a near certainty, but more time is needed for the space to become fully mature.

Do you think Litecoin is heading towards another crash? Let us know your thoughts in the comments section below!

Images via Shutterstock, Twitter @SmartContractor

Original post:
Litecoin Could See Another Price Crash Soon, Will Bitcoin Follow? - Bitcoinist

CoinDCX Raises $3 Million – Finance and Funding – Altcoin Buzz

Mumbai-based cryptocurrency exchange, CoinDCX, announced the raising of $3 million in Series A Funding. BitMEX HDR Group, Polychain Capital and Bain Capital Ventures, alongside other undisclosedparticipants led this funding round.

CoinDCX has definitive plans regarding the utilization of this funding. It is looking to expand its products and services, which may also lead to the hiring of more workers.

With crypto space in India growing at breakneck speed, we plan to create a new fiat integration solution, algorithm-based trading, crypto to crypto trading and introduce new trading pairs, Sumit Gupta, the CoinDCX co-founder and CEO, said.

According to reports, the exchange plans to double its workforce to function in the areas of marketing, support, growth, and technology.

Speaking on the occasion, the co-founder and CEO of BitMEX and HDR Group, Arthur Hayes, expressed his appreciation of the recent developments in favor of cryptocurrency in India. He said that the situation was encouraging. In his opinion, it was likely to boost adoption and innovation in this space.

Hayes added that BitMEX investing in CoinDCX underlined the belief that their team and technology were ably suited to propel them as the leading cryptocurrency site in the region.

The Mumbai-based exchange, founded in 2018, claims to have experienced rapid user growth. The Supreme Courts ruling against the RBI ban of cryptocurrencies has triggered this expansion of the customer base.

The CoinDCX CEO revealed that they previously had over 35,000 users, but the number jumped by 10 times. He also named Surat, Mumbai, Chennai, Bangalore, and Delhi as the top five stock markets in the country.

Earlier this month, CoinDCX launched a project to spend $ 1.3 million on cryptocurrency education in India. CoinDCX aims to increase the total number of Indians using cryptocurrency from 5 to 50 million through its TryCrypto Project.

As a result of this effort, CoinDCX is also confident of contributing to Indias growth in a projected $5 trillion economy by 2025.

Gupta pointed out, To achieve this goal, Indias minimum annual growth rate will have to be more than 10.8% each year. With Indias current GDP growth down sharply from 8% last year to 5% in the second quarter of 2019, it is clear that our economy needs a big boost to reach our goal to be a $5 trillion savings.

According to him, the target was realistic and the country could achieve it by being more open to crypto adoption.

Original post:
CoinDCX Raises $3 Million - Finance and Funding - Altcoin Buzz