Blockchain technology has been a massive success globally, mostly because of its decentralized nature. Its remarkable capability to revolutionize and challenge various sectors and offer newer possibilities has awed governments, financial institutions, and traders alike. Technology innovations have further elevated and fuelled the blockchain cause to the point that traditional limitations set by old policies and fiat currencies have been largely obliterated. It’s the dawn of a new era, an era that crypto-enthusiasts and traders have completely come to cherish. To satisfy the ever-growing demand for digital currency sales, purchases, and trading, innovators have come up with various crypto-related exchange platforms and wallets. A perfect example of a new and innovative cryptocurrency wallet is our BCMY digital wallet app.   

Our Blockchains.my (BCMY) wallet is a decentralized mobile wallet developed using blockchain technology, mobile devices, and the advanced security of biometric identification systems. It provides a platform that seeks to simplify processes such as making payments, trading cryptocurrencies, and exchanging digital assets among users, all while facilitating real-time price monitoring. Users of Blockchains.my have the capability to separately manage any assets that they possess on separate panels that are readily provided by the application. Some of the digital assets currently supported by the BCMY wallet include:

  • Dinarcoin (DNC).
  • Ethereum (ETH).
  • Bitcoin (BTC).
  • Zcash (ZEC).
  • Soon to come:
    Gold Smart Contracts (GSC).

Analysis of Each Digital Asset’s Performance between February and March

Below, we give an in-depth analysis of each digital asset and how it has managed to perform within the volatile cryptocurrency space. Each analysis (where applicable) will include a review of the digital asset’s price, price movement, market cap, trading volume, and specific events that have affected the asset’s price within the specified time-frame.

1. Ethereum

As of March 22nd, 2018, Ethereum’s price was at around $559.46. It has a market cap of around $55 billion, with a 24-hour trading volume of $1.2 billion. The price of Ethereum on the 4th of February, 2018, was at around $918 which was just $100 shy of hitting an all-time high. However, prices started to drop slightly after that. At the time, market analysts were skeptical of Ethereum and some even claimed that it would drop to around $500. On March 18th, 2018, prices dropped below the $500 threshold, but were quick to rise above the $500 mark by the morning of the 19th of March, 2018. As much as Ethereum’s price is volatile, the recent price changes have likely been brought about by negative news from the media and regulatory bodies such as banks and governments. Several banks such as JP Morgan Chase & Co., Bank of America Corp, and Lloyds Banking Group Plc. have halted the purchase of digital currencies through credit cards in a bid to protect their customers. It might have caused the sudden plummet of Ethereum prices.

2. Bitcoin

The current Bitcoin price as of the time of writing, (March 22nd), was estimated to be at around $8,906.14, with a 24-hour trading volume of around $6.03 billion. It is a slight drop from $9,127 which was witnessed on March 21st. This was the highest level that Bitcoin’s price had hit since March 14th. In early February, Bitcoin prices had hit a major low of around $5,000 but managed to quickly rise to the $10,000 region. Between February 23rd and February 27th, Bitcoin prices were at around $10,199 and $10,716 respectively. However, by March 14th, prices were down to $7,335 but are well on their way to the $9,000 region as of recent. The current market cap of Bitcoin is around $151.15 billion. There are three specific factors that led to the decline of Bitcoin’ price. They include:

  • The Mt Gox BTC and BCC sell-off. The Mt Gox trustee sold off some BTC and BCC at prices lower than the market and, therefore, saturated the market with Bitcoins and BitCash which may have lowered the prices of Bitcoins.
  • The US Secretaries and Exchange Commission’s (SEC) announcement that exchanges that have listed ICOs on their platforms are required to register with the agency to continue providing support for the tokens.
  • Penalization of Japan trading platforms. Japan represents 51% of the world cryptocurrency market and, therefore, when four exchange platforms and two trading platforms were revoked and penalized by the Japanese government, there must have been an impact on the global Bitcoin market.   

3. Zcash

Zcash’s price is currently at around $262.85, with a 24-hour trading volume of around $61.4 million, and a market cap of around $926 million. Between the months of February and March, Zcash has undergone a rapid price change. As of the 19th of February, 2018, the price of Zcash was around $472.97. However, the prices started to take a downward fall, and by the 4th of March, the price was around $409.29. The price then further plummeted to a value of around $220.48 as of the 17th of March. At the moment (as of the time of the writing of this article), the price of Zcash is around $262.85, which represents a small growth percentage. The main cause of its price drop may be related to the fact that countries with the highest miners and traders such as China and South Korea are enacting policies which are banning and/or limiting digital currencies. It might be directly related to the price drop of other major cryptocurrencies as well, including Zcash.

4. DinarCoin and Gold Smart Contracts

Dinarcoin is a digital currency that is pegged to the worldwide spot price of gold. Each DinarCoin is worth the value of 4.25 grams of 999.9% pure gold. DinarCoin tokens are minted and not pre-mined like in most ICOs. DinarCoin can be bought through other cryptocurrencies such as Bitcoin, Ethereum, or Zcash. Once bought, they can be liquidated (burned) into cash or other cryptocurrencies of your choice. They can also be exchangeable for physical gold. Gold Smart Contracts, on the other hand, are a representation of actual gold bars and bullion of different types, weights, and serial numbers. They are LMBA certified. Both DinarCoin and Gold Smart Contracts represent ways one can own gold in a digital format, making it easy to move around and make purchases, unlike with physical gold.

The cryptocurrency market had a bumpy ride in the month of February. The prices of various cryptocurrencies plummeted and hit some of their lowest rates this year. However, in the month of March, things are starting to look positive as most cryptocurrencies are steadily regaining their upward trend. The continued rise of cryptocurrencies can only mean more success for the BCMY wallet app as more and more people continue to adopt cryptocurrencies.

—————————————————————————————————————————————-

References:

https://blockgeeks.com/guides/what-is-blockchain-technology/

https://www.investopedia.com/terms/d/digital-wallet.asp

https://www.coindesk.com/price/

https://www.ccn.com/bitcoin-price-breaks-9000-as-cryptocurrency-market-continues-to-climb/

https://www.ccn.com/bitcoin-briefly-drops-9000-factors-behind-decline/

https://coinmarketcap.com/currencies/volume/24-hour/

https://mybroadband.co.za/news/cryptocurrency/247848-why-bitcoin-and-ethereums-prices-crashed.html

https://www.bloomberg.com/news/articles/2018-02-05/cryptocurrencies-no-haven-as-bitcoin-slides-amid-stocks-rout

https://www.coingecko.com/en/price_charts/ethereum/usd

https://cryptocrimson.com/ethereum-eth-price-4-february-2018/

https://www.worldcoinindex.com/coin/zcash

https://www.dailydot.com/debug/cryptocurrency-decline-bitcoin/

https://dinardirham.com/blog/a-gold-coin-by-dinardirham/