Purpose of Huge Cryptocurrency Transactions On Discussion – Altcoins Crashing DownSeptember 25, 2019
Altcoins registered 34% losses for several Altcoins on Bloodbath. The price of the Altcoins were bleeding heavily. It was pain for the entire batch of Altcoins on Tuesday and some of them even registered double digit losses.
Ether (ETH) dropped by $50 to eventually touch the price point at $156 per hour. This accounted for a loss of 24%.
XRP went down below the $0.25 price point. This was a 16% loss from the intraday high of $0.28 back down to $ 0.234 in a single day.
EOS was down by 29%, BCH by 24%, Cardano (ADA) and Tron (TRX) down by 23%. Analysts are predicting the price of the Bitcoin crashing towards $7,500.
DiPasquale recently sated “Ultimately, Bitcoin’s fundamentals remain strong and we expect the price to recover back towards $10,000 in the coming days.” However, something different is happening in the market.
Justin Sun recently declared that they are planning to bring in a new TRON PoS mechanism. The new plan is based on staking rewards.
Justin Sun tweeted: “The new implementation should provide for a fair, decentralized distribution of staking revenues, encouraging greater user participation and smoother engagement with staking from more wallets, exchanges, and partners.”
He further clarified that improved backing and stake ratio will likely make the network active than before, eventually providing for an economic system that is more concrete.
The upcoming TRON upgrade is set to provide with unlimited scaling capacity with Pos providing for increased user participation.
One of the large XRP holders have transferred $250 million and this has left the investors wondering if XRP is planning yet another dump. The move has taken place between wallets which have been controlled by unknown companies. It has been recently unveiled that there are nearly 31 wallets which are capable of providing for such transfers.
However, one of the tweets projected a different opinion, which read: “Transfers of this size have happened plenty of times before (especially to institutes with Bitgo wallets). I find it funny that people assume a large transfer means a sell-off. Not realizing that buckets of XRP are distributed to enable different entities to provide liquidity.” The purpose of such transactions is made the subject of discussions.
The EOS has successfully executed its hard fork and the prices have been falling despite the recent upgrade.
NEO is scheduled for an upgrade in an attempt to facilitate cheaper transactions with a blockchain model that is faster powered by a unified transaction model.