Monthly Archives: August 2020

Bitcoin is the most popular cryptocurrencies but other digital coins are also joining the race. The alternative crypto assets are now outperforming the Bitcoin. Altcoins, for instance, has recorded the highest gain in the last few days.

Such altcoins are Stellar (XLM), VeChain (VET), Cardano (ADA), and Chainlink (LINK). While the reported gains for large-cap coins was noticeable but small-cap coins skipped to triple-digit percentage gain.

Top 10 Cryptocurrency Coins

In the past week, some coins have outperformed all the coins including the Bitcoin. These coins are BSV, XLM, ATOM, VET, ALGO, XRP, ADA, LINK, CRO, and ETC. Bitcoin’s gain was just 1.13% during this period.

ATOM topped the chart by gaining a considerable 54.60% price while the price of CRO coin hiked 11.68%. The market capitalization of cryptocurrencies is worth $700 million.

With an increased price of cryptocurrencies including Bitcoin and Ethereum, the demand has also increased. Both retail and institutional consumers are increasing with each passing day. The gain is reportedly the result of Bitcoin halving in May this year.

ATOM and XLM are the first two top-performing assets and the third one is the VET. Some crypto enthusiast guessing that this gain has surged from the participation of VeChain at a major crypto conference. While others think that the Coinbase listing has caused it.

Stellar and Cardano are ready to update their protocols in the coming days. Cardano is set to activate its hard fork on 30 July. The never-ending series of newly launched cryptocurrencies and the protocol updates is what created a hype in the crypto market.

The month of June was record-breaking for Chainlink crypto asset. During this period Chainlink asset surpassed its previous price and reached a height. The asset also achieved its Price Discovery state in the past few weeks. This is the state where an asset surpasses its highest record price. Quite naturally the asset attracted a lot of customers in the meantime.

Why Altcoins Are Becoming Customer’s Favorite?

The first reason for this is the price increase of ETH. It has hiked by 270% in the last four months. Since ETH coincides with altcoin uptrends, the customers are now seen investing in altcoins. The future of altcoins can also be depicted as an altcoin bull run.

The other factor is the protocol upgrades by top cryptocurrencies. Cardano has just launched its Shelley upgrade at the end of July 2020. After the roll-out of Shelley, Cardano will have a decentralized network that is 50-100 times more decentralized than other cryptocurrencies.

When the COVID-19 pandemic struck the world, history continued to repeat itself when common public health approaches were progressively put into action from one state to another. Such behaviours have disrupted the more normal everyday habits, resulting in minor but important improvements in how we work, function, pay and play from guidelines on the psychological divide to lockouts. Through QR payment code to electronic wallets, also in Southeast Asian economies, where money has traditionally reigned as sovereign, the call to non-cash payment forms has gradually been institutionalized. The move is positive provided that more than 70 per cent of women still do not have exposure in the country to fundamental financial services. Such infrastructures are expected to bring about structural improvements with a view to ensuring inclusive economic growth. In tandem with digital technology like blockchain, a new line can be converted to existing financial systems in order to best support those who are in need.

From Crisis to a Cashless World

Conflicts have the potential to cause big improvements. This tale is much more obscure, reminiscent of the explosive development that has arisen since the 2003 SARS disease in the Chinese electronic payments and e-commerce sector. Today China, of course, is home to a thriving landscape controlled by technology giants like Alipay and WeChat Pay. Coronavirus clearly accelerated penetration on emerging markets such as Singapore, which have a complex network of online payment options.

The Singapore reserve bank promoted the use of e-payment infrastructure and services including the island-wide QR code scheme for mobile e-wallets to allow besides lack of familiarity and contactless payments as part of the federal government’s public health policy. The volume of e-payments transactions alone rose in the city-state in the first quarter of 2020. A multigenerational transition has emerged with bank employees over the age of 54, showing growing confidence in internet banking services during the pandemic. Around the same time, the coronavirus has been used as a significant agent for rapid reform in many developed economies. The influence of financial technology was particularly pronounced here, and can not be lagging behind their developed counterparts.

Developing economies will gain more by operating on a “go digital or die” slogan to pull a technology-enabled paradigm of expanded fiscal and social flexibility regarding the financial pressure created by the international health crisis.

Going for the top to down

Regardless of whether developing markets have taken a radical stand or developing economies free of the bonds of established players, openness and competition define Southeast Asia’s financial services industry. We will certainly see more exhilarating instances of institutional usage in the presence of blockchain technologies as the country moves on its transparent financial course.