Many cryptocurrency markets entered Week 37 deep in the red numbers as almost $60 billion were wiped during the weekend’s market drop. While the start of the week was not very good, to say the least, we hope that the remainder of the week will bring some better news. We believe that the coins in our selection have a higher chance to quickly recover and return in the green than other crypto assets.
1. Bitcoin (BTC)
Although we believe that Bitcoin does not need much introduction and that all eyes would be on it even if it were not featured on our list, here is a short summary of its history and key characteristics. The world’s pioneer cryptocurrency was launched by pseudonymous figure named Satoshi Nakamoto in 2009 and has a capped supply of 21 million coins. The decreasing miner block rewards makes the cryptocurrency scarcer with time, ensuring a deflationary nature.
Bitcoin Struggles to Keep above $10,000
The price of Bitcoin has fallen under $10,000 for the first time since the end of July on September 5 and it’s trading around 3% lower than a year ago. The world’s first born crypto has lost nearly $2,000 of its value since the end of August in a relatively steep negative market trend. The price drop comes after a relatively successful month for Bitcoin, in which we saw five promising attempts to break the $12,000 resistance level. While Bitcoin did tumble on March 12 along with the stock market, the largest cryptocurrency by market capitalization quickly recovered and entered a rally that lasted nearly half a year and drove the price from $4,000 to almost $12,000. It seems that the market needs to breathe a little (and readjust a little too) since the move has been quite substantial.
In addition, there are currently two big gaps on CME Bitcoin futures market: the first $260-gap between $9,665 and $9,925 and the second $160-gap between $10,425 and $10,585. Typically, when a gap in futures markets appeares, the market will move to fill the gap. The aforementioned Bitcoin gaps are expected to be filled in near future as well, which means that even a drop to $9,600 or even $9,200 should not come as a surprise.
At the time of writing, Bitcoin is changing hands at the price of $10,180, but continues to struggle to keep above $10,000 as the support level at that price is weakened. Next levels of support lie at $9,800, $9,600, $9,430, $9,284 and $9,200. Nevertheless, if Bitcoin manages to stay above $10,000 things would be looking better for BTC than for most of the altcoins in this plunging times.
2. Ampleforth (AMPL)
Ampleforth is synthetic commodity money that adjusts its circulating supply daily, based on market circumstances. Based on the inputs from trusted price oracles, the protocol proportionally increases or decreases the total number of AMPL tokens that each user holds. The result is a digital currency that it less affected by price moves of Bitcoin and other major cryptocurrencies.
Ampleforth Will Launch Beehive 2.0 Geyser Program on September 10
The Ampleforth team is getting ready for the launch of its latest edition of the Geyser liquidity mining program dubbed the Beehive 2.0 that is scheduled for September 10. Participants in Beehive 1.0 program will need to withdraw their UWETHAMPL-V2 and deposit them in the new contract. Any new stakers, that wish to participate in the program will have to first deposit ETH and AMPL into the Uniswap V2 liquidity pool. They will than receive UWETHAMPL-V2 tokens that can be staked in the Beehive 2.0 Geyser. The liquidity mining program will distribute 1% of the total AMPL supply as rewards for stakers over the course of 90 days. Users that stake their tokens for 1 month will receive doubled rewards, while those who choose a 2-month staking period will benefit from tripled rewards. More details on the Beehive 2.0 are available here.
3. Enigma (ENG)
Enigma (ENG) is a crypto investment platform that allows users to set-up and run micro-crypto funds. In addition, the project aims to solve the problem of privacy on the blockchain by introducing secret smart contracts.
Launch of Secret Smart Contracts is Just Around the Corner
The Enigma decentralized governance community will vote on the proposal for the integration of secret contracts to the Enigma Secret Network on September 8. Provided that the ENG holders approve the addition new feature, which they almost certainly will, the secret contracts will roll-out with a mainnet upgrade that will take place on September 15. After the upgrade users will be able to program and sign secret contracts on the Enigma’s Secret Network. The blockchain will facilitate private computation across a node system with secure enclaves by encrypting smart contract inputs and outputs and distributing them redundantly among Enigma nodes. Such system will allow the contents of the smart contracts to remain private, even to the nodes executing them. The whole proposal, which is described here, might prove to be a pivotal move for the project.
Andrew is a writer that does most of his work on cryptocurrency-related topics. While he’s primarily interested in Bitcoin, he also follows major altcoins and the innovative ideas that new cryptocurrency and blockchain projects are bringing to the table.