Crypto Market Update for 19 June 2020: Bitcoin, Ethereum, Cardano, Chainlink

This article provides an overview of how Bitcoin (BTC), Ethereum (ETH), Cardano (ADA), and Chainlink (LINK) have been doing over the past 24-hour period, covers recent news that might have affected their prices (or might do so in the future), and looks at interesting tweets about these digital assets from prominent members of the crypto community.

To give you a rough idea of how well the crypto markets are doing today, 14 out of the top 20 cryptoassets (by market cap) are currently in the red (i.e. down against USD).

All market data used in this article was taken from CryptoCompare around 09:20 UTC on 19 June 2020.

Bitcoin (BTC)

Bitcoin is currently trading at $9,389, which means that it is down 0.41% in the past 24-hour period:

This means that Bitcoin has been trading below the psychologically important $10,000 level since June 3.

During the past couple days, on-chain market intelligence startup Glassnode has been making several interesting observations about Bitcoin:

• Over 60% of the circulating Bitcoin supply has not moved in over a year.

Percent of circulating #Bitcoin supply not moved in …

… 1+ years: 60.8%
… 2+ years: 42.9%
… 3+ years: 28.5%

Chart: https://t.co/tYWoenGlPi pic.twitter.com/BzKVZ7HwH7

— glassnode (@glassnode) June 17, 2020

• Bitcoinn HODLers have been adding to their position on just over 90% of the first 170 days of 2020:

HODLers have spent 154 out of 170 days this year accumulating #bitcoin – increasing their positions by ~233k $BTC.

Chart: https://t.co/cpNNxJgZ9L pic.twitter.com/qdpG7bKWaw

— glassnode (@glassnode) June 18, 2020

• The Puell Multiple — an indicator/metric “created by David Puell of Adaptive Capital to explore market cycles from the perspective of bitcoin miners”, which is calculated “as the daily coin issuance in USD divided by the 365-day moving average of coin issuance in USD” — dropped below 0.5 (i.e. into the green “buy” zone on June 18 for the first time in nearly three weeks:

The #Bitcoin Puell Multiple has dropped back into the green “buy” zone after almost three weeks.

For investors with long-term time horizons these levels below the 0.5 line have historically marked excellent entry points into $BTC.

Chart: https://t.co/UDhBU8iJlv pic.twitter.com/VOPDlcr2oz

— glassnode (@glassnode) June 19, 2020

Ethereum (ETH)

Bitcoin is currently trading at $230.35, which means that it is down 1.29% in the past 24-hour period:

In the year-to-date period, Ethereum, the second-most valuable cryptoasset by market cap, has gone up from $128.91 to $230.35, which means a 78.69% increase in value (against USD).

On June 17, Vitalik Buterin, the original author of the Ethereum white paper, noted that although the white paper predicted that the circulating supply of Ether (ETH) would be 159.8 million by now, in fact, the current circulating supply of ETH is only 111.3 million:

ETH supply that the whitepaper says we would have today: 150.8 million
Actual ETH supply today: 111.3 million

So please don’t try to claim that ethereum is run by inflationist technocrats. pic.twitter.com/6CuPngDbHY

— vitalik.eth (@VitalikButerin) June 17, 2020

Earlier today, Austrian blockchain startup Bitfly, which offers three Ethereum mining pools, pointed out that Ethereum miners are considering increasing the Block Gas Limit (i.e. the maximum amount of gas that can be spent on the transactions within a block):

The #Ethereum miners are voting to increase the Block Gas Limit from 10,000,000 to 12,500,000. ⛏️

In theory, this means that the Ethereum network now has the capabilities to handle ~44 transactions per second, instead of ~35.

Another huge milestone for the community.🥳🎉

— Bitfly (@etherchain_org) June 19, 2020

Of course, not everyone in the Ethereum community likes this idea.

For example, here is what Péter Szilágyi, team lead at Ethereum Foundation, had to say about it:

TL;DR: The #Ethereum miners don’t give a fuck about the long term health of the network nor about DoS attacks. https://t.co/qamT0nakFA

— Péter Szilágyi (@peter_szilagyi) June 19, 2020

Although Buterin does not officially support the idea of increasing the Block Gas Limit, he does seem unhappy with how expensive Ethereum transactions are at the moment (mosly due to the increase in the usage of the Ethereum network due tothe popularity of stablecoins and DeFi) and wishes that users would start taking advantage of some of the layer 2 scaling solutions available for Ethereum (such as Matic Network):

The thing I am acutely connected to though is that the high txfees *are* making the chain much less useful for people.

I’ve spent $40 on https://t.co/f8JT3wFmD4 txfees recently just from transferring to *three people*.

— vitalik.eth (@VitalikButerin) June 19, 2020

(btw @sparkpool_eth *did* reach out to me ~6 weeks ago asking if I supported the gas limit increase. I told them I oppposed because you oppose. That said, the last 6 weeks of high txfees have put genuine pressure on people so I don’t blame them for this decision)

— vitalik.eth (@VitalikButerin) June 19, 2020

Anthony Sassano, who is the Product Marketing Manager at Set Labs, Co-Founder of ETH Hub, and the co-host of the “Into the Ether” podcast, says that Ethereum miners want to increase the block gas limit to 12.5 million:

#Ethereum miners are currently voting up the block gas limit to 12.5mil with blocks now coming in at ~10.44mil (up from 10mil just ~1hr ago)

Raising this limit effectively increases the throughput of the Ethereum network but also increases the chain size.

(h/t @etherchain_org) pic.twitter.com/YoUMBBmyuw

— Anthony Sassano | sassal.eth (@sassal0x) June 19, 2020

Cardano (ADA)

Cardano (ADA) is currently trading at $0.08045, which means that it is down 2.53% in the past 24-hour period:

In the year-to-date period, ADA, the 10th most valuable cryptoasset by market cap, has gone up from $0.03277 to $0.08045, which means a 145.50% increase in value (against USD).

On Wednesday (June 17), IOHK sent out a tweet with some interesting stats about Cardano’s Shelley Incentivized Testnet (ITN), which is designed allow ADA holders to earn real rewards by either delegating their stake or by running their own stake pool.

Here are this week’s stats from the #ITN pic.twitter.com/QSBIOPzXY8

— Input Output (@InputOutputHK) June 17, 2020

Early next month, Charles Hoskinson, Co-Founder and CEO of IOHK, will be speaking at the Cardano Virtual Summit 2020:

Join the Cardano Virtual Summit July 2-3 to hear Charles Hoskinson speak on the Shelley rollout and the future of Cardano.https://t.co/BWCnBNye0f #Cardano2020 #ShelleyEdition pic.twitter.com/Xl6lXkG1LE

— Input Output (@InputOutputHK) June 19, 2020

Chainlink (LINK)

Chainlink (LINK) is currently trading at $4.141, which means that it is down -0.48% in the past 24-hour period:

In the year-to-date period, LINK, the 13th most valuable cryptoasset by market cap, has gone up from $1.76 to $4.141, a 135.28% increase in value (against USD).

This week, Chainlink announced the following new partnerships:

.@BambooRelay now supports stop-loss functions via integration w/ #Chainlink’s Price Reference Data. Bamboo Relay is the first 0x relayer to bring the popular stop-loss trading feature to the @0xProject, closing the gap between #CEX & #DEX infrastructure. https://t.co/TK9yjZ5QtO

— Chainlink – Official Channel (@chainlink) June 15, 2020

Decentralized VPN network @OrchidProtocol is building two #Chainlink-powered decentralized oracle networks to allow users to estimate the cost of bandwidth on Orchid, both in its native token – OXT – and U.S. dollars. The OXT/USD feed is live today! https://t.co/1F29zjj8Hr

— Chainlink – Official Channel (@chainlink) June 16, 2020

FinScore is using #Chainlink oracles to connect its alternative credit scoring API to #DeFi. Their Social Presence Score gives dApps a better understanding of borrowers, potentially reducing collateral requirements or interest rates on crypto loans. https://t.co/LrNcds8RyI

— Chainlink – Official Channel (@chainlink) June 18, 2020

Featured Image by “WorldSpectrum” via Pixabay.com