Huobi Research Report Indicates That Crypto Markets Are Stabilizing
Earlier this week, the Huobi Research of Blockchain application published the 34th volume of its weekly report on the status of the digital currency markets. The most notable developments mentioned in the Huobi Research Weekly are covered below.
As compared to the previous week (ending on October 21, 2018), this week’s performance showed increased stability. The overall value of the entire crypto space dropped by 1% to end at slightly above $2 trillion. Both of the two most popular digital currencies recorded a slight drop in their respective values. Still, Bitcoin remains to be the most dominant cryptocurrency, with its market cap value contributing in excess of 53% of the entire value of the cryptocurrency space.
The most impressive performer was the USDC stablecoin. Remarkably, the coin shoat up from 185th to 58th after its value soared by 420%. On the contrary, CMT was the worst performer, plunging from th23 places to 92nd. Its value plummeted by 20%. The new entrants in the top 100 category were Paxos standard, USDC, R, and MGO.
Overall, the average daily trading volume for digital currencies dropped by almost 5%. Amongst the top 100 coins, 12 had their trading volumes reduce by over 50%. On the other hand, 50 projects recorded an increase in the 24-hour trading volume, with 20 soaring by over 100%. The best performer on this front was BCD, as its trading volume increased by 3855%.
Additionally, the report indicated that coin projects still dominate blockchain platforms in terms of the popularity of their digital currencies. Out of the 100 cryptocurrencies topping the charts, 65 were coin projects. However, this figure is lower than the one reported on the previous week.
Regarding business, the most active platform was the EOS network followed by the Ethereum blockchain. This is understandable, given that these two are the biggest DApp platforms in the blockchain space. Most of the activity on EOS was contributed by gaming applications.