Crypto Market Update for 17 August 2020: $BTC, $ETH, $TRX, $BAT, $OMG, $OCEAN

This article provides an update on the cryptoasset market, with a particular focus on the following digital assets: Bitcoin (BTC), Ether (ETH), TRON (TRX), Basic Attention Token (BAT), OMG Network (OMG), and Ocean Protocol (OCEAN).

To give you a rough idea of how well the crypto market is doing today, 27 out of the top 30 cryptoassets (by market cap) are currently in the green (i.e. up against USD). All market data used in this article was taken from CryptoCompare around 10:15 UTC on 17 August 2020.

Bitcoin

Currently Bitcoin is trading around $11,873. The last time Bitcoin traded above $12K was on August 10.

According to data from Blockchain.com, Bitcoin’s seven-day average hash rate reached a new all-time high on Sunday (August 16): 129.075 EH/s.

Ether (ETH)

Ether is currently trading around $426, which means in the year-to-date (YTD) period, it has gone up 230.93% vs USD.

Ethereum’s top two use cases seem to be creating fiat-backed stablecoins and building decentralized finance (DeFi) platforms. As for Ether and Ethereum-based tokens, their main usage is in DeFi.

One figure that is regularly quoted to show how quickly the DeFi space is growing is Total Value Locked (TVL), e.g. as provided by DeFi Pulse.

For example, here is Taylor Monahan, Founder and CEO of MyCrypto:

DeFi making up for lost time. Exponential is so much fun. See you tomorrow! 😂

$0 – $1 billion: 917 days

$2 billion: 146 days

$3 billion: 20 days

$4 billion: 4 days

$5 billion: 12 days

$𝟔 𝐛𝐢𝐥𝐥𝐢𝐨𝐧: 𝟐.𝟐 𝐝𝐚𝐲𝐬 https://t.co/ojHhRP1S07

— Taylor Monahan (@tayvano_) August 16, 2020

However, one crypto investor, Damir Bandalo, says that he is not happy with how sites such as DeFi Pulse calculate TVL in DeFi, as he explained yesterday:

A lot of talk these days around the total value locked in DeFI.

However all of them count the same $ many times.

So I did my own calc to find out how much is actually locked in top 15 DeFi protocols.

Answer: $3.5bil. (compared to $6.7bil on @defipulse)

cc @devops199fan

1/n

— Damir Bandalo (@damirbandalo) August 16, 2020

TRON (TRX)

Earlier today, the TRX price reached an intraday high of $0.0305, which is the highest it has been since 11 July 2019.

At the time of writing, TRX is trading around $0.02951, which means that in the YTD period, its return on investment (ROI) is +111.08%.

One popular crypto analyst recently made this interesting observation about TRON:

$TRX is #DeFi without high gas fees.

— The Crypto Dog📈 (@TheCryptoDog) August 13, 2020

Basic Attention Token (BAT)

Since last Thursday (August 14), BAT has gone up 21.6% vs USD.

OMG Network (OMG)

In the past one-week period, OMG has gone up 76.5% vs USD.

Ocean Protocol (OCEAN)

Around 05:00 UTC today, Binance announced that it would be listing OCEAN and opening OCEAN/BTC, OCEAN/BNB and OCEAN/BUSD trading pairs at 08:00 UTC:

#Binance Lists @oceanprotocol $OCEANhttps://t.co/inPC33EgTt

— Binance (@binance) August 17, 2020

This listing is what is responsible for today’s surge in the price of OCEAN.

Featured Image by “WorldSpectrum” via Pixabay.com

The views and opinions expressed by the author are for informational purposes only and do not constitute financial, investment, or other advice.