Smart coins are still growing
This weeks smartcoin roundup is no big surprise. For those who pay attention to the fundamentals for bitshares, it has been an incredible rise in demand for smartcoins. The two by far most popular are BitCNY and bitUSD. This is a very important metric to predict the demand for the underlying bts token. Let's have another look.
BitCNY
Last week I recorded cny at 71 million usd cap. This week kicks off with a 80,5 mUSD cap
bitUSD
Last week I recorded a 26 mUSD cap. This week starts off with a 27 mUSD cap
What to make of it
Again growth. Quite significant growth. And for every million increased BitUSD cap, at least two million bts is locked up.
The main thing is that it does not drop. There is sufficient demand for bts for other reasons than just smartcoin creation. Like ongoing and upcoming icos. So unless the news we are waiting for are strong, I think the bts will be flat.
And speaking of news: there is something coming according to the grapevine. So hold bts. Just look what happened to ripple. I have tried hard, but can't see anything ripple does better, faster or more secure. Quite the contrary, I would say.
Note
I refer to data from coinmarketcap.com. It has been brought to my attention that data from cryptofresh shows a higher cap than cmc. Why this is so is beyond me. But there might be some differences.
I'm starting to understand better wish I got in when it was at $.05!
It's never too late. I believe the smartcoins will drive demand sky high.
Okay thanks!
This is still just the beginning for Bitshares. It offers the ability to become your own bank and take out margin loans against your collateral of Bitshares. This is revolutionary along with their decentralized exchange. Bittrex, Poloniex and Binance have cut off new users from registration as they upgrade their systems. This could be the perfect black swan event that drives people to Bitshares. Go Bitshares!
That is a good point about the temporary cut off of new users. Thanks!
it was a nice sharing for the purchase of coins👍
CMC doesn't have bitcny data for ZB.com, so they miss few million.
What do you mean with demand for bts due to icos? Do you mean ICOs that only receive contributions in bts or is it some mechanic I missed that requires bts to perform an ICO?
Thank you for that information.
There is currently an ico for arise bank and openledger will launch a few soon. I think openledger both accept bts and bitUSD.
Oh, okay then. I thought you meant somehow performing an ICO on bitshares had an effect on the total supply or something :)