In the very small amount of historical information that we have for the cryptocurrency market, we can see that February has been an overall positive month in the past.
Experts and buyers alike were wondering if February 2019 would line up and deliver a successful month.
And, overall, it did!
February has been the best month in terms of performance that the market has seen in about a year, so it was a very welcome break from the chaos that has slowly turned into the norm.
This month’s crypto market update breaks down each of the top 10 market cap coins and their performance, as well as a few important stories regarding security and the future of the cryptocurrency market. As always, we can’t stress enough that making time to check the market, the top news stories, and the performance of your coins is a vitally important habit of successful crypto owners.
The market is volatile, and remaining vigilant is your best defense against an impending or totally unexpected drop. With that being said, we hope that our February crypto market update can provide you with anything you may have missed last month, and we’ll also give you a visual summary of some of the most popular coins’ performances.
Ranking Market Capitalization and Performance – February
As we’ve done since the very first cryptocurrency market update, in this section you’ll find the top 10 coins listed in terms of their market capitalization. Along with each coin’s general information section, we’ve provided the numbers and a brief summary of the coin’s performance over the month.
You’ll find the coins listed below from #1 to #10 in terms of their market capitalization ranking, or how much of the market is saturated with that coin, and we’ve given an additional rank from 1 to 10 in terms of the coin’s performance. The #1 slot is the top-performing coin in our rank, and the #10 is the worst-performing.
The performance ranking is determined by calculating the percentage of its value that it lost or gained from the 1st of the month to the last day at market close. It’s important to make the determination by percentage because all of the coins on the market range in value.
#1 – Bitcoin (BTC)
Bitcoin, the oldest coin that is still currently on the market and perhaps currently the most popular, is typically found in the #1 market cap slot. It recently celebrated its tenth birthday, having been introduced in tandem with the blockchain technology in 2008, and has been in the spotlight for the past few years due to the crypto and BTC boom that occurred in 2017.
For those that have been following the cryptocurrency market along with us for a while, no, you didn’t read the numbers wrong. BTC ended the month of February at a higher value than at the start of the month. This is the first time we’ve been able to report that fact in six months, so we’re excited about it too!
On February 1st at market close, each BTC was valued at $3,487.95, and on the 28th, it was valued at $3,854.79 at market close. Its highest value this month came on February 23rd at $4,142.53, and its lowest occurred on the 7th at $3,399.47.
Though it came out with an 11% value increase by the last day of the month, BTC is still at a performance rank of 6 in February. That isn’t a bad thing at all. In fact, it is a super positive sign because it means that more than half of our top 10 market cap coins had a value increase this month.
#2 – Ethereum (ETH)
Ethereum’s platform was created in the shadow of Bitcoin, with the ultimate hope of finding and successfully implementing improvements to the original BTC protocol setup. The platform’s own coins are called Ether (ETH), and its users enjoy Ethereum partly because it is constantly striving to make it better, fresher, and more efficient.
At market close on February 1st, ETH had a value of $107.61. On February 28th at market close, its value was at $136.75, which is a 27% value increase from the start of the month. Its large positive percentage increase has led to Ethereum’s place in the #4 performance slot for February.
#3 – Ripple (XRP)
The Ripple exchange and its namesake coin Ripple (XRP) offers to its users most everything that is offered by Bitcoin, but with a much faster transaction speed. They’ve also taken their platform a step further by allowing users to trade traditional currencies like USD.
This makes it one of the more inclusive exchanges in the top 10 market cap list because it truly welcomes and supports many different types of electronic fund transfers using the blockchain.
Ripple (XRP) ranks #7 this month in terms of performance because it has increased in value by 2% from the 1st to the 28th at market close. On February 1st, XRP was valued at $0.3085 at the time of market close and ended the month at $0.3150 at the time of market close.
#4– EOS (EOS)
EOS is a coin that has no inherent value but is still very popular among those that are looking to expand their crypto portfolio.
The value of EOS increased by a whopping 51% from February 1st to February 28th, which earned it the #2 performance rank for this month. On February 1st at market close, EOS was valued at $2.34, and on February 28th, it was valued at $3.54.
#5 – Litecoin (LTC)
It’s probably no surprise to hear that Litecoin (LTC) is another coin that used the foundation provided by the original Bitcoin protocol and expanded upon it and made improvements to make transactions faster and more user-friendly.
We ranked LTC as #3 in terms of performance this month due to its 41% positive value increase from February 1st to February 28th. At market close on February 1st, the coin had a value of $32.83, and at the time of market close on February 28th, LTC had a value of at $46.24 per coin.
#6 – Bitcoin Cash (BCH)
You may have heard the term “altcoin” before when referring to coins like Litecoin that built upon the original Bitcoin model and made improvements before launching their own separate coins and exchange platforms. Though Bitcoin Cash has the original popular cryptocurrency in its name, it wasn’t born in the way that most altcoins are born.
A major event, known as a hard fork, occurred in the original Bitcoin protocol when developers couldn’t agree on an aspect of the platform. From there, Bitcoin Cash (BCH) entered the market, giving users much faster and more energy-efficient transaction speeds.
On February 1st, the value of BCH was $116.56, and on February 28th, that value was $132.19, putting it at #5 in our performance ranking with an overall value increase of 13%. Its highest and lowest values at market close in February weren’t much higher or lower than their start and end values, which indicates some level of stability.
#7 – Tether (USDT)
The Tether coin is perhaps the most stable on our list every month because the coin itself is simply a representation of the USD and EUR fiat currencies found in Europe and in the US. USDT, the US dollar cryptocurrency equivalent, is typically somewhere in the lower numbers of our market cap rankings, and although its performance rankings may jump around a bit, its actual numbers are the most consistent.
It is ranked at #8 in terms of performance this month, not because it performed poorly, but because most of the other coins had a large positive value increase. The value of USDT went up by just 1% this month, which is very typical for the coin.
#8 – Binance Coin (BNB)
New coin alert!
Not only did Binance Coin (BNB) rank #1 in terms of performance, starting the month at $6.56 and ending it at $10.37, but it also managed to stay within the top 10 market cap coins. BNB is based on the Ethereum blockchain setup and is the native coin to the Binance exchange.
The coin increased in value by 58%, which might just be the highest increase we’ve seen so far in our cryptocurrency market updates!
#9 – Stellar (XLM)
Stellar, the cryptocurrency exchange platform that offers its users extremely fast transaction speeds, has its own coin that they call Lumen (XLM). XLM is consistently one of our top 10 market cap coins, but its performance ranking can be relatively rocky because of its small value.
This was our 9th performing coin for February because it dropped in value by 2%. In comparison to most of our recent months’ updates, 2% isn’t bad at all in our opinion. Especially considering that last month, the coin dropped in value by 29%.
#10 – TRON (TRX)
TRON is the most radical in its goals, but it is relatively consistent in its appearance on the market cap list, which could indicate that those goals are pretty well supported. The TRON exchange’s native coin, called Tronix (TRX), ranks #10 this month both in terms of market cap and in terms of performance. Again, this doesn’t necessarily indicate a bad month for the coin, just that the other coins on our list performed better.
TRX dropped in value by 9% this month, starting February at $0.0262 and ending at $0.0238.
February Cryptocurrency News
In addition to providing a brief summary of the top 10 market cap coins’ performance each month, we like picking out a few stories that we believe are some of the most eye-catching or important.
This month, we talk exchange security again (although maybe not in the way that you think), a Facebook and WhatsApp sponsored cryptocurrency to be used for electronic fund transfers made in the apps, and the recognition of cryptocurrency as money in Wyoming.
If you’re a current or prospective coin owner, it’s important that you take a few minutes of your day every day to go over what’s going on in the crypto world. But just in case you missed one of the highlight stories over the course of the month, we try to pick out the stories that we believe are the most important for you to hear.
Quadriga Exchange May Lose $145 Million After CEO Dies
Gerald Cotten, CEO of Canada’s biggest cryptocurrency exchange called Quadriga, passed away from complications of Crohn’s Disease while on a trip to India. He was just 30 years old, and his death was unexpected.
With the grief and sadness of his passing, there is also a strong feeling of panic because many of the Quadriga currencies are stored in hard wallets offline, all of which require a password to access. The passwords were only known to Cotten, according to Quadriga.
More than 100,000 Quadriga users are now in need of refunds, and so far, the efforts to recover the currency within the hard wallets have been unsuccessful. Cotten’s widow, Jennifer Robertson, has even been pulled into the search efforts. In her affidavit, she stated, “I do not know the password or recovery key.” She continued, saying, “Despite repeated and diligent searches, I have not been able to find them written down anywhere.”
While most people would not stick this situation in the same category as a high-profile exchange hack, it does show a different side of some of the security concerns surrounding the cryptocurrency market in general. It’s important to remember that because the crypto market is largely unregulated, these tragic and unusual situations may not ever be resolved.
Would You Buy into a Facebook-Sponsored Cryptocurrency?
Sending electronic funds through Apple Pay and Venmo has caught on as an easy way to pay back a friend for dinner or chip in for your share of the rent.
But would you buy into Facebook’s new answer to electronic fund transfers?
WhatsApp, a messaging app that is owned by Facebook, will soon allow people to use a specifically designed cryptocurrency to send electronic cash to their friends and family members. By all accounts, this new cryptocurrency will be more like the already existing Tether coin which is based upon national currencies which make it exponentially more stable than coins like Bitcoin.
The trouble will come if they decide to list the coin on exchanges for use on platforms other than WhatsApp because they will have less control over it and therefore run the risk of it becoming unstable and volatile like the majority of the coins currently on the market.
It seems like the addition of an electronic payment method on the WhatsApp app would be better off implementing a more traditional method, and their attempt at creating a coin for this purpose has a high probability of blowing up in their faces.
We’ll continue to follow this interesting story for developments, and we recommend that you do the same if you are interested.
Wyoming Decides That Bitcoin Is Money
A new bill passed in Wyoming declares that cryptocurrency in all of its forms will be recognized “under the same regulations and attributions as that of fiat money.” This is an exciting step for the US in terms of cryptocurrency, and Wyoming is leading the charge.
With this bill that recognizes and categorizes cryptocurrency as a digital asset and digital security, banks in Wyoming are now required to “provide custodial services for cryptos and other digital assets,” which means that the security of your coins is also a much more reliable goal to achieve.
It is hard to say if this decision will be a one-off or if more states will follow in their footsteps and open the floor for owners of digital currencies.
The current feelings toward cryptocurrency and the general uncertainty and wariness to accept or even entertain cryptocurrency as a legitimate asset or extension of your physical wallet is unlikely to end anytime soon, but we hope that more conversations among lawmakers begin to take place.
The post Cryptocurrency Market Update for February 2019 – Currency Prices and Big News Stories appeared first on GamblingSites.com.
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