Kvě 29

China’s Biggest Exchanges to Add Ethereum, Other Altcoins as Demand Surges

· May 29, 2017 · 7:00 am

As altcoins continue to gain popularity throughout the world, Bitcoin exchanges in China are also getting in on the action and listing alternative cryptocurrencies.


Huobi to Support Altcoins

As the moratorium on cryptocurrency withdrawals is expected to soon end in China, exchanges in the country seem to be turning their attention to alternative cryptocurrencies. Two days ago, one of the big three exchanges in China, Huobi, announced it will launch Ethereum trading on May 31.

The announcement reads:

We are excited to announce the CNY/ETH will be listed on our exchanges. Trading will start at 12:00 May 31st (GMT +8). ETH deposit and withdrawal is available from now on.

Today, Huobi released a list of altcoins that are to be added in the future according to the rank of the coin in said list. According to Huboi’s underlying model, Ethereum, Litecoin and Ripple are the highest ranking coins following Bitcoin, followed by Dash, Zcash and Dogecoin.

Online news service cnLedger tweeted:

The list was ranked using a model created by Huobi which factors in the coin’s strategy, marketing, activity, risk and technology to calculate the relevance of the coin.

The list and underlying model can be seen in Huobi’s official announcement.

BTCC to Get In On the Action as Well

Huobi isn’t the only Bitcoin exchange in China that is to list alternative cryptocurrencies.

After a two-week poll, in which over 190k votes by the cryptocurrency community were counted, Ethereum Classic will be listed in the BTCC exchange. Bobby Lee, CEO of BTCC tweeted:

Although the exchanges employed a completely different method in which Huobi used a model to rank cryptocurrencies and BTCC used a community poll, both exchanges are interested in opening the doors for the Chinese community to invest in  alternative cryptocurrencies.

Huobi and BTCC, however, are not the first exchanges in the country to list alternative cryptocurrencies. The China-based Yunbi exchange allows users to buy and sell cryptocurrencies like Etherem, Ethereum Classic, Zcash, QTUM, Bitshares, and others. BTC38 also offers a multitude of cryptocurrencies to be bought and sold for CNY. Lastly, CHBTC also lists Ethereum, Ethereum Classic, and Litecoin.

Crypto in Asia

Although less-known exchanges in the country offer altcoin trading, most Chinese users are only familiar with Bitcoin and Litecoin, given that most cryptocurrency investors use one of the big three exchanges in the country, BTCC, OKCoin and Huobi.

China plays a big part in the Bitcoin world, ranking in the top 3 countries by daily trading volume but other countries in the continent are becoming increasingly interested in cryptocurrencies and it’s not just Bitcoin and Litecoin.

Take Japan, for example, where the recent Bitcoin law has created an accentuated demand for cryptocurrencies, making the JPY the biggest Bitcoin pair in the world by trading volume and that’s not all. Other cryptocurrencies are also gaining traction in the country.

Co-Founder of IndieSquare and Community Director at the Counterparty Foundation, stated in a recent blog post:

First, one of the unique characteristics of the Japanese crypto space is that altcoins are very popular as a means of investment and some of them have very strong and dedicated communities; some even more active than the Bitcoin community itself in a way. Among them, two of the most popular altcoins in Japan are XRP(Ripple) and XEM(NEM).

In South Korea, Ethereum and Ethereum Classic are also extremely popular, even more so than Bitcoin whose daily trading volume is smaller than that of ETH or ETC.

With China adhering to the altcoin craze, could Asia become the capital for alternative cryptocurrencies?


Images courtesy of Shutterstock.com, Twitter 

Show comments

Share
Čvn 03

Bitcoin Price Finds Stability After Massive Bull Rally

Source: bitcoin

Bitcoin Price

Perhaps last week gave us so much excitement that we needed some time off. In our previous price piece, bitcoin shocked its fans by jumping to the $530 range within a matter of days. Now, we look at bitcoin, and it hasn’t moved. In fact, several days later, Bitcoin is exactly where it was before.

Also read: Bitcoin’s Price Explodes, Is $600 Around the Corner?

Will the Price Stay Flat at $530?

Will the currency continue to rise in the coming days? It’s hard to say, exactly. Bitcoin is certainly on the rise. This past week has shown that, but a pause seems to be occurring in what can be called the Bitcoin assembly line.

As several sites and platforms reiterate, there appear to be three major things influencing the price of bitcoin, all of which we’ve covered in previous segments, so this won’t be news to regular readers.

The first is the halving set to occur next month. There’s not much else to say that hasn’t already been explained. Production on bitcoin is slated to be cut in half beginning in July. There will be fewer transactions, and the value is expected to spike.

The second seems to be interest in Ethereum. This one is really up for grabs; we saw Bitcoin drop before moving back up, and this could also have been due to re-instituted value and interest in Ether, a long-standing Bitcoin rival.

The altcoin was the subject of the largest crowdsale in history, but while some feel that this was the cause for a temporary fall in bitcoin’s status, others claim that it brought about further interest in cryptocurrency altogether, thus garnering more views and causing several to eventually turn their attention towards Bitcoin completely.

This makes sense, in a way. Bitcoin rose nearly $100 USD in just a week, while Ether’s price has remained relatively unchanged, so in the long run, this argument could go either way. Ethereum may have hurt bitcoin for a short time, but it also may have aided it in the end.

The third reason is China; their interest in bitcoin is at an all-time high. As the Wall Street Journal states:

“Huobi and OKCoin, two Chinese exchanges, now collectively account for some 92% of global trading in bitcoin. The surge in bitcoin buying this weekend could be the latest sign of how Chinese investors are moving money between asset classes quickly in search of high returns.”

The simple fact is that China is responsible for the majority of bitcoin trading, and things are slated to stay this way for at least a little while.

There may not be much news to report on the state of bitcoin, but there also isn’t any negative press. The digital currency is staying put and hovering in a solid place, and doing its best to provide and build on what it has already created, so why get in the way of that? This is one time where we need to sit back and enjoy the ride.

Eventually, bitcoin will jump higher and exceed our expectations again, but until that happens, let’s give bitcoin some room before its next big workout.

Do you see bitcoin rising again soon? Post your comments below!


Images courtesy of Entrust Financial Credit Union, bitcoinprice.tech.

The post Bitcoin Price Finds Stability After Massive Bull Rally appeared first on Bitcoinist.net.

Bitcoin Price Finds Stability After Massive Bull Rally

Share