As the spring season comes to a close, the cryptocurrency market is still as volatile as ever. Overall market capitalization sits at $3.3 billion with $17 billion in trading volume over the past 24 hours. While the current market sentiment is still bearish, with many expecting yet another Bitcoin retrace to $7200, the past 7 day trading period has seen some decent gains. For example, MIOTA led the Top 10 cryptos with a 22% gain, while BTC yielded a 3% gain over the same period. In this situation, diversification would’ve resulted in greater profits, and this is where a crypto ETF like Huobi 10 is so valuable. Over the past 7 days, Huobi 10 which includes volume-weighted samples of the top traded coins on Huobi’s exchange, managed a 31% gain.
TRON & EOS in the Spotlight
Despite the current bearish views on price, many projects in the space have been hitting deadline after deadline. This past week saw major milestone achievements for TRON and EOS – their respective mainnet launches.
TRON’s virtual machine booted up on May 25, and the mainnet officially launched one week later on May 31. At this time, TRX ERC-20 tokens on the Ethereum blockchain are being migrated to mainnet tokens on the TRX blockchain. TRX token holders have until June 26, 2018 (UTC+8:00) to swap their tokens. To perform the swap, simply send your TRX tokens to a supported exchange like Huobi Pro, Binance, or Bitfinex.
Last week, EOS’ unprecedented yearlong ICO finally came to an end. The ERC-20 tokens were frozen on June 1, and it’s estimated EOS collected approximately $4 billion worth of cryptocurrency during the ICO process. EOS’ token swap is a bit more complicated than TRON’s, and required manual ETH address mapping. Fortunately, crypto exchanges such as Huobi Pro were able to help users map their on-exchange tokens automatically.
At the moment, the EOS v1.0 code has been released, and the EOS mainnet is in the process of final security audits and testing before the mainnet officially goes live. Over the next few weeks, there is expected to be several EOS mainnet chains, as launch groups formed by block producers campaign to the EOS community and the world to be identified as the “official EOS chain”. Note that Block.one, the developers of EOS, will not be using their EOS holdings to influence the selection of the mainnet chain. Thus, the future of EOS is entirely in the hands of the community.
Currently, the leading launch groups include EOSCORE, EOS BIOS BOOT, EOSFORCE, and EVOLUTIONOS. A few cryptocurrency exchanges, including Huobi Pro and Bitfinex, have also announced their interest in become block producers on the EOS network. With all of this in mind, the current state of the EOS ecosystem can only be described as “fluid” and a scammer’s paradise. Unless you have a legitimate reason to move your EOS tokens around in the near future, it’s best to wait until the dust has settled and a majority mainnet chain has been selected by the community.
Tune In to Huobi Talk
In this week’s episode of Huobi Talk, Dazhi Guo and Zhaofei Ding from the Huobi Academy of Blockchain Applications will discuss the current state of the cryptocurrency market and what we can expect going into the future.
Be sure to tune in and subscribe to Huobi Talk at 12 PM on June 7, 2018 (UTC+8:00) if you’re interested in hearing more about TRON, EOS, and the latest developments in the cryptocurrency space.