In the past 24 hours, the Bitcoin price has recovered from $6,800 to $7,000, as buy pressure in the higher region of $6,000 prevented a further fall to mid-$6,000.
As bitcoin price rebounded and averted a large drop to $6,500, most tokens and small market cap cryptocurrencies recovered, pushing the valuation of the cryptocurrency market to $227 billion.
Internet of Things (IoT) blockchain network WaltonChain experienced a major spike in value primarily due to the listing of WTC by Bithumb, the second largest cryptocurrency exchange in South Korea.
The listing of WTC by Bithumb was initiated merely one day after local mainstream media outlets reported that Bithumb has secured an agreement with NH Bank, a major financial institution in South Korea, which will provide virtual bank accounts to the digital asset trading platform.
Previously, NH Bank declined to renew its partnership with Bithumb subsequent to the platform’s $40 million security breach. NH Bank formally requested Bithumb to demonstrate evidence of infrastructure overhaul and security system update, which it completed by suspending deposits and withdrawals for a month.
WaltonChain is the first token integration by Bithumb since its recovery from the security breach and system overhaul.
Overnight, the value of WaltonChain against the US dollar increased from $4.15 to $5.55, by more than 30 percent.
This week, the WaltonChain development team also announced the release of its whitepaper 2.0, featuring an update in its Proof of Contribution (wPoC) algorithm and a cross-chain ecosystem that relies on multiple blockchains to maximize its blockchain capacity.
Previously, Ethereum creator Vitalik Buterin emphasized that IoT networks require hundreds of thousands of transactions per second. He said:
“Uber does 12 rides per second, PayPal several hundred, Visa several thousands, major stock exchanges tens of thousands, and in IoT, you’re talking hundreds of thousands per second.”
Currently, the Ethereum mainchain is processing more or less 11 transactions per second. But, Buterin stated that the full integration of Plasma and Sharding, two highly anticipated second-layer solutions, could increase the capacity of the Ethereum mainchain to potentially a million transactions per second.
Due to the heavy requirement of IoT networks on public blockchain protocols, IoT-focused platforms like WaltonChain and VeChain need to employ consensus algorithms and unique mechanisms that can handle massive transaction capacity.
CCN reported on August 30 that many traders expected the price of Bitcoin to fall from $7,000 to $6,500 as it reached $6,800. But, as it did since August 6, Bitcoin has shown stability around the $6,000 to $7,000 region.
As ShapeShift CEO Erik Voorhees said, the worst part of the cryptocurrency market correction seems to have come to an end and if major cryptocurrencies can continue to low volatility and stable momentum throughout the weeks to come, it is possible for Bitcoin to eye major resistance levels in the $8,000 to $9,000 region.
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Last modified: May 20, 2020 6:03 PM UTC