Digital Asset Daily: Mainnet Launch Good or Bad?

Market Movers

The downturn has not yet ceased, with further large losses in the last 24h. Total market cap is now at 305b which is starting to approach the lows of February. BTC is at 7137 (-3.3%) and yet is relatively outperforming the rest of the market. On the other hand, ETH has gotten battered and is at 522 (-9%), precipitating fears that it could bottom out at approx 400.
There were very few positive movers in the past 24 hours as altcoins have gotten obliterated for the most part. The three that have managed positive returns however are Nexus (NXS +7.8%), CyberMiles (CMT +4.4%) and GXChain (GXS +4.4%).
There have been a remarkable 39 out of the top 100 that have posted double digit percentage losses over the past 24h, which really goes to show how poorly altcoins have performed lately. The worst of the worst have been iExec RLC (RLC -17.5%), Steem (STEEM -16.8%) and Tron (TRX -16.4%). It remains to be seen where this calamitous slide will finally stop and give relief to investors.

Noteworthy News

EOS is purportedly dumping ETH on Bitfinex prior to their mainnet release. This was demonstrated by ETH trading $30 lower on Bitfinex than any other exchange, 3 weeks after EOS reportedly transferred 1 million ETH to Bitfinex. If this is indeed true, it is likely that ETH will bottom out over the next couple days as EOS continue dumping all their ETH before June 2nd.
Cardano has launched the KEVM smart contract testnet today, which will require the use of Solidity. They will have their second testnet, IELE, launch in July which will accept 20+ programming languages including C.

Insight of the Day: Upcoming Mainnet Launches

EOS’ mainnet launch on June 2nd promises to be a defining moment for the crypto space as expectations are huge – especially since they have made such sensational promises. As the most hyped Mainnet release for the year, it will set the bar for the other releases. Historically, there has been a dip (if you subtract market performance) upon mainnet release but a successful EOS release could well inverse this paradigm. After all, Mainnet releases should in theory be a triumphant show of the technological prowess of the project in question; leading to a surge of optimism and thus a rise in prices. Attached is a chart of upcoming Mainnet events, kindly put together by Block.CC.

 

 

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