The month of September for the crypto industry can be described as a mildly positive one. The positivity experienced during the month steams from preexisting project upgrades, IPO, new innovations, new regulations, and policies. Comparing this to the overall market trend, it could easily be said that the market condition is a tumultuous one.

In these overview of the most pertinent occurrence in the crypto industry for the month of September 2018, we would be touching aspects of the industry, cutting across, crypto mining, IPO/ICO, Network, upgrade, etc

ICOs

For anyone conversant with the crypto industry, by now you should know that the price of coins/token drives the industry the most. The only way these coins or token comes into existence is through what is known as Initial Coin Offering (ICO). As expected, September came with its own set of ICOs.

Based on a report from OK Blockchain Capital, a total of 121 public offerings was conducted around the world in September. This is said to be about 40% lower than that of August. The statistical report showed the soft cap of the ICO to be about $0.73 billion, down 42.94% from August. Out of this, it was reported that the soft cap of finance took the largest share, followed by gaming and corporate services.

New Listing of Coins

Going by the report from about 30 crypto exchanges, such as Huobi, HitBTC, OKEx, Bitfinex, ZB.com, Bittrex Upbit, and Bithumb, it was made known that a total of 59 new trading pairs was added to the platforms in September. HitBTC, Poloniex, and Huobi Pro platforms recorded the largest number of listing. It was also recorded that about 47.46% of them declined in price within the first week.

Ethereum Difficulty Bomb

Ethereum the second most popular cryptocurrency has made it know that it will be going through an upgrade which will further reduce its block rewards from or 1 ETH per block (finalized at 2 ETH).

It was reported that:

“Of the ETH participating in the voting, 150,821.4 ETH (approximately 99.7%) supported reducing the block rewards to 2 or 1 ETH per block (finalized at 2 ETH). Only 348.7 ETH (about 0.03%) supported raising or maintaining the current amount.”

Ethereum’s development stages were divided into four by the Network founder, Vitalik Buterin. The four stages are Frontier, Homestead, Metropolis and Serenity. Currently, Ethereum is in Part 1 of its third stage, Metropolis: Byzantium.

It has been made known that once the final stage is reached— Serenity, the network would have fully transitioned into a Proof-of-Stake consensus from Proof-of-Work.

Stablecoins

GEMINI Exchange made an announcement on September 11, that it will be issuing a new stablecoin named, GUSD. The stablecoin is going to be the world’s first regulated price-stable cryptocurrency, pegged to the US dollar at 1:1. The report has it that the stablecoin is going to be an ERC-20 token. Gemini also reported that the coin will have an initial circulation of $100,000. The report also made it known that the coin will be regulated by the New York Department of Financial Services (NYDFS).

Bitcoin Mining

Shenzhen MicroBT Electronics Technology Co., Ltd. launched one of the most powerful, efficient and cost-effective Bitcoin mining machines in the world, the Shenma M10, based on the sha256 algorithm. Shenma M10’s computing power reaches 33T hash/s. The machine has a power consumption ratio of 65W/T. This is considered to be 35% less than Bitmain’s Antminer S9.

Canaan Creative also started shipping its, Avalon Miner A9, based on 7nm tech, with a power consumption ratio of about 80W/TH. As a result of these two new major miners, Bitmain’s Antminer S9 might be headed for a drawdown.

Blockchain Market Cap and Daily Volume

Just like in August, the cryptocurrency’s Market Cap has continued to decline. However, trading volume rebounded significantly at the end of the month. The average global daily market cap of digital assets was $211.103 billion, down 10.27% from August; transaction volume was $13.526 billion, up 5.15%.

Opinion

Going forward into the last quarter of the year, and based on several experts option, the blockchain industry is expected to bounce back and the price of cryptos are expected to reach their previous highs.