Top 10 cryptos in June 2019 and what it means to Mega Moolah players
June 2019 was an extraordinarily strong month for Bitcoin and a couple of other big cryptocurrency players. Bitcoin eclipsed the $13,000 mark in late June, only to dip a bit as June turned into July. Still though, it is up more than 100% since the start of 2019.
As a big advocate of using cryptocurrencies to play Mega Moolah and other online casino games, we think it might be valuable to introduce our readers to the top 10 cryptos closing out the month of June. Some of these cryptocurrencies are perfectly suitable for playing Mega Moolah online. Others are not.
This post will also briefly discuss stablecoins and why they are unlikely to ever be accepted by online casinos. Finally, we will touch on Bitcoin SV and its lack of adoption. So if you're ready, buckle up and prepare for the ride. It's going to be fun.
Top 10 cryptos by market cap
Market capitalization (market cap) is a measurement that accounts for the total value of a particular asset currently in circulation. When applied to cryptocurrencies, market cap includes all of the currently circulated coins - including those owned by miners and network maintainers.
The top 10 closing out the month of June are listed below. Actual market cap numbers are from a July 2 snapshot, but rest assured that none of the coins changed positions between June 30 and July 2.
Bitcoin maintains its dominance in just about every trading category. Its market capitalization now stands at USD $189.2 billion. The second-place cryptocurrency, Ethereum, doesn't even come close. At the time this post was written, Bitcoin was trading at $10,636.31 and showed a 24-hour volume of $30.8 billion.
For the record, part of what helps maintain Bitcoin's dominance is its place as the first-ever commercially viable cryptocurrency released to the public. Being first certainly has its advantages.
2. Ethereum (Ether)
As one of the few coins experts say has the potential to eventually compete with Bitcoin, Ethereum has a lot of followers. Its current market capitalization is $30.9 billion. Though only one-sixth of Bitcoin's market capitalization, it's still not bad. Ethereum's price and 24-hour volume stand right now at $289.56 and $10.6 billion respectively.
3. XRP (Ripple)
XRP takes the number three spot with a market cap of $17.05 billion. Its trading price is considerably lower, at just $0.40. However, it still enjoys impressive volume of $1.7 billion. XRP is a cryptocurrency developed by and for the Ripple payment network. It is considered more of a stablecoin used for a very specific purpose: facilitating payment settlements.
With a market capitalization of $7.48 billion, Litecoin comes in at the number four position. Litecoin is another cryptocurrency that experts see possibly contending with Bitcoin at some point down the road. If that is to be the case, Litecoin has to catch up on both price and volume. July 2 numbers show a trading price of $119.83 and a 24-hour volume of $5.05 billion.
5. Bitcoin Cash
As the first-ever fork of Bitcoin, Bitcoin Cash has a lot of similarities to its predecessor. As an investment, it doesn't enjoy nearly the same level of popularity. Its market capitalization currently stands at about $7.2 billion buttressed by a trading price of $402.87 and a 24-hour volume of $2.2 billion.
Next up is EOS, a cryptocurrency and digital coin that powers a computing platform by the same name. The computing platform is designed to be an entire operating system on which blockchain and smart contract applications can be built. Market capitalization for this crypto stands at just over $5.4 billion. Its trading price and 24-hour volume on July 2 were measured at $5.93 and $3.2 billion respectively.
7. Binance Coin
Binance Coin is the token created by, and distributed through, the Binance exchange. For the record, the exchange is one of the world's largest by volume. Its coin enjoys a market capitalization of $4.5 billion. At a price of $5.93, it is a pretty attractive digital asset for new investors. Its 24-hour volume is $350.4 million.
Tether doesn't show up on every crypto chart website due mainly to the fact that it is a controversial cryptocurrency that was, at least at one time, linked to the U.S. dollar. It is a crypto a lot of investors make a purposeful effort to avoid. Its market capitalization at the end of June was $3.6 billion. Its trading price was $1 while its 24-hour volume was $30.4 billion.
9. Bitcoin SV
Bitcoin SV's market capitalization stands at just $3.4 billion despite a moderate trading price of $194.04. There a lot of questions about this crypto, some of which we will get into momentarily. Its 24-hour volume on July 2 came in at $464.7 million.
Finally, we have Cardano, the namesake token of a blockchain company committed to developing financial applications for everyday use. Cardano was trading at $0.81 with a 24-hour volume of $179 million at the start of July. Its market capitalization was $2.1 billion.
Playing Mega Moolah with crypto
Now that you know June 2019's top 10 cryptocurrencies by market cap, the question is this: do you own any of them? If so, you might be able to use your holdings to play Mega Moolah online. All it takes is an online gambling site that both offers the Mega Moolah slot game and accepts cryptocurrency payments.
In our industry, we call casinos that accept crypto payments 'Bitcoin casinos'. Almost all of them accept Bitcoin, Ethereum, Litecoin, and Bitcoin Cash. Some also accept Tether and Monero. And while Monero did not make our top 10 list, it did come in number at 12 with a market cap of $1.4 billion.
The remaining five coins in our top 10 list are generally not accepted by Bitcoin casinos. Those coins are XRP, EOS, Binance Coin, Bitcoin SV, and Cardano. EOS, Binance Coin, and Cardano are probably excluded from the list now simply because they do not command a strong enough market share to warrant consideration. As for XRP and Bitcoin SV, they are not accepted for different reasons altogether.
XRP and casino gambling
No one from the online gambling community or Ripple have explained in detail why XRP is so unattractive as a crypto for playing online casino games. But it likely has something to do with XRP's status as a crypto. In the simplest possible terms, XRP is not a crypto intended to be purely a monetary system, like Bitcoin. Instead, it is a token capable of doing many different things.
XRP is technically designated as a 'joker' in that it can represent anything from money to a known commodity. For the purposes of facilitating monetary transactions, the XRP token acts as a stablecoin backed by the assets of the commercial banks who use it to settle global payments.
Stablecoins are generally avoided by online gambling operations because, by their very nature, they cannot guarantee privacy. Stablecoin transactions have to be traceable if the asset backing them is going to protect them from failure. But transaction tracing inhibits true privacy. Thus, stablecoins and online gambling are not a particularly good match. XRP certainly isn't a good match, given how easily accessible information is to commercial banks.
Bitcoin SV and casino gambling
The difficulties with Bitcoin SV run even deeper. The problem here is not related to privacy, global payments, or bank settlements. Rather, it is a matter of trust. Bitcoin SV does not enjoy wide adoption because too many investors and merchants do not trust the people behind it.
Bitcoin SV came about as a result of a hard Fork of the Bitcoin Cash blockchain. That fork created two camps, both of which proposed different directions for the new fork. The two camps could not reach an agreement. Thus, both Bitcoin SV and Bitcoin Cash ABC were born.
Bitcoin SV takes its name from the original creator of Bitcoin, a coder who went by the pseudonym Satoshi Nakamoto. The 'SV' stands for 'Satoshi's vision'. Bitcoin SV creator Craig Wright believed their fork was more true to the original intent of Bitcoin itself.
Unfortunately, Wright has done some things in recent years to create quite a bit of distrust. For example, he has claimed to be the legendary Satoshi Nakamoto. Whether or not that's true, Wright has also gotten himself in legal trouble. He is currently a defendant in a lawsuit in which he is been accused of trying to steal the coins and intellectual property of a late scientist he once worked with.
To wrap all of this up, June was a particularly good month for many of the cryptocurrencies in the top 100. It was especially good for those in the top 10. If you own any amount of cryptocurrency, note that some coins can be used at Bitcoin casinos to play Mega Moolah. If you do not own any of those coins, you can always convert what you do own into one of the coins your favorite casino accepts.
Byline: This article was published by Mega Moolah expert Henry. Media and other enquiries.
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