Following Vault of Satoshi’s groundbreaking launch of trading with a host of new altcoins yesterday, DC Magnates took a look at some of the features and how trading is coming along in the first 24 hours.
Previously, Vault of Satoshi (VOS) allowed trading of Bitcoin, Litecoin and Peercoin with USD. Yesterday, Namecoin, Dogecoin, Primecoin, Feathercoin and Quarkcoin were added. These cryptocurrencies are in or near the top 10 in terms of market cap.
Although currently ranked 4th, Nextcoin (NXT) was not added. Unlike other altcoins, its code is said to be created from scratch and not based on Bitcoin’s. It is possible that its unique architecture poses technical limitations on its addition to VOS, although this remains to be confirmed. There had also been mounting pressure for NXT’s addition to Cryptsy but to no avail, despite Cryptsy’s inclusion of dozens of other more exotic cryptocoins.
In a move to cater toward their local Canadian clientele, the 2nd major development was VOS providing for trading straight from CAD without the need to first convert to USD.
Finally, coin-to-coin trading found on exchanges like Cryptsy is coming soon. This will bypass the need to convert to/from fiat and ease the account verification process for users not interested in transferring traditional currency.
Following is a summary of trading volume, as measured in dollars (both USD and CAD) over the past 24 hours. The dollar volume is approximated based on coin volume and its most recent price. The sum of CAD and USD is illustrative; a slightly more accurate figure is obtained after converting CAD to USD, a reduction of about 11%:
Some noteworthy statistics:
- 88% of trading was performed in USD, 12% in CAD
- Total trading volume, measured in dollars, was about $40k
- Bitcoin was the most traded crypto, combining for $19.4k, or 48% of the total dollar volume.
- In a not-too-distant 2nd was Dogecoin, combining for $14.1k, or 35% of the total volume. No other cryptos came remotely close.
- Litecoin was a distant 4th, posting just $2100 in total dollar volume.
- Quarkcoin combined for approx. $1250 in trading.
- Peercoin, Namecoin, Feathercoin and Primecoin saw no trading in CAD.
- Feathercoin had the lowest total volume: $84.
DOGE trading with BTC on Cryptsy was over 6x greater than LTC with BTC, remarkably close to the 5.4 ratio on VOS.