THE WEEK IN CRYPTOCURRENCY
Crypto Twitter has spoken: “Altseason is upon us”, “PUMP IT”, “Prepare for 10x gains in the next few months”, “Yeeeeeeehaw!”, “Not enough BTC to buy alts, FSM help meh”, “let the journey commence. $50k end-of-year target” are just a few of the reactions over the past week that have flooded the twittersphere. For the seasoned trader (note: very few of us) the first three months of 2018 presented itself with many opportunities to buy cryptocurrency at rock bottom prices.
Did you buy ETH at under $500?? Did you buy BTC at $6000? Did you buy LTC at sub $100? If you did then expect to see those 1-10x this year cause you have a great entry price! If you are not a seasoned trader then fear not, this will not be the last Altseason we see. But it’s a great chance for you to get an understanding of market trends, personal patience and planning.
Last week we started to see a very strong uptrend among the top 5 coins by market cap, and this week only confirms the bears are dead and burried (for now). Notice EOS drop kicking LTC outta the top 5 and we finally returned to a $400b total market cap (albeit short). Give yourselves a pat on the back.
The overall cryptocurrency marketcap grew a crisp 18% in the past week bringing the overall cryptocurrency marketcap to $394bln. It’s another weekly gain and although today we have seen the bears poke their heads out of their caves the uptrend seems to be gaining momentum which is being shared across the altcoin market.
Bitcoin: We were on that upward roller coaster for nearly two weeks people, it was going to level out at some point. The brakes were applied yesterday as BTC fell to $8800 posting a 13% gain in the past week. Add to Bitcoins rally the fact that many altcoins are also seeing massive price moves and you can understand why the bull may be back. And now a Public Service Announcement from The Citadel: Bitcoin Cash (BCH) IS NOT Bitcoin (BTC). Do not be fooled and beware when you visit Bitcoin.com
Ehtereum: No sruprise to see ETH following the Bitcoin trend over the past week. Most of us were in shock to see ETH drop to $366 USD and promptly filled up our bags. Week to week ETH has shown strong growth of 23% in the past week settling at $622 as of this post. It;’s not all good news though (this is crypto after all). News is spreading that there could be a potential hard fork of the Ethereum blockchain in order to appease a company that was hacked. More on that below.
Litecoin: Why are we still talking about LTC if it fell out of the top 5? Let’s consider the crypto that replaced it: XRP is centralized, EOS has no mainnet and BCH is an altcoin with some questionable marketing and tactics. LTC does not share these pitfalls. That being said LTC posted a respectable 12% gain over the past seven days settling at $144 as of this post. Again we here at Crypto is Coming hope you bought that dip (#BTFD). Good signs for the the Silver to Bitcoins Gold.
What’s new at Crypto is Coming
Bittrex is back in the game again! Bittrex is one of the most trusted cryptocurrency exchanges out there and recently underwent a lovely makeover and opened up registration! Great news from a secure and popular crypto exchange.
If you follow blockchain and cryptocurrency you know that the key word for this revolution is Decentralization. In fact we have covered it extensively here at Crypto is Coming. We take a deeper look into whether Bitcoin, the mac daddy of ’em all, is truly decentralized.
Like most large scale crypto projects the question of scaling is a fundamental part of the success of a project. The cryptokittie phenomenon laid bare that Ethereum is not immune to the scaling debate. We take a look at The Go Network which aims to solve the huge problem of scaling in the Ethereum network.
Blockchain technology holds a great amount of promise for many industries: Shipping, Identity verification, Smart Contracts, and more than I could possibly list. But what about Elections? Such an important aspect of our lives and yet we still use paper ballots and hand counting systems. We look at how Horizon State means to overhaul and secure voting platforms.
Can Crypto break the banks? The real power of cryptocurrency is the ability to disrupt the traditional banking system and in this piece Conor explores how exactly crypto will disrupt the long lasting banking system.
Cryptocurrency news from around the internet
If you use Binance then you have probably noticed the annoying tendency of having small amounts of crypto in your wallet AFTER you place a sell order for your entire . People refer to this as dust and it’s incredibly annoying. Binance Finally did something about it by allowing you to convert that small amount of crypto to BNB. I’d still prefer it they let me sell ALL MY COINS.
Nasdaq Considering Adding Cryptocurrencies!!! We have come a long way haven’t we?
: Pornhub now accepts Verge (XVG) as payment! Users can pay for any Pornhub features, including a Premium subscription, using Verge cryptocurrency. Adoption, right?!
Ethereum Wunderkid Vitalik Buterin proposes a limiting the maximum supply of eEhereum. What you didn’t know that ETH had an unlimited supply? This is important news as it could drastically affect the price of ETH as it could be viewed as a store of value.
Amazon Web Service is getting into the blockchain game. Amazon introduced AWS Blockchain Templates providing it’s users an easy way of create and deploy blockchain networks. This is pretty big news people.
Speaking of Amazon we recently found out that and used to reroute web traffic for two hours unnoticed. What does this mean exactly? If you can hijack DNS you can get a fake certificate, make someone’s Android phone think you are really WalletAppBackend.com, decrypt and proxy all the traffic, while savin the juicy bits, and do whateeeeeeeeeeeeeeever you want with keys, passwords, etc. from there. SCARY RIGHT?!
As a result of the above we also found out that hackers emptied Ethereum wallets by breaking the basic infrastructure of the internet (DNS). In terms of stolen crypto this was small by many standards – only $13,000 was stolen. But the fact that someone can literally hack the internet and do something like this is very worrying.
We hope you enjoyed this weeks The Raven’s Dispatch! Don’t forget to sign up for our newsletter so you can receive notifications via email that a new Dispatch was released!
All the best,
The Crypto is Coming crew
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