This week in Crypto – Jan 14th 2018

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Welcome to This Week in Crypto – Jan 14th 2018

Weekly summary

This week wasn’t a pretty week after our first week of rallying, with most coins dropping overall. The market cap dropped from last week’s all-time high of $835 billion down to $695 billion. Mainly on the (false) news of South Korea banning cryptocurrency trading.

Bitcoin: A depressing week, down from last week’s $16,275 to $13,518 (-16.94%)

BTC:USD for w/e 14th January 2018

BTC:USD for w/e 14th January 2018

Ethereum: Claimed back it’s number 2 spot with a further rally from $1,002 to $1,328 (+32.5%)

ETH:USD for w/e 14th January 2018

ETH:USD for w/e 14th January 2018

Ripple: Slipped down to number 3 with a huge sell-off this week down from $2.63 to $1.84 (-30%)

XRP:USD for w/e 14th January 2018

XRP:USD for w/e 14th January 2018

Bitcoin Cash: “BCASH” didn’t quite escape the sell-off either, down from $2580 to $2535 (-1.74%)

Cardano: Took a big hit like Ripple and was down from $1.01 to $0.76 (-24.75%)

Weekly stats

Market stats:

  • Total cryptocurrencies: 1,433
  • Market cap: $695,155,797,175
  • BTC dominance: 32.7%

Top 20 cryptocurrencies as by market cap:

Top 20 coins by market cap for w/e 14th January 2018

Top 20 coins by market cap for w/e 14th January 2018

Market cap changes by coin for the last week:

Cryptomap for w/e 14th January 2018

Cryptomap for w/e 14th January 2018

Weekly news

Cryptocurrency exchanges are struggling to take on new users, with some of the top exchanges actually suspending new user registrations temporarily – this is leading to users selling their accounts to others! Binance, the world’s largest cryptocurrency exchange (which was only in ICO mode 6 months ago!) announced record-breaking numbers of users registering – at one point, 240,000 new accounts in ONE HOUR.

Microsoft has announced it is accepting Bitcoin payments again after recently stopping them (after only starting them again a year ago). A glitch in the code used for Bitcoin merchant payments by Amazon-rival Overstock led to users being able to purchase goods with Bitcoin Cash instead of Bitcoin (a hefty 76% discount if you found that bug!)

Google News struggles to keep up with cryptocurrency news, Long Island Ice Tea Blockchain company completes ‘pivot’ and Kodak (yes, Kodak) is hopping on the blockchain too, who’s next, is Blockbuster coming back?

Goldman Sachs is the first of the big investment banks to cave to cryptocurrencies , (a week after JP Morgan’s Jamie Dimon regretted calling Bitcoin a “fraud”). Talking of investment banks, ex-hedge fund manager Mike Novogratz returns with the news he is going to setup a Cryptocurrency Merchant Bank of his own.

Meanwhile, the largest exchanges were on and offline all week as they scrambled to secure their massive crypto wallets against the new Meltdown and Spectre bugs currently haunting pretty much every CPU on the planet.

BitConnectX launched their ICO and casually increased the opening price of an already pricey $5 per token to an eye-watering $50 per token – did it make a difference? No – the first batch of 240,000 tokens sold out within 35 minutes of opening – this should be an interesting ICO to watch. Another mega-ICO coming up soon will be Telegram’s.

Finally, has the market realised Ripple is everything that cryptocurrencies were not meant to be? (Owned by a few large players, centralised). Not for the rapidly ailing company Moneygram it seems.

Weekly longreads

TenX, the payment coin did a talk at Amazon AWS on how they raised 80 million dollars in just 7 minutes. Slushpool posted a good read about the Bitcoin / Bitcoin Cash tug of hashpower war and are you one of the new Bitcoin millionaires yet? Well, don’t invest in SpaceKim if you want to be one.

Here, on CoinGuide we had our second week of bedding in and we updated our Crypto Project 2018, which is our investment of $2500 across 25 different cryptocurrencies.

Last but not least, on Saturday morning the Bitcoin difficulty changed:

Bitcoin mining difficulty

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We’ll be back next week with another update on Sunday, 21st January!