Welcome to The Week in Crypto – Apr 8th 2018
Are we there yet? (the bottom, that is) – who knows. A few people are pointing at recovery signs and the bottom coinciding with Americans selling off crypto to pay their tax bills (due April 15th folks!) – Either way, the market made a slight recovery this week.
Overall, the cryptocurrency market moved up from $258 billion to $266 billion.
Bitcoin: A modest increase this week, about the same average growth as the entire market a move up from $6,920 to $7,061 (+2.03%)
Ethereum: Increased its’ price more than double the market growth this week and moved up from $383 to $399 (+4.17%)
Ripple: The only one of the Top 5 coins not to make any recovery this week, it feel from $0.50 to $0.49 (-2.0%)
Bitcoin Cash: Nearly stagnant this week, with an overall growth from $653 to $656 (+0.46%)
Litecoin: About average for Litecoin, as it mirrored the entire cryptocurrency market growth from $115 to $118 (+2.61%)
- Total cryptocurrencies: 1,560
- Market cap: $266,236,425,787
- BTC dominance: 45.0%
Top 20 cryptocurrencies as by market cap:
Market cap changes by coin for the last week:
This week hasn’t been as brutal for Bitcoin and the rest of the cryptocurrency market – but that isn’t to say that drama still isn’t afoot. The ever-so-slightly-biased @Bitcoin account on Twitter has been suspended again – prompting people citing “free speech doesn’t exist” anymore – again, it is down to the rivalry between Bitcoin and Bitcoin Cash supporters. For many years the @Bitcoin account was dormant, but a few months ago it sprung into life claiming that Bitcoin Cash is the real Bitcoin, ever since it has caused an argument with every tweet.
Back in the markets, Bitcoin and Ethereum are starting to make a small, but modest recovery. Coinbase has announced it will support future Bitcoin forks (the withdrawal of extra coins that is, not the trading of them), George Soros, who called Bitcoin a bubble earlier this year has now done a U-turn and decided his Fund Management company will start trading cryptocurrencies (not suspicious this is announced now the price has nearly bottomed, no, not at all…) Talking of Coinbase again, it also announced this week that it is starting a venture fund to support young crypto startups. Meanwhile, Forbes is still pumping out click-bait articles like ‘Where’s Bitcoin Price Heading Next? — $1K or $30k‘ with little to no context on why it’d reach either price.
Japan’s recently-hacked exchange Coincheck has been bought out by Monex for $33.5 million. The Monero hard-fork is underway to stop the people at Bitmain creating useful ASIC mining rigs. Talking of forks – Bitcoin Cash is due to have its first fork in May.
Also in the news, Google has a crackdown in the Chrome app extensions store – banning all extensions that use your computer to mine cryptocurrencies, the SEC have charged the Floyd Mayweather-backed ICO with fraud (he wasn’t named in the indictment though, but perhaps it is a warning to other celebs in future ICO promotions). Twitter’s CEO Jack Dorsey reckons Bitcoin will be the world’s leading currency in 10 years.
Finally, in what some would say was a late April Fools’ – Pablo Escobar’s Brother releases information on the Dietbitcoin (DDX) cryptocurrency ICO (!?) – invest at your own risk!
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We’ll be back next week with another update on Sunday, 15th April.