Welcome to The Week in Crypto – Feb 11th 2018
If you have been following the mainstream media this week, you’d be convinced that Bitcoin and the cryptocurrency market had died – the real death this week was Wall Street having over $3 trillion USD wiped off the stock markets in just 72 hours! Bitcoin got some mixed signals this week, and we returned to a low ($5850) not seen since mid-November 2017 – if you still do not hold any Bitcoin you just missed a great entry point!
Overall, the cryptocurrency market recovered from the week before from $385 billion to $410 billion.
Bitcoin: A lot of movement this week – but in the end, settled slightly up from $8,031 to $8,383 (+4.3%)
Ethereum: Despite the Tuesday fall-out, Ethereum recovered with a slight gain from $805 to $840 (+4.3%)
Ripple: Out of the top 10 cryptocurrencies – Ripple had the best gain, moving from $0.80 to $1.03 (+28.7%)
Bitcoin Cash: A healthy recovery from last week, finishing up from $1101 to $1261 (+14.5%)
Cardano: Only a slight increase from the week before, with a tiny increase from $0.37 to $0.38 (+2.7%)
- Total cryptocurrencies: 1,523
- Market cap: $410,576,173,896
- BTC dominance: 34.4%
Top 20 cryptocurrencies as by market cap:
Market cap changes by coin for the last week:
Short news this week as we’ve been busily working on our new-to-launch ICO section of the site, coming very soon!
Still, it was quite a week – A massive crypto sell-off, another exchange got hacked, another one went down (and everyone thought it had been hacked, but it hadn’t). Another lending platform folded, one exit-scammed before it had even started and Facebook are still unable to stop ICO ads on their own platform!
That’s the bad news out of the way..
Mike Novogratz is back in the news, raising $250 million for a crypto-merchant bank. In the US, the state of Arizona may start allowing people to pay taxes via Bitcoin (why wouldn’t you just hold though?). Sticking with the US, a congressional candidate has actually been receiving Bitcoin donations for his campaign and at the Senate cryptocurrency hearing, the SEC were cautiously optimistic about virtual currencies.
Finally, the Bitcoin mining difficult increased again! Even the Russian scientists will find it harder!
A great article on startup Robinhood and how they plan to bring the buying of cryptocurrencies into the mainstream (Coinbase does need a good competitor after all).
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We’ll be back next week with another update on Sunday, 18th February!