Weekly Round-Up and Cryptocurrency Markets Update
No consensus was reached last week towards Bitcoin scaling, in fact, the battle is getting protracted with each camp holding an entrenched status. Quite interestingly, Bitcoin price breached the $1200 line in midst of all the hostility and even went beyond $1300, however it has since reverted to the $1200s.
In a related development, Rhett Creighton, a Blockchain engineer and hacker who was with the Bitcoin Unlimited camp although left a couple of weeks ago has predicted neither Segwit nor Bitcoin Unlimited can activate. Creighton believes since Segwit needs 95 percent signalling to activate, which is impossible, whilst there is no way BU can obtain the super majority hash rate power to launch an attack on a minority chain to take over Bitcoin. In his opinion a split is imminent.
In an unexpected move, the National Bank of Cambodia has indicated it is working towards a blockchain payment system for its citizens in conjunction with the Japanese startup Soramitsu. The startup is in fact, a subsidiary of Linux Foundation’s open-source Hyperledger project.
The most heartwarming news for the week was the revelation by billionaire hedge fund investor Mike Novogratz, that 10 percent of his net worth is in Bitcoin and Ether. The Billionaire was quoted by CNN as saying investing in the digital space was the best investment of his life.
In other exciting news, Litecoin gave hope to the ecosystem when it reached a unanimous decision to activate Segwit soft fork. Charlie Lee wrote on Twitter that this has taken too long for his liking.
With a twitter announcement made on Tuesday, the Cryptocurrency Exchange, Poloniex gave an indication it is delisting 17 altcoins. Cryptos that were axed include Boolberry and Voxels among a dozen others.
Valery Vavilov, CEO of BitFury stated at the Russian Internet Forum in Moscow on Wednesday that more 100,000 properties in Georgia has been registered on the Blockchain. It will be recalled that in February, the government of Georgia signed an agreement with Bitfury to register properties on the Blockchain.
Markets Updates (As Of Sunday)
The third week of April saw some reshuffle on the top 10 of CoinMarketCap. As indicated earlier, Bitcoin has been able to withstand all the infighting and it is rising to the respect of analyst and community members. It closed the week at 22:00 GMT with a price of $1216.78. The market leader actually lost 0.44 percentage point.
Rising 2.16 percent at 2nd place, Ether was sold for $49.71. It was an improvement of last week’s $48.49 price score. Let’s see how it turns out for the king of Smart Contracts this week.
At the third place, Ripple went down by 0.79 percent selling at $0.031222. It was a departure from last week gains.
Meanwhile, Litecoin seems to be cashing in on its prudent decision to come to a compromise to activate Segregated Witness avoiding the needless antagonism that has saddled Bitcoin. At the end of the week, it was sold for $13.49 compared to last week’s $10.71. It also ended the epic battle that has been raging on with Dash by taking over number four from Dash.
Selling at $69.19 with a downward trend of 2.79 percent, Dash didn’t have a good week like the previous one. Its $75.23 price then has declined abysmally.
Occupying number six with style, Ethereum Classic had a wonderful week dislodging Monero and closing with a whopping 14.78 percent upward score. The $3.68 market price was an improve to write home about.
Monero after losing number six made a slight gain of 0.09 percent to be the 7th most valuable Cryptocurrency. The Exchanges listed its price at $19.98.
Number eight is being held by NEM which plummeted 0.14 with a $0.030872 price. It is a great improvement from last week, as it has doubled its price.
At the last but one on the top 10 is Augur. It managed a scanty gain of 0.93 and a price of $11.79.
Maidsafe was safe after bouncing back from number 11 to displace newcomer PIVX. Last week PIVX took the spot from the Scotish giant but it couldn’t stand the heat of the top. The market price was $0.232537 and it appreciated by 2.84 percent.
Gainers and Losers
Below top 10 to 20, Decred made a strong statement with a 20.32 upward adjustment. It is at number 11 and appears to be eyeing top 10 glory.
Waves deserves a mentioning since it also went up by 18.56 percent at number 17. PIVX went down 19.41 percent to be the biggest loser. Looks like its migration to a new wallet is upsetting its growth. Until next week, always read CCN for all your Fintech news.
Featured image from Shutterstock.
Chris Corey CMO Markethive Inc
Frisco d'Anconia on 24/04/2017