In this blog, we’ll be discussing all of the latest crypto news this week. From new projects to regulation changes, we’ll make sure you’re up-to-date on everything you need to know!
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Bitcoin Rises Above $11,000
Bitcoin surged past $11,000 on Wednesday, its highest level in more than a year, as investors growing increasingly bullish on the prospects for cryptocurrencies.
The price of Bitcoin has more than doubled since March, when it bottomed out at around $4,000 amid a broader sell-off in digital assets. But the recovery has picked up steam in recent weeks, propelled by a surge in interest from major institutional investors and corporations.
PayPal said this week that it would allow customers to buy, hold and sell Bitcoin and other digital currencies using its service. Square, the payments company run by the Twitter co-founder Jack Dorsey, has also been allowing some users to buy Bitcoin through its Cash app.
The rise in Bitcoin’s price has also coincided with a surge in so-called alternative coins, like Ethereum, Litecoin and XRP. These digital assets have all gained more than 150 percent this year.
Ethereum Classic Jumps 20%
Ethereum Classic (ETC) surged more than 20% this week after a major South Korean cryptocurrency exchange added support for the digital currency.
Upbit, one of the largest cryptocurrency exchanges in South Korea, announced on Tuesday that it would start trading Ethereum Classic on its platform. The move sent the price of Ethereum Classic soaring, with the digital currency rising from around $12 to a high of $15 over the course of a few hours.
The price of Ethereum Classic has since pulled back slightly, but remains up more than 17% from its Tuesday low.
Ethereum Classic is a fork of the Ethereum blockchain that launched in July 2016. The fork occurred after a major hack on the Ethereum network that resulted in the loss of around $50 million worth of Ethereum.
While most of the Ethereum community chose to move forward with an updated version of the blockchain that prevented thehack from being exploited again, a small group of users elected to keep using the old blockchain. This group became known as the Ethereum Classic community.
Bitcoin Cash Surges 30%
Bitcoin Cash surged 30% this week after a highly publicized hard fork split the cryptocurrency in two. The fork, which took place on November 15, resulted in the creation of two new cryptocurrencies: Bitcoin Cash ABC (BCHABC) and Bitcoin Cash SV (BCHSV).
The hard fork was the result of a years-long battle between two rival factions of the Bitcoin Cash community. The disagreement came to a head in November when the two sides could not agree on a proposed update to the Bitcoin Cash protocol.
As a result of the hard fork, both BCHABC and BCHSV have identical transaction histories up until the point of the fork. However, going forward, they will have different rules and protocols.
Bitcoin Cash ABC is being supported by several major exchanges and wallets, including Coinbase, while Bitcoin Cash SV is being supported by Craig Wright, the self-proclaimed inventor of Bitcoin.
Litecoin Loses 10%
This week, Litecoin lost 10% after failing to breakout of a key resistance level. The move came as a surprise to many analysts who were expecting Litecoin to continue its recent uptrend.
The sell-off may have been caused by technical factors, as Litecoin has now formed a bearish divergent pattern on its daily chart. This suggests that the recent rally may have been overextended and that a correction is now underway.
While the short-term outlook for Litecoin remains bearish, the long-term outlook remains bullish as the cryptocurrency is still in an uptrend. If Litecoin can hold above $50, it should be able to resume its upward trend.
Ripple Gains 5%
The price of Ripple’s XRP token rose nearly 5% this week, as the digital currency enjoyed a slight rebound after last week’s sharp sell-off. XRP is now trading at around $0.32, up from its weekly low of $0.30.
This week’s price move comes as the cryptocurrency market stabilizes after last week’s sudden sell-off. Bitcoin, the world’s largest digital currency, fell sharply last week but has since regained some ground and is now trading at around $11,200.
Ripple’s XRP has been one of the worst-performing major cryptocurrencies this year, losing more than 80% of its value since January. The digital currency peaked at around $3.30 in January but has since slumped on concerns about regulation and a lack of adoption by financial institutions.
Binance Coin Jumps 15%
This week, Binance Coin (BNB) surged more than 15% after the popular cryptocurrency exchange announced that it had launched a new fiat-to-crypto exchange. The new exchange, called “Binance Jersey,” will allow users to trade Euros and British pounds with Bitcoin (BTC) and Ethereum (ETH).
In other news, Bitcoin fell to its lowest level in 2018 this week, briefly dipping below $6,000 on some exchanges. The dip was fueled by a combination of regulatory uncertainty in the U.S. and selling pressure from whales who were looking to cash out of their positions before the end of the year.
Elsewhere, Ethereum’s co-founder Vitalik Buterin spoke out against centralization this week, saying that too much power is concentrated in the hands of a few people and institutions. He also said that he believes crypto needs to move away fromProof-of-Work (PoW) and towards Proof-of-Stake (PoS) in order to scale effectively.
Finally, South Korea’s largest cryptocurrency exchange Bithumb announced that it had been hacked this week, with hackers making off with over $30 million worth of Ethereum Classic (ETC). This is the second time Bithumb has been hacked in less than a year, raising concerns about the security of South Korean exchanges.
EOS Gains 7%
EOS is currently the fifth largest cryptocurrency by market cap, and it saw a 7% price increase this week. The coin is now trading at around $2.60, and it has a market cap of $2.37 billion. EOS has been one of the best-performing large-cap cryptocurrencies in 2019, gaining nearly 170% since the beginning of the year.
TRON Jumps 5%
This week, TRON (TRX) enjoyed a 5% jump after it was announced that the protocol would be added to Samsung’s new Galaxy S10 smartphone. The partnership with Samsung is big news for TRON, as it will help to increase the cryptocurrency’s adoption and visibility. In other news, TRON Foundation CEO Justin Sun revealed that the long-awaited mainnet launch of TRON’s BitTorrent token (BTT) is set for Q2 2019. Lastly, TRON announced a partnership with Tether (USDT), which will see USDT being launched on the TRON network.
Stellar Gains 3%
Altcoin Stellar (XLM) is up 3% this week, bucking the trend of most major cryptocurrencies which have been in the red. The digital asset is currently trading at around $0.08.
The news comes as a relief to investors in the digital currency, which has been one of the worst performers this year. Stellar is down over 50% since January, and was one of the hardest hit by the recent crypto market crash in November.
There are a number of possible explanations for Stellar’s recent price surge. One is that the altcoin is benefitting from a general recovery in the crypto market, which has seen prices rise across the board in recent weeks.
Another possibility is that Stellar is being boosted by positive developments with its underlying technology. Last week, it was announced that IBM was partnering with Stellar to launch a new cross-border payments system using the digital currency. This could be driving demand for XLM among investors who believe that the project has potential.
Whatever the reason for its recent price rise, it’s clear that Stellar is one of the cryptos to watch at the moment.
Cardano Gains 2%
Cardano prices have continued to move higher this week, rising nearly 2% since our last update. The altcoin is currently trading at around $0.73, up from $0.71 last week. Cardano’s recent price action has been positive, as the altcoin has now gained nearly 5% over the past two weeks.
Cardano’s positive price action this week comes as the altcoin continues to benefit from positive developments on the project’s roadmap. Earlier this week, Cardano announced that it had successfully executed a testnet transaction using its new Shelley code. This is a significant development, as it marks an important step towards Cardano’s goal of becoming a fully decentralized network.
In addition, Cardano’s team has also announced that they are working on a new smart contract platform called Alonzo Blue. This platform is expected to launch later this year and will give developers the ability to build and deploy decentralized applications on the Cardano network. With these positive developments, it appears that Cardano is well positioned for continued success in the months ahead.