Welcome to our weekly review CryptoMonday! Week 44 of the calendar, we still had to recover from the shock of Bitcoin prices last week. At the end of last week, the price of the BTC had skyrocketed and temporarily increased by more than 40%. Due to this sharp increase in the price of Bitcoin, most Altcoins in the BTC trading group have been demolished. These include the Ripple Course, the IOTA Course and the Ethereum Course. The winners of Altcoin were all Chinese projects with the NEO course at the top. In addition, the prophecy of the "time traveler" until a few days ago retained a lot of it. But more on that later.
Currently, the price of bitcoin exceeds the $ 9,000 mark and can remain at this level until now. The interest seems to be compared to last week, focusing on some Altcoins and not just because of the courses. Among others Litecoin, Ripple with XRP, IOTA and Bitcoin Cash. But it's not just positive news.
However, if you are mainly interested in the different courses and want to be more involved in technical analysis (graphical analysis), you should not miss our usual TA-Tuesday. This week we talked about the Bitcoin Death Cross course, the 100% NEO course upgrade, the IOTA course and the XRP course. To get an idea of the current market, we need to take a look at our technical assistance analyzes.
You want to buy bitcoins, but you do not know where? Choosing the right provider is not always easy. Therefore, we strongly recommend that you take the time to look at our comparison of Bitcoin brokers and exchanges. Several vendors are often needed to cover all cryptos. See for yourself: read the Bitcoin Broker and Stock Market Comparator now.
Of course, there has been a lot more news and articles from us this week. Consult yourself in our news section. The most important articles of the week that we have summarized briefly below for you. On our Youtube channel, you will find not only our regular weekly magazine with Mirco, but also interesting formats with our Blockchain developers.
Weekly review on our Youtube channel
On our Youtube channel, Mirco guides you regularly throughout the week, explaining certain connections and providing important information. This week, we have to wait a little longer for Mirco's detailed weekly magazine. But he has already summarized the first half of the week and of course, we do not want to deprive you of it. Subscribe today to our channel to not miss anything!
But now, we are addressing the most important events this week. Have fun with our weekly magazine CryptoMonday!
Then tell us what are the most exciting or significant events for you this week and discuss it with your community on Telegram.
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After the Chinese media announced that Chinese President Xi Jinping had once again expressed a positive response to the use of Blockchain during a session on "The Development and Trends of Blockchain Technology", the BTC rate has not stopped in the meantime. up to 42% height. This was the fourth most important addition to Bitcoin's history for more than 10 years and one of the reasons for the record increase in Bitcoin.
Although this news is very positive for the blockchain industry as a whole, Xi Jinping did not say much about bitcoin or other crypto-currencies in general. As a result, the sharp rise in bitcoin prices and that of almost all Chinese projects have been somewhat unexpected. Here you will find more details about the blockchain's alignment in China.
There were also rumors that China is about to create its own cryptocurrency. China intends to launch the first fully digital currency in the world called Electronic Payment in Chinese Digital Currency (= DCEP). This relies mainly on the guidance of the Chinese central bank, which has long advocated for an introduction.
An anonymous user on 4Chan caused a sensation with his prediction earlier this year. Not only did he predict the end of the bear market, but he also reached the Bitcoin price for April and July almost exactly. This precision was hard to believe and she even went so far that many speculated that the user was not just a time traveler. Even after Edword Snowden posted the image of this prediction on Twitter, speculation was hard to remember.
After all the euphoria of the last few weeks, we have now arrived in the valley of disillusionment. The last October forecast of this user for a BTC rate of $ 16,000 has not arrived. Of course, this does not mean that we will never reach this Bitcoin price. It just shows us that no one can predict the future. Click here for more details on the Bitcoin price forecast that failed.
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Litecoin in the end? Hatchery drops 60% – no interest from minors
Litecoin (LTC) does not look so good compared to BTC. The sinking of the hips is particularly worrying. LTC Hashrate has fallen 60% in the last 3 months. Although Litecoin's price also fell sharply, we had this level of hash for the last time, when Litecoin was around $ 35. Of course, the latest Litecoin Halving plays a crucial role, with block rewards halved. Similar to Bitcoin Halve in May 2020.
Apparently, however, interest in Litecoin has fallen sharply. Even Charlie Lee, the founder of Litecoin, admitted in an interview that the interest of developers to participate in the main code of LTC leaves much to be desired. Litecoin seems to be the testing ground for Bitcoin. To learn more about burglary with hash in 60% of long term care, click here.
Bitcoin Cash (BCH) has lost weight again this week. Last weekend, there was no block at the BCH more than three hours. It's not extraordinary at first, but rather rare. In addition, there can be many different reasons. However, if this occurs more frequently and does not stabilize, there may be another reason for the blocks to fail. That's exactly what happens with Bitcoin Cash. Bitcoin miners (BTC) are apparently taking advantage of Bitcoin Cash's (BCH's) low potential to quickly find blocks and take advantage of BCH's rewards.
The BTC miners use the DAA algorithm, which is responsible for adjusting the difficulty, to quickly transfer their hashrates to the Bitcoin cash network and thus accumulate many rewards in BCH in a very short time. In the long run, this will cause considerable damage to the network as "honest" miners will not be able to get any reward and will not be able to cover their costs. However, the Bitcoin spot price has not been affected. You will find all important information about this in this article.
The ripple course has been catching up in recent days and has even managed to win something. This slightly positive effect could continue to increase in the near future due to the "swelling effect". But what exactly is the swelling effect and why could it cause an explosion in XRP prices?
Since 2017, Ripple Labs has been organizing the "Swell Annual Conference", which brings together personalities from the finance, technology and payments sectors. With a lot of movement on the XRP track in the past, many Ripple fans are hoping for similar developments this year.
Ripple Labs uses the Swell conference to highlight the value of the XRP digital asset and promote the mass adoption of its RippleNet and On-Demand Liquidity (formerly known as xRapid) products. This positive news has often raised the price of the XRP share in the weeks leading up to the event. For more information, see this article.
IOTA is apparently hard to stop. Every week, new partnerships come to my mind, some of them in themselves. With Dell Technologies and Linux Foundation, IOTA aims to strengthen and automate the validity of trust in data accuracy between different systems. This is an important part of ensuring seamless machine-to-machine communication. A new milestone for IOTA in the industry.
The joint project "Alvarium" will aim to guarantee and automate the validity of the data exchanged between the systems. All information on partnerships and the project is available here.
Bitcoin and Ethereum are now part of Crypto-Space. Both fulfill different tasks and therefore have other cases of use. In a podcast, Eric Voorhees, CEO of ShapeShift and former Bitcoin Maximalist, commented on the relationship between BTC and ETH. The financial system is rewritten in his opinion in decentralized protocols and Bitcoin is the most important of them.
Ethereum is for him "fascinating and incredible" and a great success. Smart contracts and other attributes of the network fundamentally differentiate Ethereum from Bitcoin. Voorhees considers the two projects not as a competitor, but in symbiosis units. He literally describes it as follows: "Bitcoin is stronger because Ethereum exists and Ethereum is stronger because Bitcoin exists."
The Bitcoin course still has high potential
Bitcoin remains the most popular cryptocurrency on the market. With the approach of halving BTC and the resulting scarcity, Bitcoin offers tremendous potential for a potential price increase for BTC. In addition, fires worldwide and the devaluation of some national currencies could lead to more and more people in the Bitcoin payment network.
All panels are currently green and the interest of businesses and institutions continues to grow. If you also believe in the future of Bitcoin and Blockchain and want to not only learn more about it, but also participate in the possible success, you can start for free directly from the award-winning Plus500 broker. Register today without obligation!
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