Crypto Market Update Dec.26: Positive Week For Bitcoin & Altcoins Following Positive News
A positive crypto week: The markets had corrected nicely, as both the buyers’ trading volume is showing signs of a comeback.
The crypto market held steady and did not break the $ 100 billion market size and showed a 30% growth this week. However, this is not yet a change in the long-term trend.
Is it a new Altcoin season? Bitcoin leads the crypto market, but every time the coin rises, the Altcoins rise even more. This week felt like the beginning of a new Altcoin season. But not so fast: when the Bitcoin price dropped over the past two days, the altcoins suffered more.
Among the Altcoins, Bitcoin Cash had nice gains over the past week with a 50% increase against Bitcoin. The war against Bitcoin Cash SV is far from being decided.
Our next weekly update will be in the next year. The crypto markets end 2018 with a little hope and more significant hope for the coming 2019 year. The desire for a reversal:
Where will it come from? STOs, Stablecoins or as we noticed over the past week – Donald Trump and the economic instability?
The market cap is $128 billion, and the dominance has dropped to 51.7% in favor of Bitcoin (thanks to the rising altcoins).
Crypto News
Is the Federal Reserve interest rate hike cause the Bitcoin surge? Correlations between different markets were also believed to include crypto. Many now question whether or not the recent Federal Reserve interest rate growth is directly responsible for a Bitcoin surge that dominated the previous week.
Over 4,800 crypto pump-and-dump schemes recorded in the last 6 months. Cryptocurrency price manipulation is one of the tremendous problems of the crypto space, and it is believed to be one of the reasons why institutional investors choose to stay away. According to a recent study, around 4,818 schemes designed to change crypto prices artificially were recorded in only six months.
Phase 2 coverage of the Blockstream Satellite network goes live. The Blockstream Satellite network, which previously covered North and South America, Africa, and Europe has now expanded to add the Asia-Pacific region. Another announcement also revealed that the Blockstream Satellite API, a new broadcast service, will arrive in January 2019.
New clues suggest Tether’s claims of having full coverage of its coins might be true. One of the largest crypto-controversies of 2018 revolved around a stablecoin Tether (USDT), which was believed to be unable to back each of its coins with the appropriate amount of fiat. However, a recent bank statement shows a large amount of money on Tether’s account, suggesting that the initial rumors might be wrong.
Deposits for Bitcoin, XRP, and Ethereum now open on SBI Holdings’ VCTRADE. SBI Holdings-owned cryptocurrency exchange VCTRADE has recently announced that it will start accepting deposits for three cryptocurrencies — Bitcoin (BTC), XRP, and Ethereum (ETH). Additionally, the exchange plans also to allow Bitcoin Cash (BCH) deposits next, although the exact date was not specified.
The launch of Bakkt exchange might see yet another delay. Bakkt Bitcoin futures market was already supposed to arrive and mark the next step on the road to mainstream crypto adoption, but the project got postponed and scheduled for early 2019. Due to the lack of proper approvals from the US CFTC, however, it is possible that another delay may be announced in the following weeks.
Facebook creating its own cryptocurrency, designed to work with WhatsApp messaging service. The social media giant, Facebook, was believed to be interested in cryptocurrencies for months, and many speculated that the platform might develop its coin. New information has revealed that the company plans to develop a stable coin which will be used for sending money via its messaging service, WhatsApp.
Raiden Network’s “Red Eyes” entering of alpha testing phase followed by doubling of Ethereum’s value. During the last week’s crypto price surge, Ethereum managed to double its price as the crypto market itself regained $40 billion. The sudden growth of ETH value came just after Raiden Network announced that its Ethereum mainnet-hosted “Red Eyes” project is ready to enter the testing phase.
Chart Analysis
This week we have chart analysis of Bitcoin, Ethereum, Bitcoin Cash and Doge – Read more here.
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