Bitcoin, the largest cryptocurrency by market cap, has shot up to $6,500. This past week has been an up-and-down journey for the cryptocurrency, with price swings from $6,400 all the way down to $6,090, but for the time being, bitcoin appears to be exhibiting bullish activity and expanding its horizons.
Some of bitcoin’s biggest advocates are also ones that recognize its setbacks. Ran Neu-Ner – host of CNBC’s “Crypto-Trader” – recently commented:
“We are dealing with a very young but promising technology. However, bitcoin and other cryptocurrencies aren’t for anyone looking to make a quick buck and drive a Lamborghini out of the showroom… once you understand the beauty of an asset that can be transferred peer-to-peer without any friction and the ability to create smart contracts, then you have probably gone through cryptocurrency 101.”
At press time, the second-largest cryptocurrency by market cap and the number one competitor to bitcoin is trading for $305. That’s about $15 higher than where it stood yesterday, and another positive sign that the market may be recovering.
Vitalik Buterin – Ethereum’s co-founder – recently hosted a small and private event in San Francisco. He mentioned that he got an email from Google that sounded like a potential job offer, though it later turned out to be for an internship. Buterin commented:
“I hope we all realize that this was a joke. Some random HR person from Google emailed me, most likely because some machine-learning algorithm emailed me; most likely because some machine-learning algorithm analyzed my GitHub and saw that I had some high score in the international Olympiad. Apparently, I fit the blueprints as a great candidate to hire at an intern salary.”
Ripple is presently trading for about 32 cents, which is about two cents higher than where it stood yesterday afternoon.
Recently, executives for the third-largest cryptocurrency stated they are seeking entry to China to expand Ripple’s cross-border payments system.
Jeremy Light – vice-president of European Union accounts at Ripple – stated, “China is definitely of interest. It is definitely a target.”
Bitcoin Cash (BCH)
Bitcoin cash is currently trading for $562.
UK-based cryptocurrency exchange Crypto Facilities has added bitcoin cash futures trading to its platform due to increasing demand. Executives expect trading to be as successful as the futures trading of bitcoin, Ethereum and Litecoin. They also say the company has experienced its highest ratio of growth over the past year.
At press time, Litecoin appears to be in the worst shape, as it is trading for roughly $59.
However, one source suggests that the currency could swing up by as much as 200 percent; that Litecoin is showing some of the technical indicators it was exhibiting at the end of 2017, when it swung from the $90 range past $300.