The altcoin season continued the past week. With the rally of altcoins, Bitcoin dominance is now near all-time low at 35%.
Altcoins took a breather when Bitcoin surged from $15,000 to $17,000 but continued the rally afterwards. Bitcoin rose 19% to around $16,500 and Ether broke $1,000 and settled at around $1,060, or an increase of 44%, to end the week.
We believe much of the rally is from fund inflow of newer crypto investors. The picture below shows that coins with a lower price performed better than coins with a higher denomination in price.
This is an obvious sign that the newcomers are buying up coins that they perceive to be “cheap” but in reality, the price of a coin has no bearing to the valuation – market cap should be the metric to look for.
Source: Multicoin (https://twitter.com/KyleSamani/status/949108948057100288)
This trend to find the next big thing is worrying but like we said before, it is hard to call the top. Just know that the current rally is not sustainable.
NYSE Files to List Leveraged Bitcoin ETFs: https://www.cnbc.com/2018/01/06/nyse-asks-regulators-for-permission-to-list-bitcoin-futures-etfs-.html
IP Addresses for Verge Transactions Exposed: http://xvg.keff.org/
Facebook CEO, Mark Zuckerberg, says that he will look into integrating cryptocurrencies into Facebook services: https://www.facebook.com/zuck/posts/10104380170714571
Maduro says Venezuela will issue $5.9 billion in oil-backed cryptocurrency: https://www.reuters.com/article/us-venezuela-economy/maduro-says-venezuela-will-issue-5-9-billion-in-oil-backed-cryptocurrency-idUSKBN1EV02S
Ex-Iced Tea Maker Long Blockchain Is Buying Bitcoin Miners Now: https://www.coindesk.com/long-blockchain-to-enter-bitcoin-mining-after-crypto-pivot-claim/
Ripple Founder Becomes One of the Richest Person from Rising XRP: https://www.forbes.com/sites/laurashin/2018/01/02/meet-the-crypto-billionaires-getting-rich-from-ripples-xrp/
RSK Mines Its Genesis Block – Bitcoin Now Has an Ethereum-Like Smart Contracts Platform: https://news.bitcoin.com/rsk-mines-genesis-block-bitcoin-ethereum-like-smart-contract-platform/
Texas Regulator Orders Bitconnect to Cease and Desist Marketing ‘Securities’: https://cointelegraph.com/news/texas-regulator-orders-bitconnect-to-cease-and-desist-marketing-securities
Dutch Researchers Are Mining Cryptocurrencies With Body Heat: https://news.bitcoin.com/these-dutch-researchers-are-mining-cryptocurrencies-with-body-heat/
Articles From Crush Crypto
Analysis of Bluzelle ICO: https://crushcrypto.com/analysis-of-bluzelle/
Crush Crypto Core December 2017 Report: https://crushcrypto.com/ccc-december-2017/
Analysis of CoinFi ICO: https://crushcrypto.com/analysis-of-coinfi/
* The information contained in this article is for education purpose only and not financial advice. Do your own research before making any investment decisions.