What a week! Bitcoin was down by 3% and Ether dropped 12% compared to last week but it doesn't describe the swing during the week. Ether price dropped to as low as $210 for two days in a row, shot up to $320 within two days, before dropping back down to around $265 to end the week. Similar thing happened to Bitcoin but with less volatility.
The price swing we experienced this week really reminds us that crypto is a VERY volatile asset class and is not for the faint of heart. It is important to focus on the fundamentals when it was all gloom and doom. Here is a famous quote from Warren Buffet I'm sure you have heard of: "Be fearful when others are greedy and be greedy when others are fearful".
Winner of the week – Gnosis (GNO) (+43% during last 7 days)
- Didn’t seem to have any particular catalyst for the run-up.
Loser of the week – Numeraire (NMR) (-40% during last 7 days)
- NMR was newly listed on exchanges. There was a lot of hype because it didn’t go through the traditional ICO route for generating the tokens.
- NMR was highly volatile and actually went up to as high as $150 mid-week before settling down to $54.
Developments in the Cryptocurrency World
World Economic Forum published a whitepaper on “Realizing the Potential of Blockchain”: http://www3.weforum.org/docs/WEF_Realizing_Potential_Blockchain.pdf
Nvidia to launch graphics cards specifically designed for digital currency mining: http://www.cnbc.com/2017/06/27/nvidia-to-launch-graphics-cards-specifically-designed-for-digital-currency-mining.html
Blockchain set to disrupt aviation within 2 years claims Accenture: http://www.cnbc.com/2017/06/27/blockchain-set-to-disrupt-aviation-within-2-years-claims-accenture.html
An easy to read article on scaling Ethereum: https://medium.com/@FEhrsam/scaling-ethereum-to-billions-of-users-f37d9f487db1
A slideshow explaining Ethereum’s transition to PoS: https://docs.google.com/presentation/d/1MTb9myfNIQzjMs6QdW2NrtmtzeCexEAiLUpLJZJRKoU/edit#slide=id.g1e592fa671_0_4
Vitalik on Ether inflation going forward: https://twitter.com/VitalikButerin/status/879858608091144193