Over the weekend, crypto prices rallied, though are still well short of the recent all-time highs.
The total market cap of all cryptos according to coinmarketcap.com is currently US$123 million.
Just last month it was over US$170 million.
This volatility is nothing new to old crypto hands but will be a shock to any new entrants who came in on the recent wave of excitement.
The crucial thing for new investors to understand is that the technological development enabled by this breakthrough technology plods on regardless of the price volatility.
And some exciting breakthroughs happened just last week. I’ll get to these shortly…
But first, here’s the roundup listed in Australian dollars…
Bitcoin Price: $4,493, -1.591%
Ethereum Price: $314, +1.178%
Zcash Price: $220.50, +1.90%
MaidSafeCoin Price: $0.67, +0.49%
Dash Price: $374, +1.625%
Wall Street Divided On Bitcoin
In the wake of JPMorgan CEO Jamie Dimon’s comments that bitcoin was a ‘fraud’, it was surprising to see that his company was the 4th largest buyer of bitcoin in the days that followed.
I’ll leave the conspiracy theories to others on this one but it’s an interesting development for sure.
Others on Wall Street have been more positive of late.
Major Wall Street analyst Thomas Lee, the co-founder of Fundstrat Global Advisors, appeared on CNBC’s Fast Money and reaffirmed his short-term price target of $25,000, despite the nationwide ban on bitcoin exchanges issued by the Chinese government and its financial regulators.
In the upcoming months, as Lee explained, the growing demand from institutional investors and professional traders will only increase, potentially bringing bitcoin price to new highs.
Zcash (ZEC) Increases Speed, Reduces Effort
The Zcash Foundation announced that their update from ‘Sprout’ to ‘Sapling’ will dramatically improve the performance of the Zcash blockchain.
Zcash is a privacy-enabled cryptocurrency. But one of the drawbacks of the privacy process was slower speed to confirm transactions and increased computer memory requirements.
Now, they claim with some fancy maths that they can increase speed with a lot less memory.
Ethereum (ETH) Upgrade to Start Next Week
Ethereum (ETH) confirmed yesterday that the new upgrade will begin very soon.
This upgrade is crucial as it hopes to solve the scaling problems to help Ethereum fulfil its immense promise.
As co-founder Vitaluj Buterin previously explained:
‘The applications are there. See: UN world food program, identity, supply chain, prediction markets, decentralized Reddit/Twitter, mesh nets. All are on backburner now precisely because scalability is not there. I personally have cut down evangelism precisely because I see that the main bottleneck is now not interest, but tech.’
MaidSafe is the longest standing ‘crypto’ project out there. It even pre-dates bitcoin.
It’s been on the go since 2006 and, crucially, last week moved to the ‘Alpha Two’ phase of development.
The MaidSafe project is ambitious. They are trying to create the next version of the internet. A completely decentralised, secure and user-controlled system.
If they succeed, it could radically change the business models of behemoths like Google and Facebook that rely on owning our data which we provide for free.
The next 12 months will be crucial for this exciting crypto that is floating under the radar.
With interest growing around the world, there has never been a better time to learn more about the incredible potential of cryptocurrencies. But there are some very real risks for investors. Don’t invest until you’ve read Sam Volkering’s latest special report.