$6,926 will fetch you one bitcoin at the time of writing — a new record for the cryptocurrency — up over 12% in the past day and closing in on $7,000.
The bitcoin price finally broke through the US$5,000 barrier once more after a month of uncertainty from China.
The recent surge is believed to be led by growing interest from Wall Street. It certainly shut-up JP Morgan chief Jamie Dimon. He stated, ‘I’m not going to talk about Bitcoin anymore’.
We’ll certainly miss his ignorant comments here at Money Morning. Perhaps it’ll even be a turning point. Maybe one day Jamie will be another one of the converted — a bitcoin believer.
Anyway, in more critical news surrounding bitcoin, a win for the people. A proposed hard fork in November that has divided the bitcoin community may not go ahead. One big miner, F2Pool is reportedly not supporting SegWit2X anymore.
An upgrade that could threaten to give a lot of power to a few mining pools. A move that would go against decentralisation. A core feature of bitcoin.
SegWit2X isn’t quite dead yet, but support is definitely waning. November is certainly going to be another busy month. For now though, bitcoin continues its 2017 boom story.
Meanwhile around the cypto markets:
Ethereum Price — $387.2: +0.4%
Ripple Price — $0.32: -0.5%
Litecoin Price — $75.8: +16.85%
Monacoin Price — $4.1: +138.64%
Ethereum gears up for major update
The Metropolis upgrade that is coming to ethereum is well on the way. Though it could be a bumpier process than first thought. The upgrade’s origins have been road mapped since 2015, so it isn’t unexpected.
Also, unlike bitcoin’s SegWit2X debacle, Metropolis hasn’t divided the community. The first part of Metropolis will provide several key updates, making the platform easier and faster to run, as well as faster transactions and improved security.
While the update is hotly anticipated, it could be heading for delays. A major party has yet to release the software ahead of the scheduled release. Which could desync the complicated upgrade process.
Hopefully just a minor blip in ethereum’s ongoing pursuit for scalability.
Ripple pairs back strong October start
Despite falling slightly as bitcoin stole the limelight overnight, ripple has had a good October. It recently signed its 100th member. Which comes as the company continues its expansion into Asia.
It’s resulted in a 30% gain since the start of October with the outlook looking promising.
All eyes will now be looking to ripple’s big conference ‘Swell’. Held in Toronto and running from 16–18 October, ripple has promised ‘a big announcement’. With Ben Bernanke and Tim Berners-Lee in attendance, it’s going to be a big source of crypto hype next week.
Litecoin price follows the leader
Litecoin has climbed higher alongside bitcoin as the coin also continues to gain ground.
The team behind litecoin is hiring as well. Its developers are working hard to make improvements happen quickly.
The lightning network and atomic swaps are the next big updates that are currently in the works. Lightning will improve overall network and transaction efficiency. While atomic swaps will allow direct currency swaps between tokens without the need for a market exchange.
Meaning that I could send litecoin directly to someone and they could receive bitcoin, or any other supported token.
Monacoin — Japans answer to dogecoin
If you’ve never heard of dogecoin, well, it’s basically a joke. And I mean that literally, it was named after an ongoing internet gag.
Well Japan obviously had to create its own dogecoin, which is monacoin. Both currencies enjoy a cult following but don’t really offer any intrinsic benefit over other cryptos.
That doesn’t mean they aren’t popular though. Monacoin is up a staggering 588% in the last week!
With that kind of return any monacoin holders are certainly laughing. Laughing all the way to the bank…
And while some cryptos may be a joke, others most definitely are not. So don’t miss out. Bitcoin still has a lot of growth left to give in our opinion. For more info check out our full bitcoin report for free.
Junior Analyst, Money Morning