Markets Update: Bitcoin Bull-Run Primes Altcoin Markets for New USD Highs

With bitcoin currently consolidating above $8000 USD after establishing an all-time high of nearly $8400 USD, some liquidity has shifted towards the altcoin markets. This has resulted in several major altcoins setting record dollar-value highs despite holding relatively modest prices when paired with bitcoin. Today, Ethereum set a new all-time high of approximately $420 USD, with prices surpassing $400 USD. Dash and Monero also set a new all-time high today, with Dash testing $600 USD for the first time before retracing to approximately $570 USD, and XMR currently trading for approximately $170 USD.

Also Read: Bitcoin Skeptics Just Too Old to Get Digital World, Says Hedge Fund Mogul Novogratz

Bitcoin Steadies After Dramatic Month

Markets Update: Bitcoin Bull-Run Primes Altcoin Markets for New USD HighsAs of this writing, the price of a single bitcoin is approximately $8130 USD, following the establishment of a new all-time high of roughly $8380 USD earlier this week. The total market capitalization of bitcoin is over $136 billion USD, with 24-hour trading volume exceeding $4 billion USD.

Bitcoin experienced a dramatic November, with the markets falling by roughly 28% after setting the preceding high of $7890 USD at the beginning of the month. The dip comprised the largest red weekly candle in bitcoin’s history. However, after making a low of approximately $5450 USD, bitcoin quickly recovered to break above $8000 USD and produce its largest ever green weekly candle.

Markets Update: Bitcoin Bull-Run Primes Altcoin Markets for New USD Highs

With Bitcoin’s price movements calming in recent days, some liquidity has shifted into the altcoin markets – triggering the establishment of new all-time dollar highs in several major markets. Bitcoin’s market dominance is currently 53.1% – down approximately 5% from one week ago.

Markets Update: Bitcoin Bull-Run Primes Altcoin Markets for New USD Highs

Ethereum, Dash, and XMR Set New All-Time Highs

Ethereum gained approximately 13% to establish a new record dollar high today. The total market cap of Ethereum now exceeds $40 billion USD, with ETH currently trading at approximately $420 USD – up more than 30% since the start of the month. Earlier this week, Ethereum published the initial version of its Casper protocol update, which was first presented at Devcon3 earlier this month.

Markets Update: Bitcoin Bull-Run Primes Altcoin Markets for New USD Highs

Dash set a new record high today, currently trading at roughly $570 USD after testing $600 for the first time. Dash has rallied since breaking its preceding all-time high of approximately $400 USD on the 12th of November, after the release of Dash Core version 12.2 four days prior. Dash now has the fifth largest market capitalization with nearly $4.4 billion USD.

Monero also established a new all-time high today, with XMR currently trading at nearly $170. Monero is currently the 7th largest crypto market with a total capitalization of over $2.5 billion.

Markets Update: Bitcoin Bull-Run Primes Altcoin Markets for New USD Highs

 

Many Altcoin Markets Have Produced Significant Gains

Bitcoin Cash made gains of over 20% today, with BCH currently trading for $1550. The move comes after several days of consolidation between approximately $900 – $1300, which followed a more than 60% retrace from BCH’s all-time high of nearly $3000 USD earlier this month. Bitcoin Cash currently boasts the third largest cryptocurrency total capitalization with $26.5 billion USD.

Dogecoin was among the top performing markets today, gaining approximately 40% to trade at over $0.0021 USD. As of this writing, Dogecoin’s total market capitalization is $235 million USD.

Markets Update: Bitcoin Bull-Run Primes Altcoin Markets for New USD Highs

Zcash performed well during November and is currently trading at approximately $320 after increasing by over 50% this month. Grayscale Investments announced the launch of its Zcash Investment Trust towards the start of November which, following Edward Snowden’s recent praise of Zcash, has likely contributed to the bullish sentiment. Zcash is 15th largest cryptocurrency market with a total capitalization of almost $880,000. Litecoin also performed well this month, gaining by approximately 25% to trade at around $75 USD. Litecoin’s $4.1 billion USD market cap makes it the 6th largest cryptocurrency by total capitalization.

The High Dollar Value of Altcoins Can Be Attributed to Bitcoin’s Recent Bull-Trend

Markets Update: Bitcoin Bull-Run Primes Altcoin Markets for New USD HighsDespite several major cryptocurrencies establishing new record highs against the dollar, the majority of altcoins have experienced sustained downtrends since midway through 2017 when paired against bitcoin. Although many altcoin/bitcoin markets have seen significant price increases in recent days, whether or not the altcoin markets can sustain dollar gains independent of a rising bitcoin remains to be seen, with some analysts speculating that the recent Tether hack may have contributed to the recent rise in altcoin prices, arguing that traders may have been purchasing cryptocurrencies to reduce USDT exposure.

Do you think the altcoin markets are heating up for another boom, or will the current momentum quickly fizzle out? Share your thoughts in the comments section below!


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5 Tips For New Bitcoin Investors

Bitcoin is an exciting world to be in, but it is one that is complex and confusing if you only enter it on hype. Many people buy expensive cars, not knowing how the engine works, and that is fine because if it breaks there are mechanics and garages. In the cryptocurrency world, it is you against the world, ...

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Man buys coffee with Bitcoin in 2017

Welcome to /r/btc! Home of free and open bitcoin discussion, bitcoin news, and exclusive AMA (Ask Me Anything) interviews from top bitcoin industry leaders! Bitcoin is the currency of the Internet. A distributed, worldwide, decentralized digital money. Unlike traditional currencies such as dollars, bitcoins ...

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Experty Announces Its Plans to Use Proof of Care Concept to Help with Pre-Contribution Phase

Zug, Switzerland, November 22, 2017 – Today, Experty announced they are implementing Proof-of-Care during their pre contribution phase. Experty decided to use the concept developed by their advisor Richard Ma of Quantstamp. Richard Ma, CEO of Quantstamp, noticed there was a glaring problem with ICO's token distribution. He developed the concept of proof of care … Continue reading Experty Announces Its Plans to Use Proof of Care Concept to Help with Pre-Contribution Phase

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Developers Invoke the Idea of Bitcoin Cash-Based Colored Coins

Developers Invoke the Idea of Bitcoin Cash-Based Colored Coins

This week the Openbazaar developer, Chris Pacia, got the bitcoin cash (BCH) community excited about the possibility of using ‘Colored Coin’ technology with the BCH protocol. The idea initially came from the Bitcoin Unlimited (BU) developer, Andrew Stone, this past October, but Pacia delves a bit further into the idea of a layer of digital assets created on the bitcoin cash blockchain.

Also Read: Rare Pepe Blockchain Cards Have Produced More Value Than Most ICOs

Colored Coins May See a Revival

The concept of Colored Coins working for bitcoin was once a vivid dream for many within the community. Although, the idea has lost its sparkle over the past two years, there are still a few efforts working on this technology. Colored Coins are basically attachments of metadata that give different attributes to the crypto-based funds being exchanged. The added data comes from the bitcoin protocol’s scripting language that effectively changes the funds into ‘representative tokens.’ This ‘coloring’ method running on top of a blockchain can make these tokens represent real-world things like securities, gold, stocks, bonds, real estate, and everything else under the sun.

Developers Invoke the Idea of Bitcoin Cash-Based Color Coins
The concept of colored coins or decentralized asset management. Colored coins can represent any type of asset. 

A Few Colored Coin Concepts and Another Idea

Developers Invoke the Idea of Bitcoin Cash-Based Color CoinsOne method of coloring coins is called, ‘Open Assets,’ a scheme that relies on the protocol’s OP_RETURN operator. Another idea that tethers data to transactions was created by the organization, Colu. The technology created by Colu offers an implementation that employs bitcoin’s OP_RETURN field. Further, there is another procedure called EPOBC or ‘color kernels’ which encode color values associated with bitcoin’s transaction outputs. Back in October, BU developer Andrew Stone described in great detail all of the above methods and explained that color coins could be useful on the bitcoin cash network. Additionally, Stone has a different idea of coloring coins for the BCH chain.  

“The ability to create representative tokens within the Bitcoin Cash blockchain, if done properly, could allow the tokens to take advantage of all of Bitcoin’s basic features (permissionless, trustless, no 3rd party, pseudo-anonymity, etc.), all of the scripting features, and the nearly frictionless exchange of the representative token with Bitcoin Cash and other tokens,” explains Stone.

This feature enhances Bitcoin Cash from “an electronic payment system” (as worded in the Bitcoin white paper) into “an electronic exchange system.”

  The Fundamental ‘Killer App’

Stone explains he would like to propose a new implementation of colored coins for Bitcoin Cash. “One that can be implemented by adding a single opcode to clients, and has advantages compared to existing proposals,” explains the developer. “The fundamental ‘killer app’ advantage of this proposal compared to others is that it allows SPV wallets (phone wallets) to handle representative tokens using the same security model and mechanism as SPV wallets handle Bitcoin today.”

Developers Invoke the Idea of Bitcoin Cash-Based Color Coins

Openbazaar Developer Thinks the Idea of Representative Tokens for Bitcoin Cash is Worth Pursuing

Developers Invoke the Idea of Bitcoin Cash-Based Color Coins
Chris Pacia.

Following Stone’s proposal on November 22, the developer Chris Pacia wrote a post on the Yours Network that provides “a plain English explanation of his proposal.” Pacia explains the method through written code alongside an explanation of the process. The Openbazaar developer explains the only incorporated requirement the Bitcoin Cash protocol would need is when a transaction has a colored input, an equally valued colored output must be added as well.      

“The only two exceptions to this rule would be the Mint and Burn (uncolor) transactions,” Pacia details. He further explains the process of minting and burning colored assets alongside how someone could create a fixed supply.  

“This is a pretty interesting proposal. I know some people will say ‘why not just use ethereum?’ — Sure, that works — But if you’re already building an app which uses Bitcoin Cash for payments it would be a royal pain to also have to bundle an Ethereum node with your app just to get access to a token.”

This protocol gives you a fairly lightweight way of using a token in your app and does so with fairly negligible overhead on the Bitcoin Cash network. Is it worth doing? I think it might be.

Bitcoin cash supporters seemed to like the idea of colored coins coming to the ecosystem as most BCH enthusiasts favored Pacia’s Reddit post with tips.

What do you think about the concept of colored coins being applied to the Bitcoin Cash network? Let us know in the comments below.


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Several Chief Financiers Say Cryptocurrency is Real But it is a Bubble

Many bigwigs in the financial industry have stated that Bitcoin may be a real asset, but that it is undoubtedly in a bubble right now. Some have also stated that the industry on bitcoin is a fraud, but those claims have since been retracted. A recent poll took information from 97 different financial offers or CFOs. When asked about bitcoin, 27.9% said that cryptocurrency is “real but in a bubble.” 14% stated that bitcoin is “real and still going higher.”


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Looking at these two opposing opinions, there are some commonalities. 27.9% of those who were surveyed stated that bitcoin is a fraud, while another 30.2% stated that they don’t know enough about the digital currency market to form an educated opinion. This seems to be a recurring theme. Several top financial advisors have states opinions on the subject but have failed to fully do the research on the market.

Of those financial chiefs based in Europe, the Middle East and Africa, 41.7 percent stated that it is a real bubble. A chief financial officer of Solvay, Karim Hajjar stated that the “jury is out on bitcoin. It’s not a currency we are suing for a multibillion dollar business. it’s something we are curious about, we are very very open to, but we haven’t found a way to rally integrate it into our business.”


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He went on to state that “If a hypothetical customer comes to us and says, ‘I have a bunch of bitcoins to buy your products,’ first thing I’ll probably want to do is not turn them away but probably find a way to sell those bitcoins before I commit to the order and then really make sure we meet the needs of that customer.” The hopes are high that these financial advisors can come to an agreed opinion on the subject of bitcoin and cryptocurrency.

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PR: Alphaex.net Partners with Xinfin.Org to Provide Digital Exchange Backbone for It’s Pilot Projects

Alphaex.net Partners with Xinfin.Org

This is a paid press release, which contains forward looking statements, and should be treated as advertising or promotional material. Bitcoin.com does not endorse nor support this product/service. Bitcoin.com is not responsible for or liable for any content, accuracy or quality within the press release.

AlphaEx.net will maintain XinFin’s XDC trading pair against ETH, BTC and XRP to provide liquidity for it’s tradefinex, remittance and IoT Pilot projects with global institutions.

AlphaEx.net today announced that it will start XDC/ETH, XDC/BTC and XDC/XRP trading pairs to assist XinFin.org on it’s various pilots for remittances, tradefinex and IoT pilot projects that various regulated global institutions are currently undertaking on XDC01 protocol. XDCs or XinFin Digital Contracts are native fuel that power the XinFins Hybrid Blockchain network. Alphaex.net is an emerging digital asset exchange that aims to follow regulatory standards and compliances for dealing with real world enterprises.

URL: https://alphaex.net

“With the recent regulatory announcements around compliance standards and licenses for digital asset exchanges, alphaex.net will be following Industry’s best AML/KYC standards and will work on protection of trade for it’s customers. At Alphaex.net, we aim to assist the various global institutions that are working on XinFin’s XDC protocol. The ongoing pilots include real time monitoring of infrastructure projects using IoT. Pilot projects also include the emerging tradefinex.org platform for various trade associations and regulated banking, fintech partners. Digital asset exchanges today face various challenges that include gaining regulatory clearances and an ability to work with banks and real-world enterprises. We at AlphaEx.net aim to be one of the best digital asset exchanges platform that will be fully compliant with the existing laws and framework” said Peter Yeo, Co-founder at AlphaEx.net

“Among various pilots that will be conducted on AlphaEx.net will be fixed rate remittances, Token of Trust for Global Trade, digitization of real world assets and Finance and providing settlement layer for the IoT enabled projects.”

“Alphaex.net has extended invitations to regulated enterprises and financial institutions around the globe who can make use of the alphaex.net platform to offer fiat currency pairs against XinFin XDCs where participating institutions are authorised to operate.”

“XinFin or eXchange InFinite is currently evolving its hybrid XDC01 protocol that lets enterprises maintain a private state and a public state on the same Blockchain that provides secure, scalable, higher through-put network platform for global FinTech institutions. XinFin has signed agreements with over 10 global institutions that aim to make use of XinFin’s Hybrid Blockchain model to disrupt various industry verticals such as remittances, travel, supply chain, assets and Projects financing.”

Contact :
Alpha Exchange
http://www.alphaex.net
Email : info@alphaex.net

This is a paid press release. Readers should do their own due diligence before taking any actions related to the promoted company or any of its affiliates or services. Bitcoin.com is not responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in the press release.

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Paradise Papers Reveal Bitfinex’s Devasini and Potter Established Tether Already Back in 2014

Paradise Papers Reveal Bitfinex's Giancarlo Devasini and Philip Potter Established Tether in 2014

Bitfinex’s Giancarlo Devasini and Philip Potter has been named in the Paradise Papers – an enormous data leak identifying over 120,000 companies and individuals who have employed the services of offshore service providers operating in ‘tax havens’. The leaked documents contain evidence that Giancarlo Devasini and Philip Potter established Tether in the British Virgin Islands already back in 2014.

Also Read: Questions Mount as Bitfinex Stay Silent in the Wake of the Tether Hack

The Paradise Papers Reveal That Appleby Assisted Philip Potter and Giancarlo Devasini Set up Tether in the British Virgin Islands in 2014

Paradise Papers Reveal Bitfinex's Giancarlo Devasini and Philip Potter Established Tether in 2014Bitfinex’s Giancarlo Devasini and Philip Potter have been identified in the recent Paradise Papers leak. Italian media outlet, Nuova Societa, describes the leak as revealing “specialized companies to carry capital in tax jurisdictions other than their country of origin.”

The leak saw the release of approximately 13.4 million files which were leaked to the German newspaper Suddeutsche Zeitung, before being forwarded to the International Consortium of Investigative Journalists (ICJC). The Paradise Papers comprises the second largest data leak in history, second only to the Panama Papers leak of 2016.

The leak details the documents of offshore service providers, Appleby and Asiaciti Trust, and the company registers of 19 tax havens. Among the companies named in the Paradise Papers are Facebook, Twitter, Apple, Disney, Uber, Nike, Walmart, and McDonald’s. The individuals identified in the leak include high ranking officials from Kenya, Liberia, Ukraine, Jordan, Nigeria, Lithuania, Greece, Brazil, Indonesia, Uganda, and Kazakhstan, Queen Elizabeth II, and Bono.

The operations of Tether, Bitfinex, and Mr. Devasini have come under increased scrutiny recently – owing to a significant proliferation in the number of Tether in supply since Bitfinex lost its associated banking earlier this year. In response to accusations that Bitfinex has inflated the supply of Tether in order to remain solvent, the company recently posted a tweet stating “Bitfinex is solvent and both fiat and crypto withdrawals are functioning as normal,” and that “a formal announcement is forthcoming.” The following day, Tether announced that approximately $31 million USDT had been “removed from the Tether Treasury wallet on November 19. 2017,” resulting in a hard fork to isolate the hacked funds.

Mr. Potter and Mr. Devasini Have Long Sought to Distance Tether and Bitfinex, Stating That Such Are Separate Entities

Paradise Papers Reveal Bitfinex's Giancarlo Devasini and Philip Potter Established Tether in 2014The Paradise Papers evidence that Mr. Potter is Tether’s director, and states that Mr. Devasini is a shareholder in the company, in addition to illustrating that the pair established Tether in the British Virgin Islands in 2014. A recently leaked document, however, indicates that Mr. Davasini and Tether chief executive officer, Ludovicus Jan Van Der Velde, are the current directors of the Tether. Mr. Van Der Velde is also the chief executive officer of Bitfinex.

Philip Potter, Bitfinex’s chief strategy officer, worked for Morgan Stanley in the 1990s, but was fired from the company after Mr. Potter was featured in a 1997 New York Times article that portrayed him as shallow and materialistic. Little is known of Mr. Devasini’s background, other than that he founded a computer hardware company during the 1990’s. Mr. Devasini was fined 100 million Italian lira in 1996 for selling pirated copies of Microsoft software.

What is your reactions to the Paradise Papers proving that Philip Potter and Giancarlo Devasini established Tether? Share your thoughts in the comments section below!


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