The exchange rate of Ethereum has for the first time in the history risen higher than than of the ill-fated Bitcoin Cash. According to the CoinMarketCap the value of Ethereum is almost $86, whereas the cost of BCH dropped to around $82.
The price of Bitcoin Cash has been plummeting down since the infamous hard fork. After the coin split, its exchange rate dropped to around $200 and kept falling. Soon it left the double-digit price range. The hard fork, the hash wars and the overall downward trend of the crypto market has left a large negative impact on this cryptocurrency.
BitPay is a US-based bitcoin payment provider which has recently announced its financial results of the past year. The company has processed over $1 billion in transactions alone. Moreover, its B2B payments record 225% increase in compare to 2017.
The main reason of such a lift-off is that Bitpay added a lot of new clients, like Dish Networks, HackerOne, and the State of Ohio, as well as many other law firms, data center providers, and IT vendors.
The CEO of BitPay, Stephen Pair, commented on this development:
“BitPay’s B2B business continues to grow rapidly as our solution is cheaper and quicker than a bank wire from most regions of the world. To process over a $1 Billion for the second year in a row despite Bitcoin’s large price drop shows that Bitcoin is being used to solve real pain points around the world.”
BitPay mostly supports Bitcoin transactions, however, it also supports payments with Bitcoin Cash, Gemini, and Paxos. During that year a lot of companies had to lay off their employees due to the market situation, yet, Bitpay conversely increased its manpower by 78 percent in the past year.
In addition, BitPay is attractive to the investors, in 2018, it raised $40 million in Series B funding round taking the total raised capital to $70 million.
Slowmist, Chinese-based blockchain journal, has released a full report on the attack. The earliest hit occured on January 5, the culprit hacked some exchanges, like Bitrue, Coinbase, Gate.io, however, this was noticed only two days later.
The first action was a transfer of more than 5000 ETC from Binance to the criminal’s address 0x24fdd25367e4a7ae25eef779652d5f1b336e31da. This amount of coins moved to a mining node, that created block 7254355. After that, the hacker deposited 4000 ETC to Bitrue exchange in block 7254430, yet, this transaction vanished from the Ethereum Classic chain. Another 9000 ETC was stolen in the same way. The Bitrue address0x2c9a81a120d11a4c2db041d4ec377a4c6c401e69 no longer exists, and the official history is clear. Though, Bitrue managed to save some records:
to double coins – just move the coins to other addresses.
One of the biggests victims is Coinbase exchange. It was estimated that the loss from the attack accounts for $1 million. The above-mentioned report also provides the information about two attacker addresses which were blackmailed by Coinbase later. They are:
The “51% Attack” is over for now. All we can do is to estimate the losses and to take measures so that it will not happen again.
The report also stated:
“[W]e recommend that all digital asset services platform block transfers from the above malicious wallet addresses. And strengthen the risk control, maintain a high degree of attention, and be alert to double spend attacks that may erupt at any time.”
Based on the December’s document, the revenue from mining cryptocurrency has dropped down significantly which implies that immediate measures must be taken.
One of the biggest pitfalls of mining is the amount of electricity consumed and its high price. Thus, GMO made a decision to relocate its main mining center into a different area, where electricity will cost way less.
“We will relocate the mining center to a region that will allow us to secure less expensive power supply,” reads the report.
Moreover, the company refuted all the rumors regarding its alleged plans of giving up mining completely. Since 2017, when GMO first engaged into mining, it has earned massive profits and still sees potential in crypto.
As we may see in the statistical data, the mining reward for Bitcoin increased a lot in the last month of December, whereas Bitcoin Cash suffered a hard fall. But the crash of the crypto market and Bitcoin in particular could not be controlled by GMO and affected its business quite badly, making it “move houses”.
The cryptocurrency market is so volatile, that the changes of a rate of separate currencies may reach tens or even thousands percents during a year. The investors and especially the traders should look closely at the rate dynamics of separate coins, as well as the market itself. In this article we will run through such term as cryptocurrency rate dynamics and will take a closer look at the yearly graph of the market and at TOP-3 coins:
Content (please, click the topic to scroll down to it)
If we go back in time and take a closer look at the general capitalization of the cryptocurrency market we may notice a the great difference between cryptocurrency rates in January and December in 2018.
The beginning of 2018 shocked everybody with its maximum volume of the crypto market capitalization which almost reached 828 billion dollars. After which decreased to 330 billion dollars, which is almost 3 times lower than the historical record. Apparently, that was only the beginning, but first things first.
The first week of 2018 showed the most rapid growth for the entire history. The capitalization grew up by 200 billion dollars for a week, on the 7th January there was a historical maximum of 828,6 billion dollars.
Such high growth was caused by the altcoins’ rapid growth, after what Bitcoin showed its maximum on the 17th of December and then began to fall. For the next three days (till the 10th of December ) the market awfully decreased and reached the mark of 672,6 million dollars . During the period from 10th till 13th January the capitalization grew up to 744 billion dollars.
But after that, a prolonged correction started, which unfortunately continues up to date.
The 31st of January 2018 the capitalization decreased to 515 billion dollars.
In the first week of February the mark showed a rapid decrease and on the 6th of February the capitalization decreased to 283,6 billion dollars.
This event was followed by a two week period, which made many investors believe that the correction was over and on the 20th of February the capitalization was almost 510 billion dollars. The spring was followed by bad news:
– ban of cryptocurrency advertisement in Google and Facebook
That was the beginning of the second loop of correction which lasted till the 11th of April 2018 at that day the capitalization was 266 billion dollars.
On the 12th of April the market started to go up. As many experts thinks that the main reason was the filing tax returns in USA. This tendency remains marked till the 5th of May 2018 at that day the capitalization was 464,7 billion dollars.
The summer was a relatively calm period for cryptocurrency. In the first two months the capitalization was between 200-300 billion dollars, but on the 14th of August it fell to 194 billion dollars.
However, the fall of 2018 became the point of return for the whole market. The capitalization fell from 228 billion dollars to 138 billion dollars for three months. If in September the rate was more or less stable, then the November has been marked by a loud fall. From the 14th of November the market began to crash and on the 16th of November the capitalization was 102 billion dollars.
2. Bitcoin dynamics
The first cryptocurrency started 2018 with the rate of 14 thousand dollars and the total capitalization of 235 billion dollars
After that the winter rate raised twice:
on the 3rd of January $15 331 (the capitalization is 260 billion dollars)
on the 6th of January $17 010 (the capitalization is 285 billion dollars)
This year it was the highest rate which was followed by a prolonged correction, which is still going on.
Till the end of January the coin decreased to $10 255 with the total capitalization of 172,6 billion dollars. Till that moment the vast majority of investors fixed the income at least partially (those who bought at the end of November or December, fixed the loss). Many experts expected the nearly 50% correction to be the maximum and waited for reborn of positive trend in the near future, but the first week of February was marked by a rapid fall of the rate till $6 226.
After that the growth started which made many participants of the market believed in a trend reversal. Looking at the chart until the 5th of March 2018 we might think that the correction was over since the rate of the coin raised by almost 2 times and amounted $11 452 with the capitalization of $193,5 billion. On the 18th of March the rate was $7 633 (the capitalization $129 billion.).
After that the rate remained in stagnation and from time to time it went up to the $8 500 and falls till $5 900. The minimum rate of the summer 2018 was fixed on the 29th of June and was $5 914.
The period from mid September till mid November was stable and was marked by neither ups nor downs. However, since the 14th of November the total collapse of the market started which affected the capitalization of the first cryptocurrency. On the 17th of December the well-known Bitcoin set a negative record of 2018. The amount of its capitalization was $57 billion. In the outcome, the rate difference of the beginning of 2018 was bigger by 4 times than the end rate of the year and the difference between the max. and the min. rate value equaled 5.
3. Ethereum dynamics
After the New Year, the price of Ethereum reached dramatic heights. The historical maximum was fixed on the 13th of January with the rate of $1 371.
Until the 6th of February the rate fell to $719. After that there was a period of growth and the coin reached the $1000 mark. On the 17th of February the rate of ETH was close to $973.
It was followed by a two month period of contraction, which stopped on the 6th of April on the mark of $367. The ethereum chart for the whole month was positive, on the 5th of May 2018 the coin rate was $820.
But after that the chart went down and on the 15th of August 2018 the ETH rate was $284.
Many people have decided that Ethereum couldn’t go lower. However they were mistaken. Since the 7th of December fixed not only a yearly negative record but a historical one. The capitalization of digital currency was equal to $9 billion and a coin was traded for $87,53 or 0,025 BTC.
The end of the year was not that successful for Ethereum. The difference between the rate of the beginning of 2018 is almost 6 times more than the final rate of the year and the difference between the max. and min. rate is 11.
4. Ripple dynamics
On the 4th January 2018 the historical maximum was fixed on the $3,81 mark.
After that the rapid rate correction followed, since many investors wanted to fix their huge profits.
On the 6th of February the coin rate was $0,67. After that the rate of Ripple in 2018 crossed the mark of $1 for a few days. Thus on 17th of February the rate grew to $1,22. Furthermore the downward trend followed, which lasted till the 10th of April when the rate fell to the mark of 48 cents.
Then the rate of the coin (as well as with the rest of the market) was growing for the whole month and on the 5th of May it reached the $0,91 mark.
The rate of Ripple for the whole summer was slowly decreasing and only on the 20th of September began to grow rapidly and on the 22nd of September the price per one coin was $0,59.
The collapse of the cryptocurrency market didn’t hurt much the rate of Ripple unlike the other cryptocurrencies. In contrast, Ripple during not the best period for the market won the second place by total capitalization. And apparently will finish this year taking the second position without giving way to Ethereum.
5. The main reasons of the cryptocurrency market volatility
As you may see, the rate dynamics of 2018 is negative. There are many reasons for volatility of the crypto market, but the major are few:
the lack of government regulation;
the instability and small capitalization (in compare to traditional financial markets);
the lack of binding to the physical goods, which has material value;
the lack of the real market value;
the human factor (a large number of non-professional investors who by their actions discredit the situation on the market).
6. Expert’s opinion for the 2019
It is actually difficult to predict in the industry of cryptocurrency. We will tell the experts opinion on the rate dynamics in 2019-2020.John – – McAfeebelievesthat Bitcoin will become a new financial standard and everyone should accept that. His forecast about the rate of Bitcoin is the most bravest above all, McAfee believes that 1 BTC till the December of 2020 will cost more than $1 million.
– The Fundstrat analytics teambelievesthat the rate of Bitcoin in 2019 will be equal to $25 thousand.
– Mike Novogratz, CEO of Galaxy Digital, believes that the start of Bakkt and Fidelity Digital Assets platforms will affect the entry of new investors into the cryptocurrency market. According to Mike`s opinion, now the most important point of resistance is the mark of $ 3,880. If we overcome it, then the rate may reach $ 9,000 till the New Year.
The rate cryptocurrency dynamics is so changing, the industry is still young and volatile. The last 12 months were filled with a lot of events: the historical maximum was recorded, almost 80% throwback, the ban of advertisement,the regulators, for the first time cryptocurrencies become an agenda at G20. A number of respected experts predicts the great future for the industry and an early resumption of bull trend on the market. So we’ll see and we will provide you only with verified news and with useful information from the crypto world.
The CEO of Bitcoin.com and a crypto enthusiast Roger Ver was one of the most important figures that let the hard fork of Bitcoin Cash happen. Recently, he spoke with Naomi Brockwell in a live stream on Youtube and discussed the post hard fork BCH.
Here are some of the most important highlights of his speech.
Firstly, Roger Ver explained that the main reason of the split is different vision of Bitcoin Cash coming from different members of the crypto community, so this step was crucial in the development of the coin.
Secondly, he mentioned the fact that the recent attacks aimed at BCH ABC and BCH SV were most likely conducted by the developers of Bitcoin Core, since they simply didn’t like the coin.
Thirdly, being a huge supporter of Bitcoin Cash, Ver claimed that only BCH has the potential to become the global cryptocurrency of the future.
The United Nations division, the Office on Drugs and Crime is going to cooperate with the blockchain company doc.com in order to provide free and accessible healthcare and medical services in the Eastern regions of Africa.
Doc.com is a company that specializes In telemedicine and telepsychology. It uses blockchain to let the customers exchange their personal data for tokens, which will open access to various healthcare services.
The company is functioning in over 20 countries with around 130 thousand customers. The United Nations has been researching the ways to use blockchain for humanitarian causes, thus, this collaboration might become the salvation for poor African countries.