In just the past week, the global market cap of all cryptocurrencies has fallen close to US$70 billion. In that same period, Bitcoin (BTC) has fallen 20% from a local high of US$9,000 to its current price of $7,500. Despite a number of bullish sentiments and news recently, the price of Bitcoin and cryptocurrencies across the board continues to fall. On the same day that Forbes called for a $20,000 Bitcoin, the price fell 5% further. Bitcoin currently sits at just above US$7,500, directly following a low of $7,410. With every passing dip, speculators and hopefuls call the bottom. WhilePowered by WPeMatico
Through this extended downtrend, one coin being challenged heavily is Ethereum (ETH). Ethereum has been subject to massive bleed since its peak prices earlier in this year. Today, ETH is trading below US$450, the lowest since December 7. Following December 7, Ethereum saw an explosion- tripling in value. Unfortunately, these gains have now been almost entirely erased. Beyond the overarching pressure of a global bear market, Ethereum has been subject to increased pressure due to the further developments of a number of cryptocurrencies and crypto-initiatives seeking to overtake the blockchain application platform. It can be argued that these competitors are
The Lightning Network is one of the biggest developments for Bitcoin as of right now. It finally addresses some of the lingering scaling issues, although there is still some work to be done. Blockstream recently introduced the Nanotip LApp, which makes tipping on the LN a possibility. The Nanotip LApp Explained Anyone who has kept a close eye on Bitcoin will know that the network has some issues. It is slow, abysmal in terms of transaction throughput, and unsuited for microtransactions. That will all change very soon, thanks to the Lightning Network. This scaling solution and micropayment option certainly introduces positive changes