Top Cryptocurrencies Price Weekly Prediction – Next Days Will Be Rough For The Crypto Market

Top Cryptocurrencies Price Weekly Prediction – Next Days Will Be Rough For The Crypto Market

Top Cryptocurrencies Price Weekly Prediction – Next Days Will Be Rough For The Crypto Market

Not much has changed for most cryptocurrencies over the past few hours. Bitcoin is, together with Monero, the only currency in the top 10 noting a small loss, whereas most other coins have stabilized or regained some losses. Considering how the weekend is often a dreadful period for cryptocurrency trading this overall trend is rather positive. The total cryptocurrency market cap is heading toward US$90bn as well, which is a positive sign for the future.

CRYPTOCURRENCIES PREPARE FOR A STRONG WEEK

It seems evident most of the top 10 cryptocurrencies are in a good position for some notable gains over the next seven days. Even though we will see one Bitcoin hard fork materialize on August 1st, it is doubtful this will harm the price in a negative manner. Do not be mistaken in thinking Bitcoin Cash tokens come free of charge, though, as they may effectively subtract value from the actual Bitcoin price until the market stabilize.

That being said, we do see the Bitcoin price has dipped a whopping 0.19% over the past 24 hours. That in itself means very little as far as the world’s leading cryptocurrency is concerned. In fact, as long as Bitcoin doesn’t move by 5% or more over the course of 24 hours, there is absolutely nothing to be concerned about. A minuscule change such as this one means absolutely nothing.

lastest prices july

Despite the Bitcoin price “dip”, most altcoins are doing quite well. Ethereum is finally showing some life signs after weeks of declines. The 5.67% gain in the past 24 hours is quite substantial, as the price seems to be heading toward US$200 once again. It is still a far cry from US$400, though, and the currency is not out of the woods just yet. Future declines in value may still be a big part of Ethereum as there is still some funds in circulation which may be dumped across exchanges in the near future.

Other top currencies are showing small gains as well. Litecoin is up by 189%, whereas NEM, Dash, and IOTA all report gains below 1%. The big winners are XRP – up by 3.47% – as well as Stratis – up by 2.99% – and Ethereum Classic, which increased by 1.45%. The bigger question is when people will realize Ethereum Classic is the true, immutable Ethereum chain without SEC scrutiny, highly controversial ICOs, and a blockchain which can be rolled back when founders’ money is stake. Only time will tell if the ETH/ETC correlation will ever see proper momentum, as for now, all the hype and focus is still in Ethereum’s camp.

What is rather surprising is how Monero is the only top 10 currencies to note any losses, other than Bitcoin Monero lost6.41% of its value overnight, which is quite substantial. There is no real reason for this sudden downturn other than people speculating on the other currencies and trying to make a profit. Monero is still a very powerful cryptocurrency with honest developers who aim to provide anonymity to all users. Then again, a price of US$40.65 per XMR is still more than fair, all things considered.

Looking at the individual cryptocurrency market caps, it is pretty obvious Bitcoin remains the undisputed leader for some time to come. This also results in the Bitcoin Dominance Index going back above 50%, as it currently sits at 50.5%. Not too long ago, that percentage was heading toward 40% and lower, but it seems the market has finally come to its senses once again. There is no other currency capable of rivaling Bitcoin right now, that much is evident.

 

David Ogden
Entrepreneur

David Ogden Cryptocurrency Entrepreneur
 

Author: Oliver Wood

 

Bitcoin Cash – Another Fork in the Road for Bitcoin

Bitcoin Cash - Another Fork in the Road for Bitcoin

Bitcoin Cash – Another Fork in the Road for Bitcoin

Last week the bitcoin community and investors breathed a sigh of relief as BIP 91 locked in and activated, signalling what we thought was a great step forward in finally resolving the long standing Bitcoin scaling debate. Confidence soared and the price recovered from a previous tumble.

And then came a twist.

In the last 72 hours, Bitcoin increasingly looks as though it is heading for a user activated hard fork (UAHF) called Bitcoin Cash. It is scheduled for the notorious date of 1 August 2017, previously earmarked as the proposed date for implementation of SegWit by way of a user activated soft fork (UASF).
 

What is Bitcoin Cash?

Bitcoin Cash is an alternative token that may come into existence as a result of a planned UAHF as mentioned above. Essentially this means that the Bitcoin blockchain may split into two competing chains.
 

The original plan for a UAHF came about from a contingency plan, proposed by Bitcoin mining company, Bitmain, who were opposed to the UASF for SegWit.

At the Future of Bitcoin Conference held in Arnhem, Netherlands from 29 June to 1 July this year, a software engineer named Amaury Sechet announced an alternative Bitcoin client (software) called Bitcoin Adjustable Blocksize Cap (Bitcoin ABC).
 

It has now been revealed that the token for this client is Bitcoin Cash.

Bitcoin Cash will differ from Bitcoin in terms of the following:

SegWit: Bitcoin Cash will not implement SegWit

Blocksize: Immediate increase from 1MB to 8MB

Coexistence: Replay and wipe out protections ensures that should the two chains continue to compete, Bitcoin Cash aims to reduce user disruption and allows for the safe existence of two chains.

How Does This Impact Your BTC Holdings?

 

In short, it does not affect your BTC balance. Instead a chain split will result in you holding an equal number of coins on both the old and new chains, however, the value of those coins will be different and probably vary dramatically as they establish themselves as either the majority or minority chain.

 

The Community Reaction

Miners

Statements released thus far by a number of mining pools, including Bitmain, have said they will continue to support SegWit2x and the original Bitcoin chain, and do not rule out supporting the Bitcoin Cash chain as well. ViaBTC, an exchange as well as a Bitcoin mining pool (ViaPool) have listed Bitcoin Cash futures and have explicitly stated their mining support for the chain.

Exchanges

Exchanges seem to be more divided than the mining pools. Some major exchanges such as Coinbase, Coinfloor and Bitstamp are not signalling any strong support for Bitcoin Cash and have left the crediting of the forked coins to their discretion. On the other hand, Bitfinex and Kraken, two other major Bitcoin exchanges, have announced that they will be crediting the forked coins to client accounts and will list the coin for trading. This could be vital to the coins survival as without any trusted exchanges listing the coin, there would be no market for it.

 

As we quickly approach 1 August 2017, a day that will long be spoken about in the Bitcoin community, the Bitcoin price will likely be volatile and an influx of opinions will generate a degree of hysteria amongst unseasoned Bitcoin investors.

 

David Ogden
Entrepreneur

David Ogden Cryptocurrency Entrepreneur
 

Author: Adam Norrie