This week Ethereum and altcoins posted impressive gains, with top coins like XLM, IOTA, ZRX, and XRP surging double digits.
Bitcoin threatened the rally when it suddenly dipped below $10,000 Wednesday, but most alts proved to be unfazed by BTC’s sell-off. Bitcoin has seen a decrease in market dominance, falling to 69.88%, a 3.7% decrease from its high on September 6.
Stellar Lumens (XLM):
Despite backlash from its announcement of a $2 billion Stellar Lumen giveaway, XLM hit a high of $0.0852 this week. While its price has corrected to $0.0746 at the time of writing, it’s still up close to 30% this week.
ETH climbed to a high of $221 this week, pushing past the key resistance level of $200.
On Monday, Payment solution BitPay announced it would soon support ethereum. BitPay enables customers in 200 countries to make purchases at top retailers like Amazon and Delta with different cryptocurrencies.
Ethereum also announced a maintenance update called Frozen Pyjack which locks in the block number for Ethereum’s mainnet upgrade, Istanbul.
This week, IOTA hit $.3013, its highest price since July. IOTA gained 20% over the last seven days and is up more than 15% this month.
The spike followed the Iota Foundation’s announcement of Chronicle, a permanode solution which allows node owners to easily store all IOTA transactions in a fast, secure, and scalable database.
ZRX gained more than any other asset listed on Voyager, up 24% today alone. This month, ZRX is up a staggering 50%.
While many popular assets are still down this year, it could be time for altcoins to shine. If the rest of the crypto market continues to outperform BTC and dominance falls, alts could break away. As of today, it's too early to tell if this is just a pump or a full reversal.
Bitcoin-rival stellar, a top ten cryptocurrency by value that's seen its price plummet since peaking in early 2018, suddenly soared today–only to fall back almost instantly. Read more.
Cboe Global Markets Inc.’s BZX exchange has withdrawn a proposal to the U.S. Securities and Exchange Commission to list and trade shares of a Bitcoin investment vehicle. Read more.
Overstock founder and former CEO Patrick Byrne sold nearly 5 million shares totaling roughly $90 million in order to invest in "counter-cyclical" assets like gold and cryptocurrencies. Read more.
Better regulation is needed around bitcoin markets before they can be traded on major exchanges, the head of the U.S. Securities and Exchange Commission said on Thursday. Read more.
Arab Bank (Switzerland) announced on Thursday that it will offer clients a range of services including custody and brokerage of bitcoin (BTC) and ether (ETH). Read more.
In a survey published Wednesday – which polled around 1,000 people in each of 15 mostly European countries – ING found that, overall, the level of detailed knowledge about crypto is fairly low. Read more.
Craig Wright, the Australian entrepreneur who controversially claims he is Satoshi Nakamoto, is moving to settle a case that looks set to cost him billions in bitcoin. Read more.
A survey released today conducted by U.K.-based research firm One Poll, and commissioned by peer-to-peer Bitcoin marketplace Paxful, suggests young people in the United States have a growing interest in Bitcoin and other cryptocurrencies. The trouble is a sizable portion of them still don’t trust crypto—and some even struggle to understand it, according to the report. Read more.
The sudden sell-off that started at around 3 AM (UTC) on Wednesday—which lead to Bitcoin's price to drop over 5%, from $10,100 to a low of $9,570, just a matter of minutes later. Read more.