Another week, another roundup!
Bitcoin: Profit Taking ($13 370, -19%)
The most recognized cryptocurrency declined this in what would be called a sharp direction in the regular investing world, but should not cause most holders of the token any concern. The price charts show that the bulls are aggressively buying these dips in price, most likely caused by some profit taking after last years rally and Bitcoin could easily end next week around $17 or $18 thousand USD.
The most interesting story this week comes out of Canada. According to Reuters Bitmain is considering setting up shop in Canada as the Chinese government cracks down on the sector. The willingness of the Quebec government to make deals with mining companies should provide some level of comfort to Bitcoin investors as a counterweight to China’s increasingly restrictive actions.
Ethereum: Still Climbing ($1 325,+32%)
While Bitcoin slid, Ethereum continued its climb. Breaking through the $1000 USD barrier didn’t lead to an immediate mass run up, but a resistance line definitely looks to have been established. Expect the coin to cool off for a while as profits are taken, trading in the $1200 – $1800 range for the next week or so.
True to form Mr. Buterin followed up last week’s tweet about risky ICOs with a solution to make ICO conductors more accountable. He proposed that Decentralized Automated Organizations can be combined with ICOs, and in so doing have the funds controlled by the supporters of ideas rather than only the proposers. Perfecting this idea could lead to a rejuvenation of the ICO idea, along with increased faith in projects.
Litecoin: Still Relevant ($230 USD, -15%)
Litecoin’s price continues to hover around it’s newfound range of ~$250 USD. Charlie Lee’s decision to sell his stake in Litecoin still seems to be shaking confidence in the coin, but his stated reasons are quite honourable. As he continues to work on the coin and changes are made, it would not be surprising to see the ‘silver of cryptocurrency’ make another surge.
Not interested in the Big Three? Check out our Weekly Watchlist, highlighting some options you may not have heard of.
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