One of the biggest rollercoasters in recent years has added another switchback to the last week. We have witnessed a gigantic increase in BTC prices, correction of the entire market, incredible knocks of the leading digital currencies, and one spectacular mistake.
Take a look at the fifth edition of our price analysis. Remember to leave your opinion in the comments, and also to suggest which crypto you’d like us to feature next week.
This week we’ll look at the situation of Bitcoin and Ethereum. Apart from these two giants, we will perform IOTA and Litecoin analyses, which this week recorded very large gains. The biggest surprise is the Petrodollar, whose course for moments increased by more than 200%, only to spectacularly collapse, and all this was the result of misunderstanding and reading skills. Ready? Here we go!
The king is only one, right? The price of BTC rose steadily until Wednesday, but in the space of two days, from December 6th to 8th increased by as much as $6000, reaching ATH at the level of $18,278. Never before has the history of Bitcoin recorded such rapid growth.
Over the last few days, after the summit, we’ve seen a slight correction. All recent events have been largely due to the introduction Bitcoin futures. Eventually, the most popular cryptocurrency returned to the previous price.
New ATH at $18,278
Bitcoin Futures have come into force
The adjustment caused the price to fall to $13,300.
At present, an increase in the exchange rate is expected (permanent inflow of new capital).
This memo reflects well the mood of the community and the current ETH price. The parties did not provide any more important information last week. The ETH price fell by mid-week, so that it would increase for a moment during the BTC adjustment.
What deserves special attention, however, is CryptoKitties. A collector’s game where you collect, multiply and exchange virtual cats while paying with ETH. The huge leap in popularity of this game has slowed down the ETH network to such an extent that it is no longer running efficiently.
CryptoKitties conquer the Internet and kill the Ethereum network
At the end of the week, ETH price stabilised again.
After an extraordinary rally IOTA slowed down a bit. Last week it reached the level of $5.55 to enter into a short but intense correction to $3.42. Immediately afterwards, MIOTA stabilized, but is still in a downward trend.
Next week will be very important for IOTA. There will be a series of conferences and meetings to highlight the future of this project.
IOTA gained 62% of its value last week
IOTA capitalization exceeded $10 billion.
Litecoin has been in the Lightning Network since its introduction, it continues to surprise. On Friday, we witnessed the beginning of the next LTC records. This cryptocurrency has gained 23% of the value over the last 24 hours, establishing the new ATH at the level of $170, some members of the community are speculating that it is speculative pumping of values.
Why do we write about such an irrelevant cryptocurrency in such a serious analysis? The reason for this is the statement by Venezuela’s President Nicolas Maduro, who has announced the creation of a national cryptocurrency based on oil, gold, and diamonds. Venezuelan digital currency will be called the ‘Petro’ and is intended to help the Venezuelan economy overcome its current financial crisis.
As it is easy to deduce from the chart, some investors confused Petrodollar with Venezuelan Petro. The mistake was quickly verified by the market, but somebody certainly lost a lot of money.
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