Last week was merely up and downs but the week ended on a very good note with Bitcoin burgeoning again and threatening to hit $3,000 soon. Some exchanges have even listed it beyond $3,000.
The week began well with an indication of a bountiful harvest ahead. Bitcoin price was rallying pleasantly until a billionaire, who knows absolutely nothing about cryptocurrencies, made an uninformed and careless statement that it is a bubble.
Mark Cuban’s Twitter comments predicting another Bitcoin bubble slowed down growth for two days, yet Bitcoin demonstrated resistance. It went down to $2,600 but quickly started to rally up.
Smart contract pioneer Ether broke yet another record. Its market price reached and passed the $300 line to be the first altcoin to achieve such a feat – just as it was the first to be sold for $200. It has indeed proved its dominance over other altcoins.
Highlights of the week
Since last week Tuesday, BitShares has been making a strong statement and barking to be seen as an entity to be recognized in the crypto industry. It made the highest gains on Thursday and Friday on the top 20 of CoinMarketCap.
It was no wonder when it broke into the top 10 on the very early mornings of Saturday with a more than 100 percent surge. It first settled at the tenth spot to deny Waves elite status.
When everyone thought it was a flash in the pan, it rallied ahead, making a casualty of Monero and Stratis to register as the eighth most valuable digital currency.
Quite captivatingly, it even started threatening privacy-centric Dash in a bid to take seventh place. The development has earned BitShares a market cap of almost $1 bln. It is amazing to realize that in 24 hours it accumulated $500 mln in trading volume, which was third only after Bitcoin and Ethereum.
Monero vs. Stratis
The fire Stratis lighted last week seems to be at its dying embers. The Blockchain application, after experiencing issues with its wallet, has not recovered yet. After losing the eighth spot to BitShares, it couldn’t hold on to the ninth spot either. Monero made sure it has butted the former out of the way.
As of press time, Stratis is sitting at the bottom of the top 10, feeling uneasy with number 11, Waves, growling at it threateningly. The week started profitably, slowed down in the middle and picked up close to the end.