• Bitcoin has grown by 47% over the past month as the 2019 bull run continues.
• Stellar rose by 31.67% after last week’s trading thanks to a partnership with IBM’s Hyper Ledger.
• Ethereum gained 25.8% on the previous week as it capitalizes on the recent Ethereum 2.0 upgrades
• Sprint, a US telecom provider, saw 26.33% growth, following last week’s trading, as the FCC chairman throws his support behind a proposed merger with T-Mobile.
• Luckin Coffee, a ‘mobile’ coffee chain in China, falls 24.64% on its Friday IPO launch.
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Bitcoin Sees Its Price Fall - But It’s Only A Correction
Bitcoin’s experienced a ‘healthy’ correction to $6,600 before recovering back to $7,700 on Friday… but for anyone thinking that the 2019 bull run is over, don’t worry - it’s only just begun.
This correction was actually expected by Monfex research analysts, and there’s a good reason to think that Bitcoin may break the $10,000 wall this month.
• To buy or not to buy, that is the question: In this case, you may not want to miss out. Bitcoin’s risen over 100% since the start of the year, and it doesn’t show any signs of slowing down. Buying in at around $7,100 to $7,400 may be the secret to taking advantage of the coming $11,500 bull wave.
• And people are in for the long haul: Speculation has traditionally driven a lot of Bitcoin’s price, but between improving fundamentals and high-profile names like Twitter CEO Jack Dorsey and Facebook co-founders the Winklevoss twins HODLing coins, it seems the cryptocurrency is finally maturing.
• Are we heading to an all-time high? It’s hard to say for certain if and when Bitcoin will hit it’s the previous peak of $20,000, but a high-quality report on Altcoin Magazine is aiming for $11,500 as the next big price target - and if that number is met, then meeting and even surpassing $20,000 is not off the table.
Wut We Think: It’s a good time to be a Bitcoin investor, especially a long-term HODLer. Bitcoin’s growth is hard to match in traditional equity, and with the market maturing (as the price has weathered several sharp corrections by 80% and moreover the past eight years), it may be time to take Bitcoin a little more seriously as a long-term asset.
Facebook Keeps On The Blockchain Train
Libra has been one of the better-kept secrets in Facebook R&D, but the social network giant’s cryptocurrency game is only moving forward. The company has recently registered a new Swiss firm called Libra Networks, et capitalization proving once and for all the secretive Project Libra isis more than just a rumor.
• What do we know about Libra? Not much yet. Facebook is very much holding its cards close to its chest, so most of what we do know is inferred from its actions.
• Like what? As is often the case with big tech company projects that the firm is keeping mum on, progress is often gathered from the hires, like the hiring of staff from major exchanges and Facebook’s careers list of a whole host of open positions.
• What’s the point? Rumors indicate that Facebook is working on a so-called stablecoin pegged to the US dollar, and it is actively looking for a partnership with online merchants and financial firms. Considering the untapped potential of mass adoption cryptocurrency, Facebook may just be racing to be the first of the pack.
Wut We Think: Facebook is aiming for a launch in the first half of 2019, and Libra Networks puts them well on their way. According to the Swiss Press, Libra will focus on developing the hardware and software for payments, analytics, id management, and storage. If everything goes off on time, then the crypto space is set for a shake-up as Facebook’s estimated 1.56 billion daily active users gain access to cryptocurrency.
These Top 3 Altcoins Outperformed Bitcoin in 2019 So Far
Bitcoin isn’t the only crypto growing - BitcoinCash, EOS, and Litecoin have all beaten it in growth... While cryptocurrency often follows Bitcoin’s growth, it takes something special to beat the daddy of crypto itself, but these three coins have managed it. LTC gained 175.9% y-t-d, BCH gained 147.55%, and EOS gained 126.99%.
• Litecoin?? Actually, Litecoin may be the easiest to explain. Like Bitcoin, Litecoin halves rewards every four years, leading market to price in the change as supply becomes increasingly constrained.
• Isn’t BitcoinCash just Pepsi to BTC’s Coke? While it’s true that BCH formed after a dispute between notable Bitcoin developers, it’s come very much into its own over the past year, as BTC miners switch to BCH whenever one has better hash rates and higher returns than the other. This has led to hash rate centralization, though the miners haven’t abused their power yet.
• What even is EOS? EOS is probably one of the lesser-known names on the list, and they’re more accurately described as a decentralized app platform than crypto. But it’s been popular with developers as an alternative to Ethereum’s either.
Wut We Think: Bitcoin may hog the headlines, but a savvy trader knows that the best opportunities are those that fly under the radar. The cryptocurrency market cap as a whole is growing, and all the signs are pointing up for the top altcoins of the year. Keeping all your eggs in one basket never works out, so Bitcoin enthusiasts should keep their eye - and their money - on those other promising coins. Keep in mind that historically altcoins have been more volatile due to their lower liquidity compared to Bitcoin, giving traders more of a chance to generate large returns.