This week has seen market prices stall, with some of the sectors biggest hitters slipping back into the red having recorded encouraging gains in the lead up to Christmas. In this New Year’s crypto news roundup, I’ll be looking at the blockchain winners and losers as well as casting a beady eye over what 2019 has in store.
If the cryptocurrency market was a festive party guest, it would be that guy who doesn’t drink all year, shows up early, has two glasses of Bucks Fizz, then dances furiously for about 20 minutes before passing out on a pile of coats…
Things were looking up towards the end of December, with some predicting a resurgent bear market. But, alas, winter gains proved to be a false dawn and prices have been been tumbling since Christmas Eve. Overall market cap fluctuation paints a telling picture. On Monday, it had risen to 146.5 billion US dollars (USD), only to crash by 17% in 6 days, leaving it resting at just over 121.5 billion USD today.
This New Year’s crypto news roundup sees numerous altcoins taking a beating, with Bitcoin Cash (-26.61%), Bitcoin SV (-27.88%), Dash (-14.83%), and EOS (-12.40%) all recording stiff losses. Bitcoin itself lost 9.15% of its price, with each coin now only worth around 3,600 USD, whilst the value of bankers-mate, Ripple, fell by 6.76%.
Ethereum bucked the trend by rising 2.86% over the last seven days. It wasn’t alone at the top of the class though, with Ethereum Classic (6.20%) and Decred (11.66%) also posting gains.
This Saturday, Litecoin (LTC) will make it’s debut as an official partner of the Ultimate Fighting Championship (UFC), sponsoring a bout between Jon Jones and Alexander Gustafsson. LTC creator, Charlie Lee, tweeted;
“Excited to announce that the Litecoin logo will be on the canvas as the Official Cryptocurrency Partner of
@UFC 232 on 12/29 in Inglewood CA!”
Elsewhere in the States, the Defence Logistics Agency (DLA), released a statement expressing the outfit’s interest in using blockchain technology to aid disaster relief efforts. The agency stated that blockchain tech shows promise due to its ability to provide, “transaction processing and in-transit visibility of shipments to evaluate the process improvements.”
Analyst Elijah Londo was quoted as saying, “[We’re] getting as smart as we can about what it is, what industry is saying about it, what the future might look like, how it applies to supply chains and how other industries are using it. We’re doing our due diligence.”
As we edge tantalisingly close to 2019, perhaps we should end this New Year’s crypto news roundup with a few predictions?
As the events of this week have shown, the market remains unpredictable so expect more of the same on this front, the only constant is uncertainty! That said, increased levels of regulation, adoption and promotion should lend the sector a modicum of stability, a stability that was sorely lacking throughout 2018.