Stability is the theme of this Tokenleak weekly crypto update, not only is it permeating the markets but it’s even getting into the code of the coins themselves.
After last week’s resurgent Bitcoin price hauled the entire market up by its boot straps, this week has proved a markedly more sedate affair.
The abject volatility of the festive period appears to have calmed and the big three are begin to establish something resembling familiar prices, albeit ones that are lower than we’re historically used to.
At the top of CoinMarketCap’s list is, as ever, Bitcoin which has been sitting comfortably around the 3,600 US dollar (USD) mark for the last seven days. Coincentral reports a 2.15% growth rate for the sector leader across the week.
With perhaps more ground to make up, Ethereum has had a modestly impressive week, putting on a gain of 8.13%. Its price rests at 124.42 USD at the time of this particular weekly crypto update going to press. The coin’s improved fortunes can largely be attributed to its imminent Constantinople hard-fork upgrade which is scheduled to go live at the end of the month.
The week’s most prominent gains were recorded by coins number 14, 15 and 16 in CNC’s top 100; Dash (12.38%), Maker (24.19%), and NEO (10.02%). Of the three, however, only Chinese Ethereum pretender, NEO, managed to keep growth in the green over the weekend, reporting a 4.15% bump this morning.
The only big name experiencing a wobble this week was Ripple, whose value dropped by about 1.1%. Ripple has positioned itself as a friend of legacy institutions from its inception and was well-received in privileged circles as a consequence. XRP may now find that whilst its new friends on Cheapside and Wall Street were happy to invite Ripple to the party, they had no intention of letting it stay.
JP Morgan has launched its own cryptocurrency, a USD-tether called JPM Coin which beats Goldman Sachs’ proposed SETLcoin to market. Both will offer frictionless settlement for their customers and offer direct and potentially devastating competition for XRP.
If 2017 brought crypto to the attention of the big hitters and 2018 saw them pondering what to do with it, then 2019 could well be the year they begin to exploit it.