Another week, another round of Crypto Tidbits. It’s been a positive past week for the Bitcoin market. After falling as low as $8,600, the flagship crypto mounted a strong comeback over the past few days that say BTC hit $9,650. This is the highest price the asset has traded in just over eight days. Interestingly, altcoins began to deviate from Bitcoin’s price action over the past week. As can be seen in the image below, Ethereum largely outperformed BTC and other asset classes, as did Cardano and Maker. On the other hand, Chainlink, XRP, Bitcoin Satoshi’s Vision, and other top crypto assets slumped. Image of crypto market price action from Coin360 The crypto market remains below the late-April highs and the year-to-date highs, but analysts are still bullish. Blockchain analytics upstart Santiment, for instance, shared late last week that BTC’s Network Value to Transactions Ratio (NVT) remains “healthy.” “In spite of BTC’s mild -4.4% downswing today, its NVT looks healthy, and our model is showing a semi-bullish signal. The amount of unique tokens being transacted on Bitcoin network is slightly above average for in May, according to where price levels currently sit,” blockchain analytics firm Santiment wrote.Related Reading: Crypto Tidbits: Satoshi Isn’t Dumping His Bitcoin, China ‘Bans’ Cryptocurrency Mining
Bitcoin & Crypto Tidbits
“If China’s CNY continues to weaken against USD, then we could have a 2015 and 2016 repeat, where BTC strength coincided with yuan weakness.”
“Craig Steven Wright is a liar and a fraud. He doesn’t have the keys used to sign this message. The Lightning Network is a significant achievement. However, we need to continue work on improving on-chain capacity. Unfortunately, the solution is not to just change a constant in the code or to allow powerful participants to force out others. We are all Satoshi.”
Bitcoin Cash is not looking healthy:
-Hashrate down 30% since halving (& only accounts for ~2% of SHA256 hash)
-Economic throughput at all time lows
-Fees are .05% of miner rev (<$100/day)
-Theoretical 51% attack costs <$10k/hr
Surprised we haven't seen a large scale attack yet
— Yassine Elmandjra (@yassineARK) May 23, 2020
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