Written by Oteme Eghele
Hi guys and welcome to another edition of Crypto weekly, a weekly writeup that focuses on market performances the previous week with respect to BTC, EOS, and ETH and also changes or new Dapps that were launched.
With Bitcoin halving just a few days away, the market is rallying up and preparing for this glorious event once more, why?
Bitcoin like other types of cryptocurrency has a fixed supply which will ever be made available to the public, while a good number is currently in circulation, we still have others yet to be mined and Bitcoin halving is a marker that tells us once again that the total number of Bitcoin that will ever be mined has been cut halve thereby creating somewhat of a scarcity.
That said, holders feel more relaxed and those yet to buy, see it has a good opportunity to jump in which might create a high demand and thus increase in price.
Last week, bitcoin took a sharp increase once again moving from its initial 6k+ to a high of 7700 where it currently stands as of the time of making this post. With the halving coming up next month, one can only wonder if the price will continue to increase or correction is just around the corner.
As usual, individuals are always advised to do their own research before investing in any platform be it digital or not.
Ethereum, as usual, it is not far from BTC, while the bitcoin market continues to see high demand rate, the price of Ethereum experienced somewhat of a steady and fixed price this past week and currently trading at $190. Compared to its price a month back, Ethereum sure is doing okay for itself.
The sudden increase and continuous high in Eth might be partially caused by Ethereum 2.0 which promises to shift the network from Proof-of-Work to Proof-of-Stake consensus.
For those not familiar with proof-of-stake, holders of a coin like IOST are able to set up nodes or vote on a node and over time they share rewards generated from a pool, if Eth 2.0 will be anything like this, I see a continuous demand in Eth and hence increase in its price. As usual, individuals are advised to do their own research before investing in any platform.
The EOS coin experienced a stable market the previous week, with EOS entering the week at $2.68 which then declined to a low of $2.4 and then back to $2.7 which it currently trades as of the time of making this article.
That said, a new upcoming development was announced on the EOS Blockchain this week and definitely something worth mentioning.
A new token which would be pegged with BTC at a ratio of 1:1 will be listed on Bitfinex, and while a stable token is a welcome development, it seems it would operate on the EOS and ETH Blockchain, by this, holders of this token will be able to purchase and use the token pBTC on EOS Dapps as they would when using EOS itself.
Bitfinex exchange plans to list pTokens (pBTC) — a new token that aims to unlock cross-chain DeFi liquidity by connecting Bitcoin (BTC) to any blockchain. The token is pegged 1:1 to Bitcoin and is compatible with the Ethereum (ETH) and EOS DeFi ecosystems to date.
Well, this is it for this week, catch you guys the same time next week.