Ethereum and Ripple reach new all-time highs while Bitcoin stagnates

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It’s another green day in the world of cryptocurrencies, with all of the ten largest coins rising significantly in value in the last 24 hours. However, this time it’s not Bitcoin that’s leading the charge. 

Yes, Bitcoin’s price rose to $14,043 — a 4.99% increase in the last 24 hours — bringing the most popular cryptocurrency’s market cap to $235.6 billion. But it’s still a long way from Bitcoin’s all time high of $19,962 in December. 

But all of the other major cryptocoins rose far more than Bitcoin. Ripple, the second-largest cryptocurrency by market cap, rose 11.48% to a new record of $2.47. Ethereum, which is in third place, rose 16.97%, to $889.77 — another all-time high. And Stellar, which is currently in eighth place by market cap, grew a whopping 36.03%, which brought its price to a record high of $665. 

All in all, the market cap of the entire cryptospace is currently at a record $654.2 billion, an impressive feat considering Bitcoin has lost thirty percent of its value in the last couple of weeks. 

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There’s no significant news to which we can attribute this recent growth. Ripple, which had recently overtaken Ethereum as the second-largest cryptocoin, has been growing like a weed for a while now without any major developments. As for Ethereum, it likely benefitted from the launch of a test network for Casper, a significant upgrade for Ethereum which is currently in alpha stage. 

While it historically wasn’t very smart to bet against Bitcoin, it looks like it’s time for all the other cryptocurrencies to shine. Bitcoin dominance as measured by CoinMarketCap — the percentage of Bitcoin’s market cap compared to the market cap of all other cryptocoins — is at a historic low of 36%.

It’s possible that the hoards of investors who recently entered the crypto space (popular exchange Coinbase has grown its user base by millions in the last couple of months) are now diversifying into coins that aren’t Bitcoin. It’s also possible that Bitcoin’s largely stagnant development — in contrast to the extremely busy roadmaps from most of its competitors — is driving investors away. On the flip side, it’s not unimaginable that Bitcoin is just taking a little break before it explodes again.

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Ethereum takes cue from Bitcoin, starts growing like crazy

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Ethereum, the second largest cryptocurrency by market cap (behind Bitcoin), is currently trading at $707, a 20% increase in the last 24 hours. 

This is a new record for Ethereum, which has kept pace with Bitcoin for the better part of the year but started falling behind sometime in the summer. Bitcoin’s price grew tremendously in the second part of the year. One bitcoin is currently worth $17,176. 

Ethereum’s market capitalization, according to CoinMarketCap, is currently $66.5 billion. 

Besides being a blockchain-based cryptocurrency, Ethereum has fairly little to do with Bitcoin. While Bitcoin is primarily a payment system, Ethereum is a platform for decentralized apps running on its blockchain. 

Ethereum’s platform ushered in a completely new breed of startups that raised funds via initial coin offering or ICO events. Participants exchange Ethereum for new digital tokens created on the Ethereum blockchain. ICOs raised more than $1.24 billion in the third quarter of 2017, according to CoinDesk

Most recently, Ethereum has been in the news due to a popular game called CryptoKitties, which lets users collect and trade digital kittens stored on Ethereum’s blockchain. 

Looking at price alone, Ethereum’s growth has been even more impressive than Bitcoin’s this year. The cryptocurrency was trading for about $8.3 in January; its current price represents a 8,500% increase. 

Ethereum might be rising due to recent comments by SEC chairman Jay Clayton, who published a statement on Monday warning about the dangers of ICOs, which are largely unregulated. He also said that some digital tokens traded in ICOs aren’t securities and do not fall under SEC’s jurisdiction. 

Numerous other cryptocurrencies continue yesterday’s rally, most notably, the banking-oriented Ripple, which grew by 73% in the last 24 hours and now has a market cap of $18 billion. 

Disclosure: The author of this text owns, or has recently owned, a number of cryptocurrencies, including BTC and ETH, as well as a swiftly rising number of digital kittens.

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Bitcoin transaction fees are crazy high right now. Here’s what you can do about it.

A Bitcoin logo design is seen inside a sushi dining establishment in main Tokyo, Japan. That sushi may cost you a substantial amount in deal costs.
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Four dollars. That’s just how much it ‘d cost me to send out 0.01 bitcoins, or about $42, from one Bitcoin address to another today.

And this is in fact rather inexpensive compared with a couple of days back, when deal charges were even greater, making Bitcoin hardly functional for microtransactions. And low-cost deals, specifically for percentages of BTC, are allegedly among Bitcoin’s greatest benefits.

The deal costs are raving due to a number of elements. One is the size of the block in Bitcoin’s blockchain, which is restricting the variety of deals that can go through at any offered time. Bitcoin’s network is powered by business, individuals and miners who utilize an incredible quantity of calculating power to produce brand-new bitcoins. When there’s a lot of deals to procedure– which presently takes place really typically– miners will focus on deals that pay a greater charge.

The circumstance enhanced with the current SegWit upgrade of the Bitcoin software application, however it will take a while– months or weeks– prior to users begin seeing advantages of SegWit.

Another factor is Bitcoin Cash, a contending cryptocurrency that divided off from Bitcoin on August 1. Considering that the 2 cryptocurrencies are comparable, it’s basic for miners to change from mining Bitcoin to Bitcoin Cash. And for factors described here , often it’s more successful to mine Bitcoin Cash than Bitcoin. Whenever miners begin changing to Bitcoin Cash, Bitcoin’s network ends up being slower, and deal charges increase; we’ve seen this swing take place a few times prior to and it’s most likely to keep taking place for a while.

This is bad for Bitcoin. A couple of dollars (and even a couple of lots dollars) per deal isn’t really an offer breaker for financiers, however for somebody who wishes to utilize Bitcoin as payment– which is type of the point of Bitcoin in the very first location– that’s far too costly.

The excellent news is that the costs are most likely to obtain much better. The problem is that it will not take place soon. SegWit has actually paved the method for an additional upgrade called the Lightning Network , which ought to significantly minimize costs, however the software application, or even its requirements, aren’t all set. And in November, Bitcoin is anticipated to be updated once again with the SegWit2x proposition, which ought to increase the block size in Bitcoin’s blockchain from 1MB to 2MB. This will decrease pressure on the network and make deal costs lower, however changing to SegWit2x needs a so-called tough fork, indicating that Bitcoin is when again splitting into 2, which might bring brand-new difficulty.

Yes, you can pay smaller sized costs and get away with it

Luckily, Bitcoin users aren’t entirely without alternatives today. Something you can do is wait up until the network is less stretched (during the night, throughout the weekend), which is when deal costs will decrease.

You can likewise inspect this service to see which deal costs are presently the most financial for you. At the time of this writing, a Bitcoin cost of 200 satoshis per byte will suffice for your deal to go through in about 30 minutes (Bitcoin deal charges are revealed in satoshis, which is one hundred millionth of a Bitcoin, per byte size of the deal, which is usually a little over 200 bytes). Want that cost estimators aren’t ideal; an alternative service that reveals you the presently optimum cost is this one .

Paying a cost that’s too expensive is unneeded, as it does not bring any fringe benefit. Paying too little a cost indicates your deal will not go through quick, or at all.

This details will not assist you much if you utilize a wallet that does not let you alter deal charges, so possibly it’s time to change to a various wallet. A mobile Bitcoin wallet called Mycelium provides numerous possibilities for Bitcoin deal costs: low-priority, financial, typical concern and high concern. Your deal may take longer to go through however it will be more affordable if you pick the low-priority charge. Alternatively, a high concern deal will nearly undoubtedly go through rapidly however it will be pricey. Now, Mycelium is using me 339 satoshi/byte as a financial deal charge rate, which is still a little pricey, however much better than the “typical” cost of 419 satoshi/byte.

This is too costly.

Image: Stan Schroeder/Mashable

For much more control, you might experiment with the Electrum wallet , which lets you set any charge for your deals, though you have to allow the choice by hand in the settings. Beware, though: If you select too little a charge, your deal may permanently remain in Bitcoin’s stockpile. Coinomi is another (mobile-only) wallet which lets you personalize your deal costs.

There are other things you might do to make deal costs lower, though it needs a somewhat greater level of understanding. If you’ve gotten a great deal of little deals to a Bitcoin address, then send out bitcoins from that address, the deal will be bigger (in bytes) and hence more pricey. If you make it possible for the “Coins” tab in the desktop variation of Electrum you can decrease the variety of inputs for your deal, which will make it more affordable.

If you’re moving bitcoins from an exchange and not a wallet, you likely will not have the ability to set a charge, and numerous exchanges have extremely high charges established. Exchanges mainly do not do that since they’re wicked; they do it due to the fact that they wish to ensure the deal went through, otherwise they’ll have to handle assistance tickets. At this point there’s little you can do about this besides discover an exchange that is a bit more affordable with this regard than others. Want that, on top of deal charges, exchanges will likely charge their own extra charges, so you must concentrate on the overall expenses.

To summarize: Bitcoin costs are presently really pricey, however this will likely improve in a couple of months. Even right now, by picking the ideal wallet and making sure you utilize the optimum cost, you’ll do a lot much better than simply paying whichever charge you’re used.

The author of this text want to thank Luka Zubovi for his corrections and ideas.

Disclosure: The author of this text owns, or has actually just recently owned, a variety of cryptocurrencies, consisting of BTC and ETH.

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China could ban Bitcoin exchanges, but the market is unfazed

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Late recently, a report from Caixin shook the Bitcoin world. Inning accordance with the state-owned media outlet, China prepares to prohibit all cryptocurrency exchanges . The report was followed by a comparable one from The Wall Street Journal, which mentioned confidential sources knowledgeable about the matter.

And, at first, the cost of Bitcoin plunged, falling from approximately $4,600 to $4,000. 3 days later on, the rate of Bitcoin (and most other significant cryptocurrencies consisting of Ethereum) is increasing once again.

So exactly what’s occurring? Was the report incorrect? The response is uncertain at this moment, however the marketplace either not thinks the report, or it merely does not care.

Make no error– China certainly can pull such a relocation. The nation secured down hard on Bitcoin a number of times in the cryptocurrency’s history. And individuals’s Bank of China just recently prohibited cryptocurrency ICOs ( Initial Coin Offerings , or token sales) in the nation.

The thinking behind China’s actions to Bitcoin is intricate, however is primarily owned by the reality that cryptocurrencies are difficult to manage and can be utilized to move cash out of the nation, which does not agree with China’s authorities.

Banning all crypto trading on exchanges is a much more severe relocation than the ICO restriction. Numerous of the world’s biggest cryptocurrency exchanges live in China, and the nation is neck and neck with the United States in regards to Bitcoin trading market share.

In other words, Bitcoin must be dropping. Rather, it’s increasing progressively and sits at $4,320 at the time of composing, indicating that the marketplace isn’t really extremely worried about the restriction.

There are numerous signs that Caixin‘s report on China prohibiting all crypto exchanges may be incorrect or just partly real.

First, although a number of days have actually passed given that the initial report, there has actually been no main notification on the matter from individuals’s Bank of China. Second, 3 of the biggest exchanges in China– OKCoin , BTC China and Huobi– stated on Monday that they have not heard anything about a restriction from the nation’s regulators, a minimum of not formally.

And Bloomberg composed on Monday that over the counter deals (off-exchange trading) would not be prohibited, indicating trading crypto would still be possible for whales (casual name for entities that own huge quantities of crypto).

While it’s still extremely possible that China will, certainly, restriction crypto trading, it might just be a momentary blow for Bitcoin. Numerous specialists weighed in following the reports, stating the cash will eventually move in other places in case of a restriction.

When it pertains to Bitcoin, China’s authorities are understood to alter their minds frequently, and a great deal of the time they’ve been unclear on exactly what they prepare to do. It’s rather possible that the reports about the restriction of crypto trading will remain sticking around in the air for a while, without main verification or rejection. Now, it appears that even such unpredictability can not stop Bitcoin in its tracks.

Disclosure: The author of this text owns, or has actually just recently owned, a variety of cryptocurrencies, consisting of BTC and ETH.

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One of the world’s top Bitcoin exchanges is closing its doors

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BTCChina, among the leading Bitcoin exchanges in China, is completely closing down, the business revealed on Twitter.

The news followed a couple of weeks of reports that China will prohibit all cryptocurrency exchanges in the nation. The reports were never ever formally verified, and significant exchanges in the nation– consisting of BTCChina– at first stated they had not gotten any main regulations from the authorities.

It’s unclear exactly what has actually altered in the meantime, however BTCChina has actually now revealed it will stop all trading on September 30. The business stated a few of its items, such as the BTCC mining swimming pool, will stay functional.

BTCChina is the 5th biggest Bitcoin exchange worldwide by trading volume inning accordance with CoinMarketCap , and the 3rd biggest in China.

While this news still does not imply that China prepares to formally prohibit all cryptocurrency exchanges in the nation– some have actually hypothesized that the Chinese authorities would simply tighten up the policy of crypto exchanges– it’s an excellent sign that something of the sort might take place.

It’s been a rough number of weeks for Bitcoin and other cryptocurrencies. The worldwide market share of cryptocurrencies diminished significantly after last month’s news that China would prohibit all ICOs (preliminary coin offerings) in the nation. A lot of cryptocurrencies have actually decreased considerably in worth given that.

Disclosure: The author of this text owns, or has actually just recently owned, a variety of cryptocurrencies, consisting of BTC and ETH.

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