CBX Weekly Newsletter // 12 Aug 2020
- Bitcoin and The Crypto Market continue to climb higher!
- Bitcoin Market Cap Is Now Bigger Than Intel or Coca-Cola
- Ethereum Classic Suffers Two 51% Attacks in One Week
Bitcoin and The Crypto Market continue to climb higher!
Bitcoin broke from a bullish ascending triangle pattern on the daily chart (mentioned very times before on this newsletter), and is now attempting to close above the $12,000 level.
There’s significant selling pressure at the high of $12,100 which has already pushed down the current uptrend. This will be the first short-term resistance that bulls will need to overcome if they want to push the prices up to $14K which is the next resistance and high of last year.
Breaking above $12K would set a new 2020 high and should encourage bulls to continue towards the $13K psychological level above.
If the $11,600 level is broken in the short-term then the current uptrend reverses, which can trigger further consolidation below $11K.
Whichever direction the market chooses, it’s most likely that the rest of the alt-coins will follow.
At the moment Chainlink which has been the lead bull this year has made it to the top 10 by market capitalisation according to Coinmarketcap.com. And has pushed other projects like Litecoin (LTC) and Bitcoin Cash (BCH) below. Is this a mere hype run or will we see Link pushing higher?
Bitcoin Market Cap Is Now Bigger Than Intel or Coca-Cola
Amid a major bullish trend on cryptocurrency markets, Bitcoin’s (BTC) market capitalisation is outstripping some major publicly traded companies like Coca-Cola.
Following a bullish market in late July 2020, Bitcoin’s market cap saw a significant increase to cross a $200 billion threshold. As of press time, the market cap of the largest cryptocurrency accounts for more than $207 billion, down from a $222 billion intraday-high recorded earlier today, according to data from Coin360.
As such, Bitcoin is currently worth more than shares of major global companies like Intel and Coca-Cola in terms of market capitalisation. On July 31, shares of Intel and Coca-Cola closed at a market cap of $203 billion and $202 billion, respectively, according to data from Macro Trends.
Ethereum Classic Suffers Two 51% Attacks in One Week
Ethereum Classic developers were still recovering from late last week when yet another 51% attack was launched against their blockchain.
The first attack occurred on Aug. 1, the network’s second ever. Five days later, a second 51% attack followed the news that the first had indeed seen a successful double-spend of $5.6 million worth of ETC.
The second attack was perhaps more important, although smaller in monetary terms ($1.68 million). By striking twice, the attacker proved the blockchain has seemingly no ability to protect itself from meaningful exploits.
A 51% attack on a blockchain refers to a miner or a group of miners trying to control more than 50% of a network’s mining power, computing power or hash rate.
When the network will be secure remains unknown. So, Ethereum Classic developers have encouraged exchanges to increase transaction confirmation times. This protects against spreading the “double-spent” ETC.
“We have taken down ETC since the attacks. We don’t plan to open it back up until the ETC network is deemed safe,” an undisclosed Binance security team member told CoinDesk in an email through spokesperson Jessica Jung.
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