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After entering the day at $4,456, Bitcoin rose as high as $4,650, aiming to reach an all-time high of $5000. At the time of writing Bitcoin price is trading at $4655 a piece, posting a market capitalization of $77.3 billion and gaining 2.25% in the last 24 hours.
Ripple is the only major cryptocurrency to gain in this period, posting 35.5% gains in the last 7 days. The rest of the markets were not so lucky. The Ethereum price registered a minor decline and so did other cryptocurrencies.
It is not clear what is causing this upward trend. Although, prominent trader and economist Tuur Demeester has speculated that investors are positioning themselves to receive the coins that will be airdropped if the SegWit2x hard fork executes as scheduled. However, the hard fork will not take place until November, so there is chance other reasons are at play here.
Other reason could be the increase in SegWit transactions. These transactions now account for ~9% of all transactions. Adoption of Segwit addresses has been slow but steady since the release. As SegWit transactions use fewer bytes per block than legacy transactions, SegWit transactions will always be cheaper to use.
Today’s market movements once again enabled Bitcoin to raise its share of the total cryptocurrency market cap to 51%. This dominance is partly due to alts’ decline and increasing SegWit transactions.
Top Stories from the Crypto World
1. A new accounting tool will tell you what an ICOis really worth
Numbers suggest that there are two ICOs being launched every single day. It becomes challenging for investors to decide where to invest, and if they’ll get enough returns.
These days the valuations of projects are determined by trust in founders, the white papers they write and the strength of target use cases. With more than $2 billion has already flowed into token sales, blockchain startup Balanc3 wants to make ICO accounting more sophisticated.
In an interview, Balanc3’s Griffin Anderson said:
“It really allows the industry to begin to hold accountable these token sales that have essentially almost gone public, and the markets will be able to use this information to more accurately price what these token sales are worth.”
2. IMF could issue international cryptocurrency to replace dollar
According to a report by the Wall Street Journal, the world may soon have an international cryptocurrency in response to Bitcoin. Recently, Christine Lagarde, head of the International Monetary Fund (IMF), encouraged banks and governments to not short-change Bitcoin and other cryptocurrencies.
This comes after the recent announcement by the Dubai government regarding its intention to issue a state cryptocurrency.
3. Dubai wants to put entire land registry on Blockchain
The Dubai Land Department – the government arm responsible for the registration and organization of real estate in the emirate – is now processing and implementing all transactions on a blockchain.
The department has claimed to “becoming the world’s first government entity to adopt Blockchain technology.”