Bitcoin price just cruised through $4630 resistance level to reach a new all time high of $4791. It seems there is no stopping Bitcoin to reach $5000 mark from here, where it may face stiff resistance since it’s a major psychological barrier.
It’s not just Bitcoin, market data shows that all of the top 10 cryptocurrencies by market capitalization are also seeing prices increases today. Ethereum is trading at $382, inches away from its all time high.
Sorry for playing devil’s advocate here, but in the past we have seen some serious corrections in this market. If there is one thing we’ve learned from the crypto market over the years is that anything that injects a degree of risk into the market near term, steep correction becomes a possibility.
There is a chance we could see another serious correction from here. Also, let’s not forget Goldman Sach’s prediction of Bitcoin price dropping to as low as $2800 after reaching $4,827.
That being said, even if we do see a correction, it would merely represent an opportunity to ‘buy the dip’ at a discount because prices will eventually turn around and continue to rise.
Bitcoin vs Assets
The month of August saw Bitcoin and Ethereum prices behave almost the same way against traditional assets. While Ethereum price went up as much as 93.57%, Bitcoin price saw 65.72% rise against Gold, Silver and S&P500.
Top Stories from the Crypto World
1. SatoshiPay IOTA proof-of-concept Stage One is successful
Six weeks ago, SatoshiPay, a nanopayment transactions processor company, announced partnership with IOTA foundation and started working on a demo site.
The website looks almost exactly like the current SatoshiPay implementation, but features a completely new payment backend based on the fee-free IOTA network.
Today SatoshiPay has working demo that supports initial funding of the SatoshiPay web wallet with IOTAs, nanopayments for individual content items and pay-outs to content publishers.
2. OmiseGo Becomes the First Ethereum Unicorn With a Market Cap of $1 Billion
OmiseGO (OMG) is the Plasma decentralized exchange, hosting an open-source digital wallet platform from Omise which is connecting facilities like mainstream payments, cross-border remittances in a completely decentralized and inexpensive manner.
The token has been on a bull run, rising from $1 to $10 this month, while doubling in only two weeks, with its volume standing at $170 million, much of it in dollars and Chinese Yuan.
A good thing to know: The token started to rally after its lead developer, Joseph Poon, published Plasma (a protocol that operates sort of like the Lightning Network) in collaboration with Vitalik Buterin, Ethereum’s inventor.
3. Red Pulse bans Chinese citizens from its ICO
NEO based platform Red Pulse, a decentralized market research platform, banned chinese citizens from participating in their ICO. This sent shocks through the crypto community in China, and sent the NEO price spiraling.
Red Pulse (RPX) had to take this step to comply with Chinese government’s new set of guidelines to crack down on illegal fundraising.