The cryptocurrency market is above $300 billion. Bitcoin has been steadily growing from $9500 to $11800 over the week. Bitcoin’s dominance is getting closer to 70%. Many believe that the trade war between US and China gave Bitcoin a boost. The US will impose 10% tariffs starting from the 1st of September on the $300 billion worth of Chinese imports. Chinese market has dropped due to the trade tension between the US and China. Many think that this has direct influence on the price of Bitcoin as Chinese investors are moving into Bitcoin as it is providing them a safe haven.
Ether is up by 13% to $238. Ethereum celebrated its 5th anniversary of pre-sale last week. ConsenSys, a blockchain software technology company focused primarily on Ethereum looked at the history of Ethereum, and found that the Ethereum network has processed over 500 million transactions since its inception. This year alone more than 130 million transactions have been processed. In 2019, 16 million Ethereum addresses have been created which indicates Ethereum’s popularity.
Bitcoin Cash has showed quite a growth last week. It rose by 9% to $342. BCH has also celebrated its second birthday last week. On the first of August 2017, the most famous Bitcoin network split took place that created Bitcoin Cash. BCH was created by the miners and developers who thought the Bitcoin Core developers had abandoned the idea of peer-to-peer electronic cash. While Bitcoin and Bitcoin Cash had the same goal to increase the scalability of the network, they choose different methods to implement it. Bitcoin Cash increased the block size while Bitcoin kept the block size as is and implemented something called SegWit.
Litecoin has underwent a scheduled mining reward halvening this Monday. Litecoin mining reward has dropped from 25 LTC to 12.5 LTC per block. This means significantly fewer Litecoins will be added to the market from now on making it scarcer. Litecoin is up by 6% to $95 since last week. Many have been expecting the price would go significantly up due to the halvening. The halvening didn’t change the price of Litecoin much. Charlie Lee, the creator of Litecoin said “I don't think the halving event will have much impact on Litecoin price, it's already priced in since one month.”