Crypto Markets Calm Down Gradually, Bitcoin Cash Continues To Rocket Forward, Bitcoin Transaction Fees Up Over 500% And More — The Crypto2Cash Chronicle
Your daily dose of crypto and blockchain news, summarized by the Crypto2Cash team
Crypto Market Calms Down Gradually
After the massive price rallies at the start of this week, the crypto market seems to have calmed down. Bitcoin seems to have found support at the $5,000 mark and is currently trading at $4,993, being up 1.5% in the last 24 hours. The coin reached a near yearly high yesterday, trading at $5,330 for a short period of time. After spiking at $180 yesterday Ethereum is in the red again, losing 1.56%. Litecoin is currently trading at $87 noting another large gain of 8.16% and is now worth nearly three times as much than at the start of the year, when it traded at $30.
Bitcoin Cash Continues To Rocket Forward
Bitcoin Cash continues to be the top performer among the top 20 cryptocurrencies. Prices have increased by another 20% after yesterday already saw gains of nearly 50%. The coin is up by a massive 77% on the week and reclaimed it’s position as fourth largest cryptocurrency by total market capitalization.
Bitcoin Transaction Fees Up Over 500%
Bitcoin transaction fees have exploded in the last few days, after the biggest cryptocurrency saw a price increase of over 20 percent. With trade volumes increasing, traders are often paying higher fees for their transactions, hoping that they will be picked up faster by miners. At the same time, transactions with lower fees will often spend hours in the waiting queue before getting picked up. On January first, the average Bitcoin transaction cost $0.18 cent, yesterday it cost over $1.3. However the fees are not even close to the numbers we saw during the last bull run, where fees were around 35 times as high as now.
China Approves First Blockchain Firms
China’s Cyberspace administration has released the first list of registered blockchain service providers. The list features 197 companies, including large companies like Alibaba, Tencent and many more. All of these companies are now allowed to use blockchain technology, however it is permitted to use it for any commercial purpose. The article further noted, that the administration will search for other services to be registered to further expand the list.
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