Do we have a bounce in the crypto space?! Maybe. Depends which technician or fortune teller you ask. Personally I don’t expect us to move strictly higher immediately, but I think the bottom is in and we’ll see buyers generally overwhelming the sellers. That’s partially because we have some regulatory direction after the CFTC hearing on Wednesday. The chairman Chris Giancarlo made some very positive statements about the category much to the exuberance of cryptocurrency twitter. Giancarlo’s account grew from 3k ->30k followers overnight.
Here’s a bit on today’s winners.
Bitcoin Cash (BCH)
Bitcoin Cash surged over 31% today – the controversial fork of the bitcoin blockchain. For the uninitiated, Bitcoin Cash forked to increase the block size from 1MB to 8MB as traditional bitcoin fees soared due to a lack of block space. With the increased block size, essentially all Bitcoin Cash transactions are included in the next available block regardless of fees designated by the sender, so transactions are always confirmed within 10 minutes basically for free.
BCH tends to spike incredibly hard for a day or two before retracing a portion of the move over the following week. Remains to be seen how much of this move up is retained. Today’s move puts some distance over the next largest crypto asset – Cardano. Bitcoin Cash now sits comfortably 4th with a $20.5B market cap.
Lisk is a smart contract competitor in the Ethereum / NEO frame. While Ethereum has been vulnerable to poorly coded smart contracts that have required hard-forks to fix, Lisk’s SideChain functionality is said to mitigate this flaw. Ethereum’s Proof of Work protocol is an expensive process, so the developers are working on a switch to a Proof of State protocol in the coming months. Lisk already has it implemented. It’s soaring today for no real reason, but it’s jumped up a few spots in the rankings to 14th – 1 slot above TRON – with a market cap of $2.67B.