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Week 9 Recap
Bitcoin smashed through $5,000 USD this week for the first time since September 1st, and kept rising to an all time high of over $5,800 USD. Alt's tend to take a pretty big hit when Bitcoin surges like this, but overall they weathered quite well and most posted some solid gains.
Short recap of this weeks news:
- SegWit transactions now comprise approximately 14% of all transactions.
- I came across this headline near the start of the week: Putin Tells Central Bank Not to Create Unnecessary Barriers to Cryptocurrencies. Sounds like Russia's a real ally right? Not so fast: Putin stated the meeting was to discuss the cryptocurrency "problem", suggested that buyers of cryptocurrencies are likely engaged in illegal activity, and outlined all the ways cryptocurrencies can be used for nefarious purposes. Regulation is absolutely on their agenda, so expect new rules or oversight in the coming months.
- A new open source project for performing atomic swaps between Bitcoin, Litecoin, and Vertcoin, written via Ethereum contracts, completed it's first successful atomic swap. I think this is a pretty exciting milestone for the community; using crypto technology and tools to facilitate the operation and development of the ecosystem is a great sign of maturity.
- Wall street sat up and took notice this week.
- Neo now supports dApps.
That's it for news this week.
Week 9 Results
It was an okay week. Checking the portfolio balance tonight was a big letdown because I've been glued to the coinbase app on my phone, watching the price of Bitcoin rise all week (I hold bitcoin outside of this portfolio). Only one alt-coin managed to beat Bitcoin this week, and it was our weekly winner: Polybius! I'll be damned if I know why it went up as much as it did though (no news sources I could find had any information about it). It's gain for the week was +5.44 USD (103%). The biggest loser this week (by absolute USD loss) was...EDGELESS! with a loss of -1.12 USD (-17%). Edgeless...what a tire fire. Edgeless, Stox, Stratis, and DigitalNote were pretty neck and neck for biggest loss this week. Details below:
|Symbol||Quantity||Price||October 8th||October 15th||Week Change $||Week Change %|
Want to follow along?
If you're Canadian and want to try the same thing, I use QuadrigaCX (wire transfer, interac online) and Coinbase (VISA, Mastercard, AMEX) to purchase bitcoin, ethereum, or litecoin to transfer to an exchange that supports all these alternative currencies. I used HitBTC to buy all 31 currencies, but many exchanges will work just as well.