Per a report from the Cambridge Center for Alternative Finance (CCAF), fossil fuels have been the primary energy source for BTC mining since the start of the year. The CCAF recently updated its Cambridge Bitcoin Electricity Consumption Index (CBECI). Its study claims that 62% of all the energy the leading token has consumed so far consists of coal-based energy. BTC’s Energy-Intensive Mining Bitcoin employs the proof-of-work consensus mechanism to create new tokens and validate transactions on the blockchain. The PoW…
Get the weekly summary of cryptocurrency market trends, news, and forecasts!
This Week’s Summary
Crypto Trends 5th– 12th of January 2020: PERFORMANCE & ANALYSIS
It has been an exciting week for the cryptocurrency market. Both Bitcoin and a copious number of altcoins experienced a value increase that most analysts see as a good omen for the year that has just started.
All the headlines feature Bitcoin’s spectacular resurrection. The BTC price went on a rollercoaster ride throughout the week, and it is still riding high. Its value’s volatility shows the deep-rooted connections to gold and oil through the smoldering conflict between Iran and the United States.
The recent developments in the tense Middle East strife saw the prices for crude oil and gold increase. The Bitcoin value followed suit and increased by 7.51% over the past week. With the bulls heavily pushing from behind, the BTC price quickly reached the $8,400 mark before losing momentum. At the time of this writing, it is trading at $8,125, and it is interesting to see where it will go from there.
The rest of the altcoins had something to gain from the geopolitical risk between the U.S. and Iran, too. Ethereum successfully made it past the $130 mark, and it is now trading at $143.53. There is hope in the market that ETH will push to get above the $152 resistance level and aim for the $158 one. It all depends on how ETH/BTC will react to the conflict’s unfolding in the Middle East.
XRP also surged past the $0.20 mark thanks to all the commotion in the market. It went on to break the $0.22 barrier, and for now, the bulls seem to defend it pretty well. Another bearish return to December’s record low of $0.181 is hard to imagine at the moment. At the time of this writing, XRP is trading for $0.211.
What’s in the News?
Next Week’s Market Forecast
In the upcoming week, the crypto market should witness a return of speculative money to assets like Bitcoin, XRP, and Litecoin. The recent developments in international geopolitics will have rippling effects in the months to come, as traders rediscover the safe storage value of cryptocurrencies.
The bulls will defend the last barrier conquered by BTC and keep its price above the $7,800 mark. Elsewhere, Ethereum and XRP will try to push past each of their next resistance levels and attract more attention from investors while the iron’s still hot.
Some of the events in the crypto community to watch for in the next week include: