January 22, 2022

Altcoins This Week: CoinMarketCap Had A Price Calculation Error, Coinbase Newest Addition And More

Altcoins This Week: CoinMarketCap Had A Price Calculation Error, Coinbase Newest Addition And More
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CoinMarketCap Left Red Faced After Putting Coins In The Green

Altcoin holders received a pleasant surprise last Friday when they checked the current price of their coins on popular market aggregator CoinMarketCap. Some altcoins had, it seemed, experienced a huge increase in value. While some of the gains listed were in the realm of the possible given the volatile nature of the crypto market; others, such as Bitcoin Diamond, had shot up by over 1000%, leading some to worry that the site had been hacked.

Coinbase Plans To Securely Host Up To 40 Altcoins

A month after boosting the price, albeit temporarily, of the five altcoins it claimed to have under consideration as additions to its roster, Coinbase has proclaimed that it is considering hosting a further forty coins.

Bank of Thailand Reaffirms Ban On Banks Using Crypto

The Bank of Thailand has reaffirmed its position that banks in the south-east Asian kingdom are forbidden from offering crypto services to customers or directly investing in cryptocurrencies. However, banks are allowed to set up subsidiaries which can themselves handle digital currencies.

Ethereum Domain Name Partnership: Time To Trash The Hash?

Ethereum Name Service has partnered with top-level domain operator Minds + Machines Group Ltd to secure a new .luxe domain for Ethereum related business activities. From October, when the .luxe domain is launched, wallet holders, as well as users of dApps or Ethereum based smart contracts, can purchase a .luxe domain to use in place of the 40 digit long hash indicator currently used to differentiate between contracts on the blockchain.

July Gains All But Wiped Out

It’s been a tough week for altcoins, with many in the top 100 losing the significant gains they made through the last two weeks of July. Ethereum saw its value slide to below $400 for the first time since April. It opened Thursday at $420 but struggled on Friday when it hit $399, before a slight recovery saw it trade for $407 by Sunday. XRP was down too, opening Thursday at $0.447, retreating to $0.429 and hitting a low of $0.427 on Saturday. Bitcoin Cash shed over $100 in value this week. It opened Thursday at $767 but was trading at $691 for a time on Saturday, before a slight recovery on Sunday brought it back to $700. EOS opened at $7.24 before it too nosedived, hitting a low of $6.92 on Saturday before clawing back to just over $7 on Sunday. Stellar has lost momentum after rapid gains at the end of July, but it still holds its own in the top 5 altcoins. It saw its $0.276 Thursday opening pared back to $0.23 by Saturday, before a slight correction brought it back to $.24 on Sunday.

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