And We’re Free, Free Fallin’
Not a good week for the cryptocurrency market, not a good week at all. The total market cap fell from just under $185B down to about $140B. The almost 25 percent fall brings us down to the lowest value we’ve seen in 2018. But, in the spirit of Thanksgiving, let’s take a moment to reflect on the things we should still be thankful for. Even in this economic downturn, Bitcoin continues to make technological strides, Ethereum is one of the fastest growing Github projects, and traditional industries continue to implement new blockchain tech.
Let’s take a look at our top cryptos (Warning – it’s not pretty):
Bitcoin dove 22.45%, significantly below the $100B market cap floor that previously gave it support.
XRP maintained its second place positions but still fell 12.49% over the week.
Ethereum continues to get hammered, losing 30.89% of its value since last Friday.
Domestic News
Christie’s Records Millions of Art Sales on Blockchain: Going once. Going twice. Sold! Christie’s in New York recently held an event in which the auction house sold nearly $318 million worth of artwork. One piece of art, Edward Hopper’s Chop Suey, was purchased for over $90 million on its own.
Christie’s worked with technology partner Artory to record the provenance of each work. Artory utilizes a private implementation of the Ethereum blockchain to track information and ownership throughout a piece’s lifecycle. It looks as if Artory’s will continue to partner with the auction house on more events in the future as well.
People Saying Things
Paul Polls: Libertarian bad boy Ron Paul took to the Twittersphere this week to ask his followers on what they believe to be the best store of wealth over the next ten years. The winner: the one and only Bitcoin. Take that, Federal Reserve Notes!
