Bitcoin Approaches $10,000 Pulling Altcoin Market with it: Week in Review Nov 27

On November 26, the price of bitcoin surpassed the $9,000 mark for the first time in the digital currency’s brief history, signaling it may hit the $10,000 milestone, that many experts have predicted, before year end. The key driver of bitcoin’s new all-time high is that bitcoin is (finally) becoming mainstream as an investment asset class.

Several investment houses, including Old Mutual Global Investors and TOBAM, have declared that they will enter the cryptocurrency space while the Chicago Mercantile Exchange (CME) is preparing to launch bitcoin futures in a few weeks time.

Even JPMorgan, run by bitcoin opponent Jamie Dimon, announced that it “is considering whether to provide its clients access to CME’s new bitcoin product through its futures-brokerage unit.”

The altcoin market has also benefitted from bitcoin’s rally for the second week in a row. Several leading altcoins including ether (ETH)DASH (DASH), and monero (XMR) all hit new all-time highs against the US dollar in the past week. Ethereum’s ether peaked at $485, while DASH hit $656, and monero peaked at $165.

This week’s review is compiled from contributions by Alexander Lielacher, Jamie Holmes, Joseph Young, Priyeshu Garg, and Robert DeVoe.

2017 may go down as the year of the eight times return bitcoin has delivered, but it will also likely be remembered as the year of the hard fork. First, we had Bitcoin Cash, then Bitcoin Gold, and even Bitcoin Clashic – but the forks are not quite finished yet. Say hello to Bitcoin Diamond.

Bitcoin Diamond (BTCD) is quite odd, to say the least. On the technical side, the official website for BTCD claims that it is a proof of work X13 GPU mined currency, and it has a supply of 210 million units or exactly ten times that of Bitcoin. It uses an 8MB block size and has blocks every 10 minutes.

The website for BTCD also mentions encryption and privacy features, but details are scant. The chain went live at the Bitcoin block height of 495866 which was sometime in November 2017. Since the supply is exactly ten times that of Bitcoin, owners of BTC would have ten times the amount of Bitcoin Diamond if they are to claim it…

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