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Bitcoin [BTC] may not breach $6000 just yet; coin still to prove its worth at current level, claims LBX market report

Jibin M George

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Bitcoin [BTC] may not breach $6000 just yet; yet to prove its worth at current level, claims LBX market report
Source: Pixabay

Optimism has been very high in the cryptocurrency market ever since Bitcoin and other cryptos rallied and made significant gains in early April. While some have declared this rally to indicate the end of the crypto-winter, others have claimed that this is in fact, the “Altcoin season.” However, London Block Exchange’s market report may be a dampener on such optimism.

The UK-based cryptocurrency exchange’s weekly market report advises caution in the face of the market’s bullishness this month. Not only does the report warn against any proclamation of an “Altcoin season,” it also highlights the unpredictability and uncertainty associated with Bitcoin’s price movements in the near future.

LBX’s report suggested that the altcoins’ rally over Easter could have been a false start since the collective market cap pumped by only 3.4%, when compared to the 18th. While a significant pump in itself, the market cap was still 0.5% shy of the year’s all-time high that was achieved on April 10. Such pumps are a zero-sum game for altcoins, LBX stated.

LBX concurred with @Cryptorangutan’s analysis of altcoin movements over the past few months, stating that almost all altcoins (Litecoin, for instance), have retraced since surging significantly for a brief period. Additionally, some of these altcoins have bled and lost out on their gains as well. This, LBX claims, is proof that the altcoin season hadn’t dawned yet. @Cryptorangutan had this to say about the many pre-preemptively declaring the same,



“…It’s funny to see the same people who misscalled the alt season for the 10th time in the last year NOW deciding it’s not happening and reducing alt exposure”

The market report also had some interesting insights into Bitcoin’s performance. Citing Bitcoin’s recent 2019 high, LBX stated that all, except two altcoins, lost their value against BTC over the corresponding 24-hour period, with the average loss at 3.2%. This may be evidence of the crypto market not always following the lead of the world’s largest cryptocurrency.

Further, the report said, Bitcoin is unlikely to break forward and breach the $6,000 mark as the top cryptocurrency is yet to “prove itself” at the current level, which was the same level BTC hit last November before it fell down again.





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Jibin M George is a graduate in International Relations and Law with a growing interest in the world of cryptocurrency and blockchain technology

Bitcoin

Bitcoin [BTC] will be vulnerable to quantum computing if we’re not prepared, says Andrew Poelstra

Biraajmaan Tamuly

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Bitcoin will be vulnerable to Quantum Computing without preparation, indicates Blockstream Researcher
Source: Pixabay

Security is an important aspect of every crypto-asset and Bitcoin [BTC] is often dragged into debates on whether the blockchain is protected from hacks or vulnerable to certain technological developments.

In a recent episode of whatbitcoindid, Andrew Poelstra, the Lead Researcher at Blockstream, was asked about whether Quantum Computing was a genuine threat to the existence of some Bitcoin on the current blockchain.

Poelstra indicated that the threat was evident, but it was still a long way off from being practical in the current technological field. He mentioned that he expected quantum computing to come into play against the security of Bitcoin in “maybe less than 15 years” and said that he would be really surprised if “it was less than 25 years”.

Poelstra said that it was necessary to take actions in the current scenario for post-quantum systems because he believed that without any preparation for the impending technological aspect, it did not matter how the future rested. Without preparation, the community was going to be blindsided, he said.

He stated,



“It’s important now that we started working on standardization and exploring ideas and exploring what Bitcoin is going to look like in a post quantum world but in the current scenarios there were no candidates for post quantum schemes that would be reasonable to deploy them in a Bitcoin.”

The introduction of quantum computing in the cryptocurrency scenario was a topic which was widely debated among other personalities in the community as well. Mati Greenspan, a prominent eToro Analyst, had started earlier this year that the threat only existed to Bitcoin if quantum computing was available to only one person.

If people or users collectively upgraded to quantum computers, then the Bitcoin miners would upgrade among themselves to protect it from an alleged 99% attack, which is possible with a quantum computer.





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