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The week in cryptocurrency - w/c 7th May

By James Tennant

May 2018

2 Min Read

Weekly Roundup Crypto

A look at the markets and the biggest news stories of the last week. 

Market Cap

The beginning of the week saw a steady rise to a high of $471 billion – the highest it's been since early March - before dropping back down to a low of $389 billion early Friday morning.

The market continues to try and find its footing as it sees plenty of resistance right before the big psychological barrier of $500 billion.

Looking at the big picture there has been a great recovery from the early April lows of around $250 billion, so it's worth keeping the end of the week dip in perspective.

News

  • Some fella called 'Bitcoin Jesus' has predicted that Ethereum will top Bitcoin as the top cryptocurrency by the end of 2018.

We're not sure you should take anyone with that nickname remotely seriously, but this is a fairly popular thought among the community, so it's hardly the big news people are making it out to be.

Maybe it's just the nickname that's making it newsworthy? Maybe we should come up with a nickname too? What about... “Crypto Christ”? That way when we say anything people will *have* to listen, right?

“Huawei is releasing BTC.com’s Bitcoin wallet in its AppGallery app store, which will be pre-installed on all new Huawei smartphones, according to Alejandro de la Torre, vice president of business operations at BTC.com.”

  • Ripple (XRP) faces a lawsuit in California. Not great news for the third biggest cryptocurrency, as the lawsuit claims that Ripple has created billions of tokens out of thin air and sold them for massive profits, essentially creating a “never ending ICO”. We'll be keeping a close eye on this one.

OK, that's your roundup for this week. Come back next Friday for another brief look at the biggest announcements and market movements in the world of cryptocurrency.