Gains Heading Into Christmas; Litecoin Closes Week At $228
Christmas is just around the corner, and while most of us are busy shopping for gifts and planning holiday meals, investors in the cryptocurrency market have been keeping an eye on the prices of Bitcoin, Ethereum and Litecoin. In this article, we take a look at how these three coins fared this week as we move towards Christmas Day and what investors should keep in mind as we head into 2021.
Bitcoin, Ethereum See Modest Gains Heading Into Christmas
Bitcoin and Ethereum both saw modest gains heading into Christmas, as Litecoin closed the week at $. Bitcoin was trading at around $3,700, up from its weekly low of $3,600. Ethereum was trading at around $120, up from its weekly low of $116. Litecoin, meanwhile, was trading at around $30.50, down from its weekly high of $32.
The slight uptick in prices comes as cryptocurrency markets have been relatively stable over the past week or so. After a period of volatility and sharp price declines in November, many digital assets have stabilized and even begun to recover some lost ground.
With Christmas just around the corner, it remains to be seen if this trend will continue or if prices will begin to slide again. For now, though, it looks like Bitcoin and Ethereum are holding steady heading into the holiday season.
Litecoin Closes Week At $228
This week, Bitcoin saw modest gains, closing at $3,890. Ethereum also saw modest gains, closing at $128. Litecoin had a more volatile week, but ultimately closed at $228.
Bitcoin's price has been relatively stable over the past few weeks, hovering around the $3,800 mark. This week was no different, with the coin seeing slight gains to close at $3,890.
Ethereum has also been fairly stable in recent weeks, and this week was no different. The coin saw modest gains, closing at $128.
The coin started the week off strong, reaching highs of over $250 before falling back down to the $200 range. However, Litecoin was able to rebound and close the week out above the $225 mark.
Bitcoin Cash and Bitcoin?
Bitcoin Cash (BCH) and Bitcoin (BTC) are both decentralized cryptocurrencies. However, there are a few key differences between the two. For one, Bitcoin Cash has a larger block size limit of 8 MB, compared to Bitcoin's 1 MB. Secondly, BCH uses a different proof-of-work algorithm than BTC, which is designed to be ASIC-resistant and allow for more decentralized mining. Finally, BCH has replay protection built-in, while BTC does not.
So, what does this all mean? Essentially, Bitcoin Cash is designed to be a more practical and efficient cryptocurrency than Bitcoin. It can handle more transactions per second and is less vulnerable to centralization from large mining pools.
What is SegWit2x?
SegWit2x is a proposed upgrade to the Bitcoin protocol that would increase the block size to 2 megabytes. The SegWit2x hard fork was originally scheduled to occur on November 16th, but was postponed due to lack of consensus among the Bitcoin community. Some members of the community believe that SegWit2x does not go far enough in solving Bitcoin's scalability problem, while others worry that increasing the block size will centralize power within the network and make it more difficult for individuals to run full nodes.
Where to Store Your Bitcoin?
Bitcoin and Ethereum are two of the most popular cryptocurrencies, and they are often stored in wallets. Here is a brief overview of some of the most popular wallets for storing Bitcoin and Ethereum:
1. Desktop Wallets: Desktop wallets are software programs that store your private keys on your computer's hard drive. They offer a high level of security, as your private keys are not stored online or on a third-party server. However, if your computer is hacked or infected with malware, your coins could be at risk.
2. Mobile Wallets: Mobile wallets are apps that store your private keys on your smartphone. They offer a convenient way to access your coins on the go, but they are also more vulnerable to hacks than desktop wallets.
3. Online Wallets: Online wallets are websites or services that store your private keys online. They offer the convenience of being accessible from anywhere, but they are also the most vulnerable to hacks.
4. Hardware Wallets: Hardware wallets are physical devices that store your private keys offline. They offer the highest level of security, as your coins are stored in a secure device that is not connected to the internet. However, hardware wallets can be expensive and may not be compatible with all computers or smartphones.
Conclusion
The closing of the week saw modest gains for Bitcoin and Ethereum, while Litecoin ended at $228. As we head into Christmas, it will be interesting to see if these trends continue or if other digital currencies make a move in the market. Regardless of what happens next, investors should remain aware of the risks associated with digital currency investing as prices are highly volatile and can change rapidly.