Bitcoin is fighting for USD 38,000 – and in the future possibly with ether for the throne as the number 1 crypto store. At least Pantera CEO Dan Morehead thinks that is realistic. Meanwhile, BSV suffered a massive 51 percent attack. The market update.
The Bitcoin course was not granted a green day candle in August. On August 3, BTC finished at $ 38,177, 2.5 percent below the previous day’s closing price. Today, August 4th, the bears are still in control for the time being. At press time, Bitcoin is still battling the $ 38,000 mark at $ 37,830. BTC has thus moved further away from the support at USD 38,513 that BTC-ECHO analyst Stefan Lübeck noted in the previous Bitcoin analysis.
BTC / USD on Bitstamp (daily chart). Source: TradingView
Total market capitalization remains unchanged at $ 1.6 trillion at press time. Within the top 100, Perpetual Protocol (PERP), Terra (LUNA) and Quant Network (QNT) recorded the strongest daily increases with 19, 15 and 10 percent. If you want to find out more about QNT, we recommend the current crypto compass from BTC-ECHO.
Pantera boss sees Bitcoin at USD 700,000 – and outperformed by ETH?
Despite the meager start to August, Bitcoin can at least record an increase of almost eight percent in a 30-day comparison. But if the head of the crypto investment company Pantera Capital has its way, then we are still only at the base of the flagpole. On Monday, Dan Morehead met at the Reuters Global Markets Forum.
Morehead expects Bitcoin to end between $ 80,000 and $ 90,000 in 2021 and climb to over $ 120,000 within a year. Increased mass acceptance could push the value to $ 700,000 over the next decade,
it says in an article by the Reuters news agency about Moorehead’s appearance. There the Pantera CEO was as usual bullish, but without marking the Bitcoin maximalist. Rather, he presented a bull case for the smart contract platform Ethereum and its coin, Ether (ETH). According to Morehead, a trend is emerging according to which ETH will increasingly be used as a store of value in the future – a use case in which Bitcoin has so far been unchallenged in the crypto space (keyword: digital gold).
The Pantera CEO sees tomorrow’s Ethereum upgrade in London as a catalyst for this development. With London, Ethereum receives, among other things, a new fee model that is supposed to make transaction costs more predictable. In the future, there will be a dynamic basic fee, the amount of which depends on the block utilization. This base fee does not benefit the ETH miners, but is destroyed. This gives the uncovered Ethereum supply a deflationary element that could improve Ethers store suitability.
You will see that the people who want to store their wealth will do so more in (ether) than just in Bitcoin,
Reuters quotes the Pantera CEO.
51 percent attack on BSV
While the long-term outlook remains bullish for BTC and ETH, Bitcoin Satoshi Vision (BSV) is currently looking dark. The network suffered a 51 percent attack on the evening of August 3. This means that an attacker had briefly stolen more than half of the BSV hash rate. This enabled him to rewrite 14 blocks of the BSV blockchain.
The blockchain analysis provider CoinMetrics was among the first to publicize the attack. Accordingly, in the course of the 51 percent attack, two forks were created by the BSV blockchain, which apparently also caused confusion among the miners.
BSV is exposed to a massive 51 percent attack.
After an attempted attack yesterday, a considerable hashing power was unleashed today at 11:46 a.m. and the attackers are successful.
More than a dozen blocks are reorganized & up to three versions of the chain are mined by pools at the same time.
Lucas Nuzzi from Coinmetrics via Twitter
Even with blockchain explorers, there are currently still isolated synchronization problems. According to the Coin.Dance website, for example, no BSV block has been “mined” for five hours.
The BSV-Verband Bitcoin Association has now appealed to BSV miners not to mine for the attacked blockchain anymore.
In response to the ongoing reorganization attack on the # BSV network, the Bitcoin Association recommends that network node operators mark the fraudulent chain as invalid. This will immediately bring your node back to the chain supported by honest miners and lock out the attacker’s chain.
Bitcoin Association via Twitter
The course of Bitcoin Satoshi Vision has so far dealt with the horror news comparatively well. With a 24-hour minus of 4.2 percent, sales were still limited at the time of going to press.