Signs may mark the beginning of an altcoin season, and Bitcoin gets protected from attacks by authorities
CoinMetrics: signs are emerging that may mark the beginning of an altcoin season
The analytical service CoinMetrics drew attention to the price growth of some crypto assets.
Cardano has risen 40% in the past week after announcing the launch date for the next major update “Shelley”. OmiseGo price doubled after Coinbase announced the coin’s listing In addition, ETH price grew by 14% per week, ahead of a number of “core assets” — and the majority of altcoins work on the ethereum blockchain, analysts note.
“Such market movements in response to mainnet launches, new product upgrades, and exchange listings are reminiscent of late 2017,” CoinMetrics experts conclude.
Miners reduced bitcoin sales
The Glassnode portal has published data on the influx of coins to exchanges from mining pools. It turned out that after the halving on May 11, miners reduced sales, and now their volume is much lower than the average values for 2020.
Over the past two months, sale peaks were observed on May 3 and 7, when Bitcoin price surpassed the $9,000 and $10,000 marks, respectively. Service experts also noted that a surge in BTC price on June 2 above $10,000 provoked an eight-fold increase in the flow of traders’ funds to large exchanges. After the dip to $9,500, the indicators returned to average, which indicates the importance of the round level of $10,000 for market participants.
Bitcoin has got protection against attacks by authorities
Bitcoin Core 0.20.0 was released on June 3. It contains a solution designed to protect the network from attacks of major players, such as nation-states or corporations like Google.
Software “Asmap” was included to protect against a theoretical “Erebus” attack. Such an attack involves blocking or substituting P2P connections to isolate a specific part of the network. The attacker must connect to as many nodes around the victim as possible so that all eight of its external connections go through the attacker’s network. Thus, the victim is completely isolated from the main blockchain.
Theoretically, such an attack, carried out by an entire nation-state, could fracture the entire Bitcoin network.