Proof of Work Coins Dominate Gains: A Result of SEC Actions and Falling Energy Prices?
Last week, proof of work (POW) cryptocurrencies saw significant gains, potentially influenced by the SEC’s actions and decreasing energy prices. Here are the key points:
– Four out of the top five gainers on the 7-day pane were POW assets:
– Bitcoin Cash (BCH) gained 53%
– eCash (XEC) gained 44%
– Bitcoin Satoshi’s Vision (BSV) gained 38%
– Litecoin (LTC) gained 25%
– Compound (COMP) was the only cryptocurrency to outperform these POW coins.
– Ethereum Classic (ETC) and Zcash (ZEC) also experienced notable gains, ranking 13th and 14th, respectively.
– The recent surge in POW coins may be attributed to the SEC’s increased scrutiny on proof of stake coins and falling energy prices.
– Litecoin’s upcoming halving event also contributed to the rally.
In conclusion, staying informed about regulatory actions and considering cause and effect can help identify potential trading opportunities. Additionally, being aware of the halving schedule for POW coins can be advantageous. The combined market caps of these POW assets increased by $3 billion, resulting in significant gains for investors. Roger Ver, Calvin Ayre, and Jihan Wu are among the likely beneficiaries of the surge in Bitcoin Cash.
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