Crypto Outlook

-BTC: $27,246.25

-ETH: $1,827.81

-XRP: $0.429

-LTC: $86.34

The global crypto market cap is $1.14T, a 1.18% increase over the last day.

The total crypto market volume over the last 24 hours is $25.53B, which makes a 15.79% increase.

BTC: BTC price increased by 1.51% and decreased by 3.34% over 24 hours and in the past seven days. The asset reached a low and high of $26,762.25 and $27,282.38, respectively.

Bitcoin Cash, a Bitcoin network fork, is set to receive a major update on May 15. This update will introduce CashTokens, a token issuance mechanism similar to ERC20, which Wu Blockchain has identified as a significant feature. Additionally, smart contracts, which offer similar functionality to Ethereum but with higher efficiency, will become available on the Bitcoin Cash network after the scheduled update, as confirmed by BCH developer Jason Dreyzehner.

According to the Network Update Specification document, the May 15 update will encompass several changes, including modifications to Minimum Transaction Size (CHIP-2021-01), Restrict Transaction Version (CHIP-2021-01), the introduction of CashTokens (CHIP-2022-02), and implementation of P2SH32 (CHIP-2022-05). This update will also involve the generation of UTXO tokens. Notably, the security of the P2SH address has been enhanced in this version, as the address length has been increased from 20 to 32 characters.

ETH: ETH price increased by 1.25% and decreased by 1.89% over 24 hours and in the past seven days. The asset reached a low and high of $1,787.54 and $1,830.01, respectively.

In the last few days, the Ethereum network has encountered difficulties in completing transactions. On May 11 and 12, two incidents took place that caused block finalization to be delayed for 25 minutes and over an hour, respectively. Although the exact cause of the problem is still being investigated, it appears to be associated with excessive demand on certain clients.

Fortunately, the network managed to sustain its operations due to the diverse range of clients available to validators. However, to improve performance and prevent excessive resource usage, the developers have released patches for two affected clients, namely Prysm Labs and Teku. These updates are designed to optimize their performance and restore stability and security to the Beacon Chain. The Ethereum Foundation has also emphasized the importance of validators promptly updating their clients to ensure the network’s proper functioning.

XRP: XRP price increased by 0.49% and decreased by 1.82% over 24 hours and in the past seven days. The asset reached a low and high of $0.4228 and $0.4313, respectively.

The legal dispute between Ripple, a blockchain firm, and the Securities Exchange Commission (SEC) continues to witness new developments as both parties scrutinize each other’s arguments for weaknesses.

In the most recent update, Stuart Alderoty, Ripple’s chief legal officer, took to Twitter on May 13 to criticize the SEC’s position on the “common enterprise” argument. He specifically referred to the SEC’s unsuccessful argument in the 1946 Supreme Court case known as “Howey.”

Alderoty highlighted that in the “Howey” case, the SEC contended that investment in a “common enterprise” was not essential if a “community of interest” existed. However, the Supreme Court rejected this argument. Consequently, Alderoty asserted that the SEC was mistaken in the past and continues to be mistaken regarding XRP.

The legal officer argued that “common interest” should not be confused with “common enterprise,” and he criticized the SEC’s assertion that all XRP holders are involved in a common enterprise.

LTC: LTC price increased by 6.81% and 5.00% over 24 hours and in the past seven days. The asset reached a low and high of $80.81 and $86.54, respectively.

Following the introduction of the LTC20 token standard, Litecoin (LTC) witnessed a remarkable surge in active addresses. Santiment reported that within eight days, the number of active addresses skyrocketed from a low point on May 2 to an impressive 900,000.

Active addresses serve as a crucial measure of user engagement in a cryptocurrency, representing the unique wallets engaged in sending and receiving transactions. Although the metric experienced a slight decline at the time of writing, it still maintained a significantly higher level compared to the pre-May period.

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