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The bitcoin price, which last week looked set to fall under the psychological $6,000 mark after a substantial sell-off, has managed to hold its ground over the last few days — though the same cannot be said of other major cryptocurrencies, including ethereum and ripple (XRP).
The price of ethereum (traded through the token ether) was unable to find support from an announcement from its widely respected founder Vitalik Buterin, who laid out plans for a blockchain consensus algorithm which can survive a so-called 99% attack over the weekend.
Buterin has proposed a way to detect if miners are trying to perform a 51% attack and shut it down before it builds traction, providing additional safety guarantees. If Buterin finds a way of implementing this 1% consensus algorithm it will go some way to making ethereum one of the most robust cryptocurrencies around.
Elsewhere, bitcoin trading volumes on Turkey’s exchanges have surged over recent days as the country battles to contain a currency crisis that looks set to continue into this week.
Koinim, Turkey’s largest exchange, has reported a 63% increase in Bitcoin trading volume, while the BTCTurk and Paribu exchanges have said their volumes are up 35% and 100% respectively, according to CoinMarketCap data.
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