The Weekly Burst Report is a report published every Sunday meant to centralize and describe the major Burst events that happened during the week.
- The PoCC mobile wallet has been updated two times this week. It now includes 10 new languages: German, French, Russian, Slovak, Chinese, Spanish, Hungarian, Italian, Polish and Swedish, along with 30 new currencies and some bugfixes.
- The 1.3.6cg version of the wallet is going to be released in the very short future. I have been given the chance of seeing a preview and it will bring many exciting features, as well as strong foundations for future versions.
- A new process similar to Bitcoin and Ethereum’s respective BIP and EIP have been introduced for Burst: the Capability Improvement Proposals (CIP). The goal is to define a formal process to suggest improvement for Burst. A CIP is a design document providing information to the Burstcoin community, or describing a new feature for Burstcoin or its processes or environment. CIPs are described here: https://burstwiki.org/wiki/CIP.
- @Quibus wrote a very interesting technical paper on how the plot files are created with Burst’s Proof-of-Capacity. It should help many understand the process.
- The Burst wiki keeps getting improved at a fast pace. You can already find very valuable information there. Have a look around: https://burstwiki.org/wiki/Special:AllPages.
- @MrWho released a very useful website that automatically uploads every hour the latest copy of the blockchain file.
- A mirror of our burstcoin.ist news website has been created on Medium. All burstcoin.ist articles are cross-published on both platforms. Enjoy the great-looking interface of Medium on the mobile app or on your desktop.
- @Zohtar launched a new service to monitor your wallet. The software will monitor your wallet and notify you if it get out of sync via e-mail. Zohtar is also the creator of the Burst Payment Notification System.
- On wednesday the Burst blockchain was 100,000,000 seconds old – with more than 100,000 wallets created and 6,000,000 transactions this is only the beginning for Burst!
- We exceeded 9000 followers on the @burstcoin_dev twitter account. Next target: 10,000!
Analysis by @Goodplanets. The report was written a few hours ago – some data may be already outdated.
Burst’s current price is 106 Satoshi with a high for the week of 193 Sats and a low of 103 Sats. A change of -39.8% since last week. Burst weekly trading volume was 295.67 BTC across Poloniex and Bittrex combined. At the moment 1,000 BURST equals $6.15 USD.
The Burst blockchain this week was averaging about 4972 new transactions a day with at a total of 34,810 new transactions and 437 new wallets generated.
Burst’s market cap today is roughly 1,961 Bitcoin with an estimated network size of 111,904 Terabytes which brings the Cap to Terabyte metric to about $102.20/TB which is a 15% decrease from last week which tells me Burst may be undervalued.
This past week BURST coin was deeply affected again by a Bitcoin bull market as BTC rises to all time highs and rests now at $5,804.99 and seemingly no end in sight. Now to understand that Burst is still in a Bull market one must realize that Burst is an alternative crypto-currency and fundamentally ‘alts’, as they are known, have an inverse relationship with the Bitcoin market. That means when BTC goes up, alts tend to go down and this week Burst is no exception.
To exemplify this inverse relationship I’ve taken the BTC 4 hr chart for the week and inverted it and set it side by side with the BURST 4hr chart for the week.
read the inverted chart’s volumes right to left to see how they match the below BURST chart
See how similar they appear? What this indicates to me is that Burst investors and traders will sell BURST for BTC during periods of Bitcoin bullish price action.
Furthermore there has been no tragedy or devestation within the Burst ecosystem that I am aware of and to me Burst’s current trend is in large part due to the behavior of crypto-traders who favor the Bitcoin market over all.
BURST seems to have found support once again, this time at 100 satoshis with approximately 14.50 BTC in buy orders at that price across Bittrex and Poloniex. Volume has descended dramatically over the past weeks and in my opinion support and resistance are thin making it susceptable to pump and dump style investing.
Last week we spoke of trend lines converging and obviously the trend line I drew on support around 150 satoshis was broken so I think it’s time to get historic to show what we have on a basic level.
BURST has been in a bull market since November of 2015 and will most likely remain so unless this underlying trend line is ‘broken’ for a sustained period of time. For the sake of the column I’d say for atleast a month.
As you can see I’ve highlighted December 14th and the price of 70 satoshis. If in February 2018 Burst is trading below this level one may say, generally speaking, that Burst is in a bear market.
In my opinion Burst’s price stability could improve with two major adjustments to the BURST ecosystem: improved Marketing and increased industrial application.
This week was a little bit quieter in the Burst ecosystem. The downtrend caused by the Bitcoin bull market is always a little hard to accept for newcomers. However, I have been given the privilege of witnessing first hand the development talks within the dev team, and I am thrilled to see the dedication and resilience that transpires in every discussion. Things are moving on behind the scenes, and I personally do not doubt that the Burst price will catch up once the market realizes the new force that animates our favorite cryptocurrency.
Thank you and see you next week,
Tom Créance (@Gadrah)
PS: if I forgot something in that report, PM me on any forum and I will make sure to mention it next week.
Also published on Medium.