Ripple's XRP cryptocurrency soaring to new heights this week. Coindesk's Director of Research Nolan Bauerle and Fortune Staff Writer Robert Hackett explain factors driving altcoins up, and Bitcoin down.
"Bitcoin has an enviable problem of being so popular, and such strong brand name that it became hard to access," says Bauerle. "I think when people saw that surge hit in December they said well I'll try something else." Altcoins like Ripple's XRP, Ethereum, and Tron posted significant gains in the first week of 2018.
"Retail investors are gobbling it up," says Hackett on some companies adding the word "Blockchain" to their name. " On Thursday Ripple's co-founder Chris Larsen became one of the wealthiest Americans on paper with his shares of the cryptocurrency growing to more than $59 billion. But Hackett says its important to note these shares are hard to transfer to direct wealth. Even if he were able to cash out all of his fortune, the markets would not handle it well says Hackett.
Barbie kept the top spot with $93 million in ticket sales and Oppenheimer retained second place with $46.2 million.
For all the differences on the surface of their jobs, Hollywood writers and UPS drivers are pushing back against the same trend.
The boom in new apartments is concentrated: in relatively few cities and in luxury units.
The Week's Top Stories is a guided tour through the biggest market stories of the week, from winning stocks to brutal dips to the facts and forecasts generating buzz on Wall Street. This week: Tupperware, Microsoft, Meta, Alphabet, Royal Caribbean, Alaska Air, Southwest and Ford.
Meta will add new retention 'hooks' to its Threads app.
Biotech firm Biogen agreed to acquire Reata Pharmaceuticals for $6.5 billion.
Gas prices have hit an eight-month high, according to AAA.
A key measure of inflation that the Fed watches closely reached its lowest level in almost two years.
Starbucks' fall menu has reportedly been leaked online.
One of Apple's earliest and rarest products, a pair of sneakers with the early logo, is being auctioned off.
