Úno 02

Diversify They Said: Bitcoin’s Drop Sparks Double Pain For Altcoin Holders

· February 2, 2018 · 8:30 am

Bitcoin has proven its worth in a fresh market downturn as altcoin assets across the board dramatically overtake its losses.

Bitcoin Steadiest Top-50 Asset

A glance at Coinmarketcap’s top fifty cryptocurrency asset prices Friday reveals even Ether (ETH) to have lost around 7% more than Bitcoin’s 15.5% daily minuses.

Ripple shed 31%, Bitcoin Cash 20% and Cardano 37%, putting it just behind Ardor’s 39% as the top fifty’s biggest loser as of press time.

The only asset to buck the trend in the top one hundred assets is Digix DAO, which in an unlikely opportunistic growth spurt appreciated 90% in the last 24 hours.

As mainstream media once again raced to celebrate the popping of the Bitcoin ‘bubble,’ cryptocurrency industry insiders showed no signs of panic.

In what has become a common sequence of events for 2018, fresh downward corrections are being met by tips to “buy low” concerning Bitcoin, its lesser fall making it the ideal holding currency for purchasing even lower altcoins.

Meanwhile, investment platform BankToTheFuture creator Simon Dixon led forecasts of where Bitcoin’s price bottom would eventually appear, considering $7300 as the site of a future upward correction.

Korea Ditches ‘Kimchi Premium’ Arbitrage

Downward selling pressure had been mounting through last week for Bitcoin. Regulatory overhauls in South Korea, reiteration of government stance in India and the misrepresentation of both in the mainstream press led to an  infiltration of ‘fake news’ which appeared to frighten markets.

The flurry of media speculation produced fertile ground for naysayers, with popular monitoring site 99bitcoins now containing almost 250 Bitcoin ‘obituaries.’

At the same time, conditions in jurisdictions which contributed to negative sentiment are showing signs of marked improvement.

South Korea, which had previously been famous for mismatched crypto prices and associated arbitrage opportunities, has reinvented its landscape as new regulations deliver changes.

Data from Bloomberg and CryptoCompare shows the price of a bitcoin in the country now de facto matches global averages.

What do you think about crypto markets’ current performance? When will Bitcoin bottom out? Let us know in the comments below!

Images courtesy of Shutterstock, Twitter

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Srp 05

We Have Liftoff: Bitcoin Price Rockets Past $3000 Record High

· August 5, 2017 · 11:30 am

Bitcoin’s price reached historic new highs at $3230 late last night, while Bitcoin Cash settled below $300.

Enthusiasm has finally picked back up amidst the volatility following August 1’s hard fork, and Bitcoin has a brand new price tag to show for it. Bitcoin shattered its previous record high of $3000 last night, while Bitcoin Cash took another haircut and has settled at around $285.

The 3k price represents a notorious resistance level for Bitcoin, one which infamously ended BTC’s previous bull run in mid-June. BTC’s price had just barely grazed the 3k level before a massive sell-off sent it plummeting to around $2,500 in one of the currency’s largest single day losses.

Bitcoin price chart - CryptoCompare BTC index

Since then, many have waited for Bitcoin to return to its previous highs as prices stubbornly hovered around the mid-2k range for much of June and July. Market volatility leading up to the August 1 UASF activation drove it down even further below $2000 before SegWit2x signaling finally restored prices to around $2600 in mid-July.

BCH Down, Other Cryptos Up

On the other hand, Bitcoin Cash (BCC/BCH) took another hit last night as BTC climbed. Although BCH launched at $200 and then skyrocketed to $1000 quickly after the fork, it has since been slowly losing value in its first six days of trading. It lost just over 20% value in the past 24 hours of trading.

Many have already pointed out that BCH’s inflated price was a result of being unable to withdraw BCH funds from various wallets and exchanges, leading to low market liquidity. Once these issues were resolved and trading re-commenced, however, the price plummeted to around $400 and has since continued to dip.

Regardless, it appears that things have been going well for traders who held on to both coins. Although many traders reaped large profits from selling off their BCH while prices were high, both coins’ combined value is now just under $3500. It remains to be seen if BCH’s price will dip further before stabilizing.

Other cryptocurrencies are also faring well during this new boom. Ethereum is recovering previous losses and is now roughly $238. Litecoin shot up from $43 to $46 and is currently holding there. Ripple prices have also just recently spiked to $0.185, up from $0.175 last night.

Bitcoin Cash price chart - CryptoCompare BCH index

A Milestone for Bitcoin

BTC’s new price marks a historic moment for users of the digital currency, who have waited with baited breath to see the outcome of August 1. Many have long awaited a resolution to the contentious scaling debates which have dogged the community for months.

Although Bitcoin’s scaling issues are by no means over (there’s still the 2x part to implement in November), for now, users can breathe a collective sigh of relief that Bitcoin is now sailing in smoother waters.

Do you think Bitcoin’s prices will stay above $3000? Did you hold both your BTC and BCH, or have you dumped either coin yet? Let us know in the comments below.

Images courtesy of CryptoCompare, Twitter

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Kvě 22

Global Cryptocurrency Market is Now Bigger Than Uber, Airbnb, Xiaomi

· May 22, 2017 · 10:30 am

The global cryptocurrency market cap has now blown through that of famous startups like Uber , Didi Chuxing, Airbnb, Xiaomi, and many others.

Global Cryptocurrency Market cap

As Bitcoin and other cryptocurrencies gain traction throughout the world, more money keeps pouring from traditional markets into the cryptosphere. Breaking record highs during the weekend, Bitcoin, Ethereum and others have grown to unprecedented values, adding roughly $25 billions to the global crypto market cap in the last two days.

Currently sitting just under $80 billion, the global cryptocurrency market cap has now blown through that of famous startups like Uber ($68B), Didi Chuxing ($50b), Airbnb ($31B), Xiaomi ($46B), and many others.

Although there is still a long way to go to reach the value of giants like Apple, Microsoft and Amazon, this marks a significant milestone in the cryptocurrency progress.

The continuous rally in the crypto markets is believed to be mostly connected to the recent Japanese law, in which cryptocurrencies are considered as legal payment methods exempt of consumer tax. Not only that but in the midst of political uncertainty and as the traditional market continues to plummet, investors are looking for safe-haven properties that are often provided by gold and now by cryptos like Bitcoin and Ethereum.

Moreover, Bitcoin and altcoins are completely new to most average investors and represent a certain level of technical challenge. However, cryptocurrencies are actually much easier and cheaper to access than the traditional market. Buying stock in these startups is no easy task, as opposed to buying Bitcoin or altcoins, which is also a driving factor in the cryptocurrency rally.

As one Reddit user noted:

People are constantly whining about how hard it is to buy Bitcoin, but try buying into an IPO for one of those startups or just shares off the market. It’s not impossible, but it’s not cheap and it’s not easy. Relatively, crypto has a very low barrier of entry and you can trade as little or as much as you want. There’s no substantial minimum trade cost and fees are near enough to zero to have no impact.

Bitcoin Dominance

In the last month, the cryptocurrency landscape has changed drastically, gathering over $40 billion in market cap and doubling in size In time, Bitcoin has been losing its share of the crypto market at an accelerating rate.

Even though Bitcoin is still the “top dog” with a market dominance of roughly 46%, the change in market cap distribution represents an important shift in the cryptocurrency scene, one that may not be great for Bitcoin itself, but that is certainly great for the cryptocurrency market as a whole.

Bitcoin is likely to remain the leader in terms of coin market cap, given its broader application as a currency (and not as an appcoin or asset) and the relative advantages it has over other currencies such as security, immutability, and decentralization.

However, this change demonstrates that investors are becoming more knowledgeable about blockchain technology in general. Additionally, many newcomers are probably also investing in alternative cryptocurrencies with the hopes of catching the next wave after failing to buy bitcoin for double and even triple digit prices. 

Lastly, this shift in dominance may also be connected to the pressing capacity issues that Bitcoin is facing, preventing it from keeping up the growth of other coins that have yet to face their own scaling challenges down the road.

Paradigm Shift or Bubble?

Although this unprecedented rally is certainly a reason for excitement, many members of the community have voiced their concerns regarding the possibility that we are currently experiencing a bubble similar to the one experienced in 2013, which as we all know, had disastrous results.

Some are even comparing the current Poloniex situation with Mt.Gox back then, given the recent suspicion that Poloniex is manipulating the markets, an idea that isn’t so far-fetched since Poloniex comprises the majority volume on the most valuable altcoins.

The cryptocurrency surge presents signs that can be interpreted from multiple sides. While it is possible to present logical and compelling arguments for many theories, the truth is that cryptocurrencies are a completely new asset class. In other words, no one can predict how this nascent market will behave, especially in the information and internet age. 

One thing is certain, however, there is still a long way to go to reach mainstream adoption. Therefore, we could just be getting starting.

To give you an idea, the current global cryptocurrency market cap would have to grow tenfold to reach that of Apple. While Bitcoin itself would have to be worth roughly $46,000 USD to have the same marketcap as Apple or roughly $700 billion.

What do you think? Are we in a bubble? Will Bitcoin lose its position as the top cryptocurrency? Share your views on the comment section!

Images courtesy of coinmarketcap, Shutterstock

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Kvě 17

Ripple Soars 445% in 2 Weeks, But XRP Holders Won’t Like This Article

· May 17, 2017 · 9:00 am

The Ripple cryptocurrency XRP has been the center of attentions, rallying to unprecedented heights over the last month but what is truly fueling the rally?

[Note: This is an Op-Ed]

XRP Shoots Up 445%

Ripple has been enjoying a phenomenal month on the price charts, constantly breaking all time highs and dominating daily trading volume.

Although recent times have been filled with exciting rallies, XRP has overshadowed every altcoin out there, growing over 445%% in two weeks, making it the second most valuable cryptocurrency with a marketcap of roughly $14 billion. 

The rally experienced in the XRP price charts can be attributed to recent news on the cryptoshpere like the addition of new customers (banks, and payment service providers) to the Ripple network. This also includes news of the Bank of Tokyo-Mitsubishi UFJ, which recently joined Ripple’s Interbank Group for Global Payments, and the announcement to lock a large portion of the company-owned XRP tokens under escrow.

Some have also pointed to the current cryptocurrency landscape in Japan (where Ripple holds a strong community presence and has made several bank partnerships), and how the new regulatory stance of the country can be supporting a new wave of misinformed investors.

In a recent blog post, Co-Founder of IndieSquare and Community Director at the Counterparty Foundation, Koji Higashi stated:

Another thing to note about this new trend is that the general lack of understanding or appreciation of the technology by many of new users. This is no surprise and all of us have been there at one point but the new wave of Japanese investors seem to be exhibiting a whole new level of incomprehension and misguided decision making in my opinion.

However, it is becoming evident that the general lack of knowledge regarding what Ripple is and what the recent updates actually mean is global as XRP has been dominating trading volume in the BTC market as well.

Fueled by Misinformation?

Although Ripple been one of the most valuable cryptocurrencies in terms of market cap for quite some time, its recent rally can only be fueled by the recent rumors and news regarding the XRP token. The most relevant of which are the customers and partnerships acquired by Ripple and today’s announcement regarding Ripple’s 55 Billion coins being locked, which has been circulating the web as a rumor for a while now.

Given the scenario, many investors that are now joining the Ripple boat must have no idea what they are buying and how the news actually influences the demand and supply for the token in the long-term, once the “hype” has died down.

For example, many users believe that banks and other types of financial service providers that are joining the Ripple network should create demand for the XRP token, which is needed in order for banks to make use of the technology that Ripple has created, one that rivals VISA itself in terms of transaction throughput.

However, the general public doesn’t seem to realize that these institutions are “encouraged” but not required to use XRP to pay any kind of operation fees. Instead, they can simply make use of the technology provided by Ripple and build their own network using their own in-house tokens.

It is also a known fact that Ripple holds ~62% of the XRP supply, which is capped at 100 billion. This means that Ripple currently has roughly $23 Billion worth of XRP. Standards on how marketcap is measured in the cryptocurrency space vary but if you count all of the XRP that currently exists, Ripple has a ~37 billion dollar market cap, or over 7 billion dollars more than Bitcoin.

computer security

Another general misunderstanding is that the token-lock result in scarcity of XRP tokens. According to the announcement, Ripple will lock 55 billion tokens out of the 62 billion tokens they own as a means to inspire trust (or perhaps to further accelerate the price growth of XRP).

The truth is that this will affect the supply of XRP. The tokens that have been in the possession of XRP will continue to be held by the team. In other words, no XRP will be removed from circulation. The number of XRP available on exchanges and wallets today, will remain unchanged. Unfortunately, some less-informed users believe this will create some sort of artificial scarcity.

One should also note that Ripple’s pledge to lock any amount of tokens is nothing but fireworks, given that the centralized nature of Ripple allows it to change the rules at any time.

A post by Ripple that seeks to compare the characteristics of Bitcoin, Ether, and Ripple makes this clear:

In contrast, the Ripple Consensus Ledger has proven governance with institutional validators run by MIT, Microsoft and leading global banks.

Lastly, user’s should also note that these tokens won’t be locked for long. The official announcement reads:

We’ll use escrow to establish 55 contracts of 1 billion XRP each that will expire on the first day of every month from months 0 to 54. As each contract expires, the XRP will become available for Ripple’s use.

Crypto End-Game

Despite the aforementioned misunderstandings, it should also be noted that Ripple is certainly not vaporware. The Ripple company is building real technology that is being used by real corporations.

But traders should keep in mind that whatever Ripple is building, it is building it for the banks and middlemen, not for the people, per se. This, in my opinion, puts it in a whole other category than Bitcoin and many other decentralized cryptocurrencies, whose goals are to eliminate middlemen, decentralize money, and empower the individual.

Is the XRP token in a bubble? Or is there something else we are missing? Let us know what you think is driving the rally in the comment section.

Images courtesy of CryptoCompare, Ripple, Shutterstock

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Dub 28

EToro Sees Bitcoin & Ethereum Trading Volume ‘Explode’ by 4,500%

· April 28, 2017 · 5:30 am

eToro has revealed that the number of users its Bitcoin and Ethereum has soared while trading volumes have “exploded” on its platform since the beginning of the year. 

eToro Runs Up Trading Volume 4,500%

EToro, a leading online trading and investment platform, has experienced a huge increase in both cryptocurrency users and trading volume of Bitcoin and Ethereum, according to Marketwatch. 

So far this year, eToro users trading CFDs (contracts for difference) in cryptocurrencies his risen by four times compared to the same period in 2016. Since the beginning of the year, cryptocurrency trading volume on eToro has soared by a whopping 4,500%.

Since Bitcoin trading has been supported by eToro since 2014, one major reason for this surge can be attributed to the platform’s addition of Etheurem in the beginning of the year.

The price of Ethereum has jumped from about $15 USD per Ether (ETH) to over $65 today in just the past two months. This is reflected in 90% of Ethereum traders buying the asset since it was launched on eToro. Meanwhile, 80% of Bitcoin traders have been buying up the cryptocurrency for a consecutive fifteen months, eToro notes. 

It should also be noted that eToro provides a feature called “copy functionality.” This lets novice users copy the trading strategies of its most successful cryptocurrency traders.

‘Cryptocurrency is the Future of Forex’

Commenting on this impressive growth, Senior Markets Analyst at eToro, Mati Greenspan, believes that “Cryptocurrency is the future of forex.”

[O]ver the last 12 months we’ve seen a 4x growth in traders accessing this market. But the volume of trading has exploded even more than this, with a huge 4,500% jump.

As the total cryptocurrency market capitalization recently passed $30 billion, Greenspan explained, that its users have been reaping ‘significant rewards’ from this jump in prices and a nascent market that has doubled in just the past four months. 

“The rapid growth in the adoption and price of cryptocurrencies only marks the first few steps on the long-journey to establishing cryptocurrencies as a dominant force in forex trading,” he continued.

We expect cryptocurrency trading volumes to get much bigger over the coming years.

As Bitcoin is once again above Gold market price, surging to record highs, the cryptocurrency market should continue to attract even more traditional investors looking for the next big thing.

Recent news of the Securities and Exchange Commission (SEC) willing to review its rejection of the Winklevoss Bitcoin ETF is just the latest in a string of positive news for traders to be bullish on Bitcoin and cryptocurrencies as a whole.

Will the cryptocurrencies market continue to attract traditional investors or will we see another repeat of the dot-com bubble? Share your thoughts below!

Images courtesy of Shutterstock, Twitter, eToro

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Dub 03

Is Ripple Price Being Fueled by Confused Investors?

· April 3, 2017 · 6:00 am

Riding the wave of recent positive news for Ripple, the XRP token is roaring with a 200% price surge over the weekend as the cryptocurrency market is reaching higher highs. But is Ripple for real or is it being fueled by confusion among new investors? 

Is Ripple For Real?

Jokes were abound this weekend as the cryptocurrency industry embraced April Fool’s Day in usual fashion. Meanwhile, Ripple experienced a serious surge with its market cap soaring from $360,000 USD to over $2.3 billion.


The price of Ripple XRP token experienced a whopping seven-fold increase in the past few days, and easily outperformed recent stalwarts such as Dash, Monero and the SegWit hopeful Litecoin in the past week. Even Bitcoin, which managed to break the $1,100 barrier on news of becoming a legal form of payment in Japan, could not match yesterday’s 200% rise. 

The rise comes amid news of Bank of Tokyo-Mitsubishi UFJ recently joining Ripple’s Interbank Group for Global Payments Based on Distributed Financial Technology.


“We are pleased to join Ripple’s Global Payments Steering Group,” said Hirofumi Aihara, General Manager, MUFG Digital Innovation Division. “…Collaborating with other members of GPSG, MUFG will contribute to the creation of standards for Ripple’s network.”

Ripple is positioning itself as a cheaper payment network, particularly for large banks and enterprises, with a much higher throughput compared to Bitcoin. CEO Brad Garlinghouse explained that Ripple could rival traditional systems such as Visa with nearly 70K transactions in just 3.7 seconds and at a lower cost than Bitcoin.

However, the token might be setting up for a reality check as some believe the price surge has been fueled by a “misunderstanding.” Critics on Bitcointalk.org reacted to the meteoric rise, pointing out that Ripple, the company, is not the same as the XRP token and its Ripple Consensus ledger.

According to Ripple, its Global Payments Steering Group (GSPG) is where “leading banks are working with Ripple to reduce the time and cost of settlement, while also enabling new types of high-volume, low-value global transactions.”

By coming together to form the GSPG, these banks are laying the foundation for a new payments network, underpinned by Ripple’s solutions and supported by rules and governance for global settlement.

In other words, new demand for the XRP token could merely be speculative at this point as banks would be able to bypass transactions on the Ripple Consensus Ledger with their own Ripple-inspired platforms.

The commentator also noted:

Check the volumes, [Poloniex] currently stands for $150M+ volume, RCL only 20. What now is happening is a pump, driven by people misunderstanding the news.

The Rise and Rise of Cryptocurrencies

Overall, April is getting off to a hot start for cryptocurrencies as the total market capitalization is now a record $27 billion. It has been on an uptrend, particularly accelerating as of late following the rejection of the COIN Bitcoin ETF in mid-March.


Though Bitcoin price has remained relatively stable oscillating between $900 and $1,200 amid scaling uncertainty, its overall dominance of the market has seen a huge drop from 84% to 68%.

Nevertheless, while the rejection of the first ever ETF might be seen as a setback for Bitcoin to some, the media attention received in the run-up to the decision appears to have attracted new investors to the crypto space as a whole.

What is the real cause for Ripple’s price rise? Is Bitcoin waning dominance a temporary phenomenon? Let us know in the comments below!

Images courtesy of coinmarketcap.com, Shutterstock, twitter, MUFG 

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Bře 27

Vision of No Future? Bitcoin Unlimited Token Dives 30% in 7 Days

· March 27, 2017 · 6:00 am

Bitcoin Unlimited’s ghostly new asset BCU is already evaporating on the two exchanges hosting it, having reached an all-time low since its launch.

BCU Drops 30% in a Week

Its two trade venues, exchanges Bitfinex and HitBTC, have both recorded falls in the price of the BCU token, with Bitfinex seeing a near 30% deterioration versus USD.

BCU is currently trading at $180 per coin, or 0.177 BTC, versus $254 and 0.254 BTC respectively seven days ago.


The underwhelming performance appears to have done little to alter the mindset of the Bitcoin scaling debate’s major parties, with Bitcoin Unlimited proponents dismissing Bitfinex’s trading pair when it launched.

With HitBTC now following suit, however, it appears the natural trend for BCU is down prior to its actual conception, which would only occur in the event of a hard fork March 31.

In a blog post over the weekend, HitBTC explained the reasoning behind adding the pair was to “provide [users] with the tools for avoiding any risk.”

The exchange has further blocked withdrawals until around 48 hours after the deadline, ostensibly to avoid exposure to replay attacks. Existing and future user balances are currently duplicated in BCU as well as BTC, effective immediately.

The move attracted criticism from Reddit commentators, along with the content of the blog post itself, which stated Bitcoin Unlimited pool support “could become the majority.”

Core nodes currently account for over 90% of the network.

Armory Signals Core Support

Bitcoin Core meanwhile has compiled a list of known companies and services which have signalled or are already preparing for Segregated Witness activation.

112 names from throughout cryptocurrency, including Coinbase and Armory in addition to Bitfinex, are currently registered.

Of the total, 57 are described as “Segwit ready,” 30 as being in a state of “work in progress” and the remaining 25 “planned.”


Armory itself released a dedicated announcement on its Core adherence, stating it “does not support any controversial hard forks such as Bitcoin Unlimited and will continue to support Segregated Witness and Bitcoin Core.”

In the event BU becomes a bonafide chain, however, developer Andrew Chow said the service would be compatible.

“…The Armory wallet software does not perform any consensus checks as it relies on its connection to a local Bitcoin node. This node is typically Bitcoin Core, but anything based upon that will work as well; this includes Bitcoin Unlimited,” he said.

“Thus should a hard fork occur, […] Armory will be compatible with the hard fork and will allow users to continue to transact on the forked network.”

Chances of a hard fork actually occurring are at the same time themselves decreasing. Wang Chun, head of major mining pool F2pool, tweeted Monday that he – and therefore his pool – would not countenance such a change.

What do you think about BCU’s performance? Let us know in the comments below!

Images courtesy of Twitter, Armory, cryptocoincharts. Shutterstock

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Bře 18

Bitcoin Price Loses Another $100 in Value – Here’s Why

· March 18, 2017 · 11:00 am


Bitcoin has suffered back-to-back losses, losing over 7% in value on Friday and over $2 Billion in market cap over the last 48 hours. Bitcoin price has fallen under $1100 USD for the first time in almost a month. Here, we break down the reasons and the industry fallout.

Apparently, the most powerful companies in the Bitcoin community feel a hard fork is becoming all but inevitable. Their statement surely stunned the investment market. Many of the world’s leading Bitcoin exchanges, including Bitfinex, Shapeshift, BTCC, Kraken, Bitstamp and ten others put out a statement detailing their contingency plans if the Bitcoin Unlimited fork against Bitcoin is launched. Here is an excerpt of the statement (you can view in its entirety here):

If a contentious hard fork occurs, the Bitcoin Core implementation will continue to be listed as BTC (or XBT) and the new fork as BTU (or XBU), but not without adequate replay protection. We do this not out of judgment or philosophical reasons but rather for practical and operational considerations.



Who is benefiting the most from this issue is up for debate, but some are telling the mainstream media that Ethereum is the most direct beneficiary, as Ethereum has been moving up in leaps and bounds recently.

Aurélien Menant, CEO of Gatecoin

Aurélien Menant, CEO of Gatecoin, told CNBC:

Bitcoin traders may have wanted to offset some of their exposure should a fork occur or the scaling deadlock continues, and ether seems to be the most promising alternative. Bitcoin-ether volumes have surged since and are currently rivaling bitcoin-fiat currency trading liquidity.

In my opinion, people are using Dash as a hedge against Bitcoin forking drama, and the numbers from yesterday bear that out. Gold and Ethereum prices hardly moved, Bitcoin lost about 10% in value while Dash gained over 11%, at the time of this writing, and passed $101 earlier in the day. Since the Enterprise Ethereum Alliance was announced a month ago, ETH value has taken off. The timing of the fork debate may be coincidental.


There was a very interesting quote about the potential hard fork from an unexpected source yesterday, as former Mt. Gox chief Mark Karpeles added this Tweet to the ecosystem:

Regardless of who wins or why it is hard to take yesterday’s events as a positive turn in the narrative, Bitcoin may end up better off if a split leads to adoption of additions like Segregated Witness, once upgrade dissenters leave the system to form what would become an altcoin. Ethereum has flourished since their fork last year, so all may not be lost, in the event of what may be inevitable. At least according to some of the biggest players in the market, we look like we’re headed for a fork in the road.

Will the price of Bitcoin rebound? Who do you think is benefitting the most from the current scenario? Let us know what you think below.

Images courtesy of Bitcoin Average, 121 Tech Investment, AdobeStock

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Bře 17

Bitcoin’s Total Crypto Market Cap Dominance Drops to All Time Low

· March 17, 2017 · 6:00 am

Altcoin markets continue an unprecedented rise as downward pressure on Bitcoin is blamed on China and continued community indecisiveness.

Community ‘Should Be Punished’ For Not Reaching Consensus

As Bitcoin lost almost 8% in the 24 hours to press time, Ethereum passed $50 USD per coin, appearing to embark on an exponential run similar to that only just witnessed from Dash.

Monero, currently the fourth largest cryptocurrency  in terms of market cap, also enjoyed rapid growth to double in value in two weeks, despite volatility.

With many popular altcoins having a great week across the board, Bitcoin’s Dominance Index has dropped to as low as 71% according to Coincap.io with its percentage of Total cryptocurrency market cap has hit an all time low.


I think the market is going to punish the [Bitcoin] community for not reaching consensus. As it should,” commentator Vinny Lingham wrote on Twitter in response to whether or not to buy BTC at the lower price.

The comments imply a price dip could be protracted or even worsen if no consensus regarding a scaling solution is reached.

Lingham also took to Medium this week in a bid to provide further evidence that activating SegWit was the only solution.

After Bitcoin Unlimited suffered a bug-based attack, Lingham was critical of hard forks, insisting that a soft fork – SegWit – was superior. He wrote:

I believe that the adoption of Segwit right now is imperative in order for us to get to the next stage in the evolution of Bitcoin and remove the risks of a contentious Hard Fork.

China Trepidation & Record Low Market Cap

China meanwhile is also back in the spotlight as further information regarding the future of Bitcoin regulation in the country is expected imminently.

People’s Bank of China director Zhou Xuedong had previously stressed the need to adopt a balanced approach, which he said would future a “forgiving attitude” to exchanges while continuing supervision and not crossing “certain red lines.”

A legislator behind China’s new civil law code further hinted at what may lie in store this week, referring to Bitcoin as “virtual movable property.” Yang Lixin drew similarities to websites in his analogy, which he described as “virtual immovable property.”

The effects of altcoin popularity meanwhile are becoming clear. Bitcoin’s market capitalization has fallen 17% in 2017, with the majority of the drop in the past month.

What do you think about the altcoin boom and Bitcoin stagnation? Let us know in the comments below!

Images courtesy of coinmarketcap, twitter, shutterstock

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