Bitcoin: $4600, 50% Dominance, Forks Leave Altcoins No Room For Moon

Cryptocurrency markets were celebrating Monday as Bitcoin passed $4600 and SegWit gained 10% transaction share.

As the overall value of crypto passed the $150 bln market cap boundary once again, Bitcoin appears to have broken out of a stagnant period after failing to stay above $4400 last week.

The latest data from Coinmarketcap and Bitcointicker show prices hovering around $4575 at press time.

SegWit proponents are especially satisfied, with last week’s disputed assertion that the technology was already going “parabolic” now looking more likely.

The proportion of Bitcoin network transactions using the upgrade, which activated in August, grew by almost half from 7% to 10% last week.

SegWit usage is going parabolic ... about to break 10%#bitcoinpic.twitter.com/4GQsD5hHTz

— Alistair Milne (@alistairmilne) October 8, 2017

In altcoin markets, meanwhile, things are less certain. A look at the top 50 assets shows mixed fortunes as Bitcoin grows to retake over 50% market cap dominance, with NEO dropping 13% in 24 hours and others seeing a broad downtrend.

Chart

Vinny Lingham’s Civic token, which had been as high as $0.70, is currently hovering at its lowest rates since an uptick saw it reach $0.37 in August. It had dropped 12% to $0.28 since Sunday.

Speculation surrounding the lack of progress appeared to center on increased attention to Bitcoin’s two upcoming forks.

“Money will flow back into the others soon enough,” a response to observations by commentator Chris Burniske on Twitter reads.

Ahead of Bitcoin Gold and SegWit2x, investors could be buying up bitcoins purely in order to claim the equivalent number on two other chains, suspicions suggest.

People buying BTC just to be able to claim B2X coins, or is something more happening?

— Tuur Demeester (@TuurDemeester) October 9, 2017

Let's block ads! (Why?)

Powered by WPeMatico