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As The Bitcoin Price Plummets, Its Dominance Is On The Rise

Bitcoin has had a terrible month, but not as bad as many other major and minor cryptocurrencies it would seem, with bitcoin’s share of the total cryptocurrency capitalization, known as its dominance, moving higher throughout November.

The bitcoin price has fallen some 45% so far this month after rival cryptocurrency, bitcoin cash, split in two due to developers and miners failing to reach an agreement over its future, triggering a cryptocurrency sector-wide sell-off that has caused some to question bitcoin’s chances of survival.

Bitcoin’s dominance has ticked up over the course of the month, however, from lows of 51% in early November to 53% today—highlighting bitcoin’s enduring appeal to investors and cryptocurrency miners.

bitcoin

The bitcoin price has crashed this month, after a civil war in the bitcoin cash cryptocurrency sparked a sudden sell-off. (Photo Illustration by Chesnot/Getty Images)Getty

Bitcoin has this week dropped below $3,500 for the first time in 14 months, according to CoinDesk’s price tracker, down around 80% from its peak in December last year and casting a shadow over the hundreds of bitcoin and cryptocurrency startups that have popped up over the last two years.


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Elsewhere, amongst the other top five cryptocurrencies, Ripple’s XRP is off by 90% from its all-time-high, Ethereum’s ether is down by 92%, bitcoin cash 95% lower, while EOS (which peaked in April this year) is down by 85%.

While many of the other major cryptocurrencies have fallen harder from their all-time-highs than bitcoin, it’s amongst the minor cryptocurrencies that real rout has happened.

Bitcoin’s epic bull run last year, that saw its price soar from under $1,000 at the beginning of 2017 to almost $20,000 towards the end of the year, dragged hundreds of so-called alt coins along with it—with many of them now collapsing entirely.

bitcoin price dominance chart

Bitcoin’s dominance has swung this year as many smaller coins disappear.CoinMarketCap

Though there have been many reports of bitcoin’s demise over the last two weeks, the original cryptocurrency is still worth more than it was in the summer of 2017, before many of the alt coins had even been created.

In May of this year, digital tokens outside of the top 10 made up 27% of the total cryptocurrency market capitalization. This has now fallen to just 18%. Bitcoin’s dominance touched lows of 32% in January, with ethereum and Ripple’s XRP its biggest rivals at 18% and 10% respectively.


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Meanwhile, despite bitcoin’s massive sell-off, it would appear there is still some appetite for cryptocurrencies amongst institutional investors and the traditional financial services industry.

Bitcoin price bull and renowned venture capital investor Tim Draper, who recently reaffirmed his prediction that the bitcoin price will reach a whopping $250,000 by 2022, has said he expects the entire global economy will eventually pivot to cryptocurrencies, with bitcoin leading the change.

Draper, speaking to Mike Green of Thiel Macro on behalf of investor platform Real Vision on the sidelines of World Crypto Con in Las Vegas earlier this month, predicted that cryptocurrency will eventually make up two-thirds of all the world’s currency value.

bitcoin, bitcoin price table

The bitcoin price has fallen significantly this year, but not as deeply as some other major digital tokens.CoinMarketCap

This morning it has been reported New York exchange operator Nasdaq is moving ahead with a plan to list bitcoin futures, according to Bloomberg, citing unnamed sources.

Nasdaq is betting on sustained interest in bitcoin despite the cryptocurrency’s dramatic plunge this year after first it first weighed the prospect of bitcoin futures around 12 months ago. It wants to allow trading in the first quarter of 2019, Bloomberg reported.

Many have previously pointed to institutional investors and the established financial industry’s interest in bitcoin over other major cryptocurrencies (save for Ripple’s XRP) as the reason for the alt coin sell-off so far this year.

 

Source: forbes.com | Original Link

No End in Sight for Crypto Sell-Off as Bitcoin Breaches $4,250

Turmoil engulfed cryptocurrency markets again on Tuesday, with every major coin extending a rout that’s rocked confidence in the nascent asset class just as U.S. regulators try to close in on alleged fraud.

Bitcoin tumbled below $4,225 to a 13-month low, before regaining some ground. The slide helped fuel a sell-off among rival tokens Ether, Litecoin and XRP, which pared an earlier loss that reached 17 percent.

After months of enjoying relative stability, cryptocurrency bulls are left reeling by a sudden market downturn in November and increased regulatory reviews. Digital assets have now lost almost $700 billion of market value since crypto-mania peaked in January, according to CoinMarketCap.com. Trading on futures markets, where investors can bet against Bitcoin, has soared.

While the trigger for the latest sell-off is unclear, it has coincided with a “hard fork” of Bitcoin Cash. The move, which split the offshoot of the original Bitcoin into two, has underscored the sometimes chaotic nature of a crypto community racked by infighting. Bitcoin, which began the year above $14,000, broke through its floor of around $6,000 last week.

“If you significantly slice through a level like $6,000, people don’t have a lot of protection below it — and then you see a lot of stop-loss selling which exacerbates the move,” said Marc Ostwald, global strategist at ADM Investor Services International in London. “It doesn’t help that we have a genuinely risk-averse environment, with equities and credit under pressure.”


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Bitcoin, the biggest digital coin, was down 7.9 percent as of 7:12 a.m. in New York. Ether, Litecoin and XRP all fell at least 8.8 percent.

Regulatory concerns have also weighed on sentiment. On Friday, the U.S. Securities and Exchange Commission announced civil penalties against two cryptocurrency companies that didn’t register their initial coin offerings as securities. And on Tuesday, Bloomberg reported that the U.S. Justice Department is investigating whether last year’s epic rally was fueled in part by manipulation, with traders driving up Bitcoin with Tether — a popular but controversial digital token.

“The whole move by the SEC has seemed like a nail in the coffin, and with talk about price-rigging the market, it’s getting nasty,” said ADM’s Ostwald. He said the approach of Bitcoin futures expiration can also give gyrations to the market.

The combined open interest in Bitcoin futures on exchanges run by CME Group Inc. and Cboe Global Markets Inc. swelled to the equivalent of 22,266 Bitcoins on Monday, an all-time high.
CME’s current contract is set to finish trading in 10 days. Volume in the contracts, which allow institutional investors to profit from declines in cryptocurrencies, jumped to the highest level since July.


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Source: bloomberg.com | Original Link

Crypto Bull Market in Action: 3 Altcoins “Paving their Own Bull Run”

According to the latest research, 3 altcoins have already started making their way to a bull run that could mean the bull run in the crypto market just might be already getting ready to affect the market.

Crypto Bull Market: Here’s How it could Already be in Effect

Everyone is in anticipation of the next bull run after the entire crypto market hit $800 billion at its peak.

So, when is this bull run coming? Could it already be into effect?

“The bull market has started. It’s not about “when” anymore – it’s about “who”,” says the latest research by Santiment, which further shares that it is a possibility the crypto bull run is in action,

“The recent price ‘movement’ of Bitcoin and Ethereum has been boring to say the least. It’s been so uneventful these past few weeks that we’re already seeing memes pop up about BTC as the next big stablecoin. Although BTC and ETH aren’t growing (and they have enough reasons not to), quite a few tokens/networks on the ethereum blockchain have been blinking on our bull radar recently.”

Basic Attention Token (BAT), Ox (ZRX), and Maker (MKR) are the ones that have been showing bullish moves and following three patterns.

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ETH Decoupling is one of the primary reasons, “Historically, the price of these 3 tokens faithfully mirrored ETH – not anymore. Particularly over the last month or so, we’re seeing a number of ERC 20 projects completely break their ETH price interdependence and start dancing to their own beat. And you have to admit – it’s a pretty catchy tune.”

Bitcoin Price

Another point is strong on-chain activity, “the abnormal pricing activity is strongly reflected on chain as well. It’s worth nothing that this on-chain activity isn’t monolithic; each project still has their own quirks.”

Bitcoin Price

BAT’s on-chain activity shows a healthy pattern where both price and speculative activity is steadily growing. Moreover, it mentions, “ZRX recorded the most explosive spike across all observed metric, with MKR not all too far behind.”

It then moves onto the social volume which is based on “behaviour analysis” of the platform with crowd sentiment measurements. This metric basically covers the number of mentions of a token on social media.

“While action is bullish, we believe you don’t want to buy at extreme values on social volume, as such activity might mark a short-term top. So we have waited until the attention of the traders crowd has declined to more or less normal levels.”

Talking about the 2016-17 bull run, the research states, “ETH launched the explosive bull run and BTC followed.” And this time, these three altcoins are “done waiting for ETH to bounce back, they’re paving their own bull run.”

Eventually, this price movement is expected to find its way to ETH as well. However, it does caution, “We might still see some decline if the whole market needs to make one more low.” But “the risk is now to break to the top in the “healthy” tokens.”

Basic Attention Token (BAT), Ox (ZRX), and Maker (MKR) are the ones that have been showing bullish moves and following three patterns.

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Source: coingape.com | Original Link

Next Bitcoin Bull Run Will See Crypto Market Rise ‘10x’: Pantera CIO

The co-chief investment officer of one the cryptocurrency industry’s largest investment firms said that he expects the next bitcoin bull run to carry the cryptocurrency market cap 1,000 percent above its current valuation.

Pantera Capital’s Joey Krug made this prediction during an interview with Bloomberg, forecasting that the next upswing could propel the cryptocurrency market cap to more than $2 trillion.

“If you look at that next bull run, I think the crypto space overall could hit 10x from here.”


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Noting that in previous market cycles the news that major financial industry players like Fidelity Investments and Intercontinental Exchange (ICE) were entering the cryptocurrency space would have sparked a surge in speculative investments, Krug said that he believes the market is currently waiting on concrete adoption to catalyze a bull run.

bitcoin price chart

BTC/USD | Coinbase

For this to happen, he continued, cryptocurrency networks will need to achieve increased scalability, as the current state of cryptocurrency blockchain development is akin to the internet before dial-up.


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He commented:

“If you look at the internet, it’s easy to say, ‘Well, you just create an app, get some users, and then you solve the scalability problems.’ But these are all markets, and so if you don’t have scalability, you don’t have market makers, and so you don’t have liquidity.”

As CCN has reported, two of those innovations for Bitcoin, in particular, include the Lightning and Liquid networks. The Lightning Network (LN), which is currently in beta, is a second-layer protocol that operates on top of Bitcoin. Using the network’s built-in scripting language, users can move funds “off-chain” into LN payment channels, where transactions do not require miner validation and can consequently be processed instantly at virtually no cost.

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The Liquid Network, on the other hand, is a federated Bitcoin sidechain developed by blockchain startup Blockstream and targeted at cryptocurrency exchanges, financial institutions, and other bitcoin power users who desire to move large amounts of bitcoin more quickly and privately than they can across the main blockchain.

These technologies — as well as ones on other blockchains — are not yet ready for primetime, but Krug said that he expects some cryptocurrency networks to achieve Visa/Mastercard scale within the next couple of years, though that does not necessarily mean the bear market will endure for that long.

In the meantime, he said that he believes the cryptocurrency market has hit a bottom and will remain range-bound until the next catalyst arrives.

Source: ccn.com | Original Link

What Led World’s Largest Brokerage to Integrate Crypto Within a Year?

In late 2017, Fidelity, one of the largest brokerages and asset managers with 7.2 trillion in assets under management as of October 2018, launched its first crypto initiative.

By partnering with Coinbase, the biggest crypto-to-fiat exchange in the global market, Fidelity enabled its clients to track investments in major cryptocurrencies like Bitcoin and Ethereum through the Fidelity Portfolio Summary View.

At the time, Fidelity did not directly integrate cryptocurrencies into its infrastructure and only allowed investors that are registered with Coinbase to invest in the emerging asset class, most likely to test the market and the demand from investors for crypto.

Within 1 year, Fidelity has gone from studying and evaluating the crypto market to fully integrating digital assets into its platform.


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Why is Fidelity Committed?

Since last year, Fidelity has maintained an open-minded stance towards cryptocurrencies and blockchain technology.

Hadley Stern, senior vice president and managing director at Fidelity Labs, told The Street in August 2017 that the investment firm does not underestimate the disruptive nature of the blockchain, even though consensus currencies still require significant work in infrastructure development and adoption to grow.

“Bitcoin and other blockchain technologies are emerging from their infancy but mass adoption is still many years away. Additionally, don’t underestimate their disruptive nature. Just as many other technologies have done in the past, Bitcoin and blockchain will transform how we manage our finances,” said Stern.


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Around the same time, CCN reported that Fidelity mined cryptocurrencies for a brief period of time, to better understand and analyze the structure of digital assets. Stern explained the initiative was driven by Fidelity Labs as an experiment to learn how consensus, difficulty levels, and the network of Bitcoin operate.

Axel Pierron, managing director of bank consultant Opimas, stated that the ambitious decision of Fidelity to mine digital currencies was a response to increasing inquiries from its clients. Pierron explained:

“They’re clearly receiving interest from their clients, both from retail investors and on the institutional side. It’s highly volatile, it’s highly illiquid when you need to trade large volumes, so they see the opportunity for a new asset class which would require the capability of a broker-dealer.”

Since its partnership with Coinbase and the implementation of crypto onto the Fidelity Portfolio Summary View, it is highly likely Fidelity observed a significant increase in interest and demand for cryptocurrencies from its clients.

Similar to Goldman Sachs, Citigroup, NYSE, Bakkt, and TD Ameritrade, Fidelity has disclosed its intent to commit to serving investors that are interested in investing in the cryptocurrency market through a strictly regulated and transparent channel.

Founding head of Fidelity Digital Assets Tom Jessop said in an interview:

“This is a recognition that there is institutional demand for these assets as a class. Family offices, hedge funds, other sophisticated investors are starting to think seriously about this space.”

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Not Merely Retail Investors

The 2017 rally of Bitcoin which saw the dominant cryptocurrency achieve a price of $20,000, was purely driven by retail traders and individual investors.

As hedge funds and institutional investors begin to invest in the asset class through Fidelity and other brokerages that are faciliating crypto trades, an influx of capital into the crypto market can be expected in the months to come.

Source: ccn.com | Original Link