The past few days have been adventurous for the cryptocurrency market. The Bitcoin price climbed to $ 7,500, while nearly $ 10 billion in trading was accounted for, all the more so as the market capitalization of cryptocurrency reached a record $ 200 billion.
. days back, more interesting events took place. There has been a rollback on many altcoins, while Bitcoin has remained stable, but even with this altcoin dive, the market has maintained more than $ 200 billion
The King of Crypto
The usual volatility that hits the world of cryptocurrency has plunged its claws deep into the altcoin market, while Bitcoin has remained relatively stable as well as managed to help take over .
On November 2, seven Top 10 Cryptocurrencies experienced a massive decline while Bitcoin continued its upward trend. Those who have not stepped include Bitcoin, Bitcoin Cash and Ethereum Classic.
Meanwhile, the influence of Bitcoin on the market has reached $ 125 billion on the $ 200 billion, and it is this share of more than 60% market that has succeeded to maintain the cryptocurrency ecosystem above $ 200 billion.
Bitcoin's dominance over the entire market shows that it is well the digital currency explode. Nothing else really seems important when it comes to buying and selling crypto-currencies because nothing goes wrong with Bitcoin
However, this can only be temporary because Bitcoin is heading for another controversial fork. The price of bitcoin is still mainly fueled by speculation, and it is very likely that we will see a price correction around the rigid fork SegWit2x
This will be when the altcoins will have time to shine as many investors start diversifying their funds into other parts that will be more stable over the proposed rigid range.
Altcoins of course still have a major role to play in the market, but their dominance is declining and their influence even more so.
There are only two cryptocurrencies of more than $ 10 billion. Ethereum is still in second place with a total valuation of just under $ 28.5 billion. Bitcoin Cash is still third, but its cap has lost nearly $ 1.3 billion after its own value has been inflated by speculation and then dropped.
A drop of water
The market capitalization of crypto-currency impressive, but relatively it is still small fry. What needs to be amazed, is rather the speed of its growth. Moving from less than $ 20 billion on January 1 to $ 201 billion on November 5 is incredibly remarkable
When market capitalization begins to flirt with the trillion, it will attract major attention.