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Bitcoin Price Watch: Currency Slow-Moving, but It’s Come a Long Way

At press time, the father of cryptocurrency is still trading within the $6,400 range. The price has remained virtually unchanged for the past several days, and more of the same appears to be on the horizon for everybody’s favorite digital asset.

In the short term, it’s easy to assume that nothing is happening with bitcoin; that the currency has hit a point of stagnation, and we’re not likely to see anything happen for some time. It’s easy to label bitcoin as boring, stoic and unmoving.

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But this isn’t necessarily the case if you examine how far bitcoin has come over the last ten years. Sources are celebrating a decade of existence for the world’s biggest form of crypto. Having emerged in 2008, platforms like CoinDesk first began examining its behavior in 2010. During that time, bitcoin was worth roughly six cents, which means the currency has risen a whopping 10.6 million percent by today’s standards. That’s a lot of hard work in such a short period.

And while the price may be standing still for the time being, it can easily be said that bitcoin’s influence has been felt all over the world. Investor interest continues to remain strong considering we are now seeing the way paved for bitcoin futures trading, exchange-traded funds (ETFs) and physically-backed bitcoin contracts via Bakkt, set to make its official debut next month.

Unfortunately, some say that bitcoin’s influence will be short-lived. No doubt, the currency managed to sustain some heavy interest throughout 2017 when it peaked at nearly $20,000. Many people were hopping onto exchanges like Coinbase during this time, hoping to get a small piece of the action, but it wasn’t long before the currency’s price entered a period of rapid decline, and some analysts think this will take a heavy toll on what the future holds.

Nigel Green – CEO of the financial advisory firm deVere Group – comments:

“I believe bitcoin’s influence and dominance of the cryptocurrency sector will drastically reduce in its second decade. This is because as mass adoption of cryptocurrency grows, more and more digital assets will be launched by organizations in both the private and public sectors. This will increase competition for bitcoin and dent its market share.”

To an extent, we’ve already witnessed this behavior on certain levels. Since bitcoin has emerged, the crypto space has been poked by several new entities like Ethereum, Litecoin and bitcoin cash. Some crypto enthusiasts believe Ethereum’s smart contracts capabilities make it superior to bitcoin, while bitcoin cash’s blockchain is alleged to be considerably faster.

Though hard to set our sights on ten years from now, it can be said that bitcoin has already been outdone in some areas. Then again, the currency’s price remains significantly higher than the mentioned competitors, so maybe there’s hope for it after all.

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Bitcoin Cash Price Gets Skewed due to Exchange Trickery

A lot of confusing action is taking place where the Bitcoin Cash price is concerned. Although its actual decline in value is quite obvious for everyone to see, the real price of BCH is not necessarily what people can see on Coinmarketcap. This is primarily because numerous exchanges treat BCHABC as Bitcoin Cash already despite nothing being decided in terms of which chain will be the longest. Bitcoin Cash Value Fluctuates Heavily Depending on where traders look at, the price of Bitcoin Cash will be either close to the $400 level or down to $250-ish. That is quite a large gap between prices, yet one that is also very easy to explain. Bitcoin Cash, as people knew it before the fork, no longer exists. Most professional exchanges have also retired this price ticker, for the time being. As the hash war rages on, there are still a lot of unknown factors waiting to be addressed. Despite this ongoing kerfuffle, there is a net 5.76% decrease in the Bitcoin Cash price, and a 5.4% decline over Bitcoin. More specifically, that is what CoinMarketCap reports at this time, although this is not necessarily the case whatsoever. In fact, some exchanges are clearly jumping the gun by labeling BCHABC as BCH and thus dragging the Bitcoin Cash price down a bit more. Exchanges currently engaging in this activity include Bittrex and Coinex, neither of which plays a big role of importance when it comes to trading. However, based on the current value of BCH on Bitfinex and Gate.io, it seems a similar incident is taking place. One also has to keep in mind Bitcoin Cash was getting battered ahead of the network split as well. Most exchanges have halted trading of BCH indefinitely, primarily because the currency no longer exists. It is evident either BCHABC or BCHSV will take over that name in the future, but nothing has been decided at this point. As such, any trading referring to just “Bitcoin Cash” or “BCH” should be avoided, as most users can never be sure which currency is effectively being traded under this name. All of this skews the picture pertaining to Bitcoin Cash altogether. Coinmarketcap reports there is still $392m in trading volume for BCH, even though that is virtually impossible right now. With so many exchanges freezing deposits and withdrawals, it is evident actual BCH trading is no longer possible whatsoever. Virtually all platforms have deposits of BCHSV and BCHABC frozen as well, which only makes this market trend more confusing. It is safe to say the entire network split has been a bit of a mess first and foremost. In the case of Bitcoin Cash itself, that name will – under the current circumstances- not be used across exchanges for much longer. Instead, the two separate camps need to be treated as such first and foremost. Until things settle down – with might not necessarily happen anytime soon – the Bitcoin Cash price itself is pretty much irrelevant for most traders and speculators. Disclaimer: This is not trading or investment advice. The above article is for entertainment and education purposes only. Please do your own research before purchasing or investing into any cryptocurrency. The post Bitcoin Cash Price Gets Skewed due to Exchange Trickery appeared first on NullTX.

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