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Bitcoin Market Share Falls to Monthly Low as Ripple and Bitcoin Cash Rally

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Bitcoin market dominance has fallen to a monthly low of just over 51% of the overall market capitalization while Ripple and Bitcoin Cash have both rallied multiple percentage points over the past week.

Bitcoin’s overall value in the cryptocurrency market is an important barometer in the progress of the space as a whole. If Bitcoin were still at 100% value, then price shifts in its markets would impact the overall capitalization a lot more than they do now.

Ripple Steadily Upwards, Near Coupling With Ether

Ripple’s market performance is the most notable as of late, pushing to be almost equal with Ethereum. Ethereum’s demand comes from many dozens of sources on a regular basis as token platforms require it to operate and process transactions and ICOs launch. Ripple’s demand is a bit more tricky and reliant on the needs of large institutions which have in the past few years integrated the platform as a means of moving money cheaply across borders.

Ripple continues to impress, having weathered a long winter of low valuations and pushing ever further toward realistic dollar parity. By this, we mean parity which is not wholly reliant on the astronomical price of Bitcoin – that someone is actually willing to take a single dollar and exchange it for a single Ripple, which might be different than prices reflected on BTC/XRP charts on a given day. Nevertheless, at present, they stand at more than 50 cents a token.

Looming Fork Propels Bitcoin Cash

Many factors go into the recent rise both in price and volume on Bitcoin Cash, but likely the most important is the upcoming hard fork in which there will again be two major camps around the currency. The same people who forked Bitcoin into Bitcoin Cash are now actively working to fork Bitcoin Cash into something else.

The prospects of a viable tertiary fork growing out of Bitcoin Cash are an arbitrage opportunity that many veteran crypto traders recognize – when the Bitcoin Cash fork happened, anyone who’d bought Bitcoin prior to the fork and was holding it then immediately also held Bitcoin Cash, which started out trading rather high.

It is likely that this is the primary motivating factor to the increased demand and volume surrounding Bitcoin Cash, but certainly, other factors are at play such as the budding ecosystem and economy around the crypto.

While Bitcoin maximalists may not like to hear it, a decline in the market dominance of Bitcoin over the entirety of the crypto market capitalization is likely a positive sign of health. Liken it to franchising – the flagship store might not be doing as well as it always was, but the franchises are growing up nicely.

It is also worth noting that it is not a zero-sum game. In several cases, the newer entrants to crypto might not have entered at all if it were a strictly Bitcoin world they were looking at. Ethereum, in particular, presents a number of opportunities for investing and utilization of the blockchain that companies and individuals have been attracted to, and Ripple primarily serves large institutions. Together they represent almost 20% of the total market cap at present, so their contributions are not to be taken lightly.

Featured image from Shutterstock.

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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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