Bitcoin: $4600, 50% Dominance, Forks Leave Altcoins No Room For Moon
Bitcoin is enjoying a resurgence ahead of two hard forks while altcoins lose momentum.
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.
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.
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.
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.
People buying BTC just to be able to claim B2X coins, or is something more happening?— Tuur Demeester (@TuurDemeester) October 9, 2017