Bitcoin Leading the Charge as Cryptocurrency Market Cap Reaches $200 Billion! Sell the Good News?
More Money Than Ever Flows Into the Blockchain Space! Sell the Good News?
Back in June, we reported on the cryptocurrencies’ joint market caps reaching $100 billion. Now, merely five months later, we have experienced double the market cap, which has been led by Bitcoin’s latest price rally. At the time of writing, it still trades above $7,000. We also stand witness to Bitcoin’s market dominance being at similar levels to early 2017, the highest it’s been for months.
One of the reasons for this seems to be from news of CME Group’s plan to launch Bitcoin futures, which adds mainstream legitimacy to Bitcoin while allowing easier access to the number one digital coin. Of course, there’s also a huge surge of purchases in anticipation of “free” SegWit2x coins!
Altcoins Left in the Dust? Is Capital Flowing Back Into Bitcoin?
2017 has been an incredible year for the altcoins – not just Bitcoin. Nearly every popular cryptocurrency is up in price and market cap when compared on a 12-month chart.
For example, Ripple (XRP) performed better than 99% of traditional stocks, and huge, effortless fortunes have been amassed through the trading of altcoins. However, through the market corrections in recent months, altcoins haven’t fully recovered from the impressive highs they made. With that being said, many are still up from the start of 2017 and still boast much higher market caps when compared to 12 months ago.
ICOs have also become much harder to profit from. The almost dreamlike gains many lavished earlier in the year are not so common anymore. With huge ICOs, such as Tezos, facing lawsuits, and governmental bodies issuing strict stances on these start-up ventures, it has triggered a trend where ICOs are no longer a bargain before being listed on exchanges, but are instead becoming quite the opposite.
Newly-issued hard fork coins give the incentive for users to hold Bitcoin, which could likely be the reason why the altcoin party has been stunted!
It’s not all doom and gloom for everyone’s favorite altcoins, though. Bitcoin Cash has rallied alongside Bitcoin as the SegWit2x hard fork approaches, and many now say Bitcoin Cash is more in line with Satoshi Nakamoto’s vision of Bitcoin and that SegWit2x is nothing but a backdoor, corporate takeover!
Bitcoin More Popular Than Ever, as Coinbase Can Testify, Too!
Popular exchange Coinbase yet again benefits from the huge surge of new users that seek to hold cryptocurrencies. A record 100,000 new users joined Coinbase after news of Bitcoin being accessible on CME! This huge surge also benefits Coinbase’s other purchase options, Ethereum and newly-added Litecoin.
Bitcoin has often been regarded as being shady or for criminals to use. With this week’s developments, that stereotype is beginning to be shrugged off, with many now teasing at the idea that we are now at the “early adoption” phase of this technology’s evolution.
What’s Next? $1 Trillion Market Cap?
If SegWit2x goes without anything catosphropic happening to Bitcoin, the road to the blockchain space reaching the $1 trillion mark is a very real possibility, perhaps even by the end of 2018.
With amazing projects that are not even trading above $1 yet and the potential to rival Ethereum, we could really see an explosion and influx of more private and corporate funds entering this space.
The big question now is where we are on the chart below…