You are here: Home > articles > Forex > Bitcoin Market Share Falls to Monthly Low as Ripple and Bitcoin Cash Rally
Bitcoin Market Share Falls to Monthly Low as Ripple and Bitcoin Cash Rally
November 7, 2018 10:51 amVideo
Latest News
- Analysis of GBP/USD pair on May 28, 2024 May 28, 2024
- EUR/USD: What could stop the growth of the euro? A hypothesis May 28, 2024
- Inflation expectations in eurozone downgraded May 28, 2024
- Trading Signals for BITCOIN (BTC/USD) for May 28-30, 2024: sell below $69,000 (21 SMA – 200 EMA) May 28, 2024
- Technical Analysis – EURUSD sets sight on 1.0900 handle May 28, 2024
- GBP/USD: Simple trading tips for novice traders on May 28th (US Session) May 28, 2024
- EUR/USD: Simple trading tips for novice traders on May 28th (US session) May 28, 2024
- GBP/USD: trading plan for the US session on May 28th (analysis of morning deals). The pound hit a new monthly high May 28, 2024
- EUR/USD: trading plan for the US session on May 28th (analysis of morning deals) May 28, 2024
- USD/JPY: trading tips for beginners for European session on May 28 May 28, 2024
- Forex forecast 05/28/2024: EUR/USD, USD/JPY, Gold, Ethereum and Bitcoin from Sebastian Seliga May 28, 2024
- EUR/USD. May 28th. The bulls intend to reach the level of 1.1000 May 28, 2024
- Trading plan for EUR/USD on May 28. Simple tips for beginners May 28, 2024
- GBP/USD. May 28th. The pound sees no reason to stop at its current level May 28, 2024
- USD/JPY: Simple trading tips for novice traders on May 28th. Analysis of yesterday’s forex transactions May 28, 2024
- Video market update for May 28, 2024 May 28, 2024
- GBP/USD: Simple trading tips for novice traders on May 28th. Analysis of yesterday’s forex transactions May 28, 2024
- EUR/USD: Simple trading tips for novice traders on May 28th. Analysis of yesterday’s forex transactions May 28, 2024
- Low volatility across the board besides Bitcoin – Volatility Watch May 28, 2024
- Technical Analysis – EURCHF pulls back from 14-month peak May 28, 2024
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’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.
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.
Related Posts: