Crypto Market Is On Fire Right Now - Market Cap Nears $25 Bln
While people have been observing coins like Ethereum and Dash reach all-time highs, the crypto ecosystem as a whole seems to be taking off. The market capitalization of all cryptocurrencies in circulation has neared $25 bln.
Bitcoin – the dominant onez
Bitcoin is, of course, the dominant cryptocurrency. It currently accounts for approximately 80 percent of the total market capitalization of all cryptocurrencies in circulation. In the run-up to the decision on the Winklevoss’ Exchange Traded Fund (ETF), Bitcoin dominance was as high as 88 percent.
Post rejection of the ETF, Bitcoin price has stabilized, and it has been in a consolidation mode.
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Low Fees, Flexible Network, Limits: Why Ethereum Price is Surging
Ethereum price is surging and on March 13, it reached its all-time high market cap of $2.74 bln. Analysts are attributing the rising trend of Ethereum price to the community’s demand for cheaper, faster, more flexible and a developer-friendly network.
Since early 2016, Ethereum developers have been criticizing Bitcoin due to its limited functionalities and restricted flexibility in comparison to the Ethereum network. Bitcoin experts including Litecoin creator and Coinbase Director of Engineering Charlie Lee argued that a network can’t be flexible, cheap and efficient without compromising security.
As seen in late 2016, when Ethereum underwent four consequent hard forks, the consequence for prioritizing flexibility and functionality over security was quite evident. One of the hard forks designed to bail out investors in the decentralized autonomous organization (DAO) led to a split chain, which the community feared, creating Ethereum Classic.
However, as the Bitcoin Blockchain became more congested and an increasing number of transactions started to get delayed for up to 48 hours, developers, users and businesses began to seek out for alternative networks to use. The majority of users that searched for other altcoins or alternative networks migrated to Ethereum.
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Where Did Hawaii Go Wrong with Bitcoin?
The recent news of Coinbase suspending its services to the residents of Hawaii took many by surprise. The cryptocurrency wallet and exchange services, one of the big names in the industry made the hard decision after the Division of Financial Institutions introduced a new regulation that classified the company has a money transmitter. As per the new classification, Coinbase was not only required to get a license, but also match the value of bitcoins held on the platform with an equivalent fiat reserve.
The regulation in question that forced Coinbase out of Hawaii seems to be flawed on many counts. For starters, the Hawaii DFI has directly equated Bitcoin with money, which is not really the case. Without a proper understanding of the asset, the business model followed by Bitcoin companies and the difference between money and bitcoin, the regulators have imposed hurdles to the development of a crypto-economy.
“While the state gives lip service to the idea that we foster high-tech companies in Hawaii, a careless or hostile regulatory environment for new technology tells entrepreneurs and investors that doing business in Hawaii comes with unnecessary hassles and risks.”
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Why an ETF is a Bad Idea for Bitcoin
Winklevoss ETF has come and gone, it was not approved. At the incident of the announcement of non-approval, Bitcoin price collapsed from $1,350 to $980 within a very short time. Several hours later, Bitcoin price has been seen to be on a steady recovery and trades at $1,230 at the time of writing.
Jeremy Epstein, CEO at Never Stop Marketing, says:
“This is a pothole in the road, to be sure. The decentralized asset world has to slow down and adjust, but the momentum that Bitcoin and altcoins have is past the tipping point.”
Expectations were high in certain quarters before the SEC announcement, different schools of thought filtered through the Bitcoin ecosystem and expert analysis offered predictions of possible market reactions, depending on the outcome of the event.
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Prepared by @SydesJokes
Original post from: http://CrowdifyClub.com/SydesJokes