In recent days the cryptoactive market has been hectic, with a rise in bitcoin prices and a decline in the value of alternative cryptographic currencies. These variations in the ecosystem have been curiously marked in the platform Bittrex, fact that according to some analysts of the web could be something more than coincidence.
The CryptoSyndicate portal published a comparative analysis of the last 24 hours of the cryptographic currency markets listed in Bittrex. The opinion article emphasizes that the altcoins that are quoted in this platform decreased their dominance in a similar way among all, while Bitcoin increased the value of its cryptoactive.
Comparative analysis of different altcoins in Bittrex. Source: The CryptoSyndicate.
Analysts point out that the massive decline was not generated in all alternative market currencies, but only in those that were listed on Bittrex. Similarly, ecosystem change houses did not experience this same kind of value movement. Even exchange trades like Binance, Kraken, Bitstamp and Coinbase had only reactions stemming from this market downturn presented on the platform.
The hypothesis of these variations suggests that Bittrex could be the cause of the increase of the dominance of Bitcoin in the ecosystem. That is, the platform would be exchanging its funds in altcoins for bitcoins in order to keep the monetary value of these cryptographic currencies, thus reducing the risks of a market characterized by volatility.
Analysts believe this could be a "monumental mistake," as an entity with a massive diversification of alternative currencies, such as Bittrex, should do these load offs with a longer timeframe. All this to avoid producing panic in the world of cryptoactive.
Bittrex has stated about this controversy, excusing itself that the platform commissions are taken from the market base. Similarly, they pointed out that the exchange house does not have possessions of other criptomonedas other than bitcoins and ethers, beyond the funds necessary to make transactions.
Bittrex: "Just so there is no misunderstanding on how the Bittrex commissions work, we take our commissions on the base market. For the Bitcoin market, we collect BTC, for Ethereum, ETH. We do not collect or have positions in altcoins except for the small sum we need to keep the transactions moving."
The CryptoSyndicate points out that this market analysis is neither proven nor based on solid information. Nevertheless, the article emphasizes that all these conjectures are constituted thanks to the market analyzes carried out from outside the exchange house, which do not stop throwing questions in front of this unusual movement of cryptographic coins.