This past week saw an epic change in crypto market sentiment as news of the cancelled Segwit2X Bitcoin (BTC) hard fork drove heavy selling and a monster rally in Bitcoin Cash (BCH). Market re-allocation continued in the Alt-Coins with many names moving double-digit percents on heavy volume. In the past 24 hours alone, nearly $4.5 billion USD worth of Bitcoin Cash traded hands, about 3.6 billion BCH tokens worth of the currency.
Volume Traded (24 Hours)
Bitcoin (BTC) still dominates the market at 55% of total market cap. Bitcoin Cash briefly surpassed Ethereum's market cap this past week but has since sold off a bit and currently makes up about 10% of the total market.
Market Capitalization
We can see the flow of funds in the following two charts, with clear winners and losers over the past 1 day and 7 day time periods. Dash, IOTA, and Ethereum Classic (ETC) were also up strongly over the past 7 days, but have given back some ground in the past 24 hours.
Market Cap Change (7 Days)
Market Cap Change (24 Hours)
With such wild trading fueled by Segwit2X and other broad market re-balancing, I expect volatile trading to continue this week. Follow me for more market analysis and updates. Steem on!
Latest News Headlines
Bitcoin Gold Goes Live After Bumpy Blockchain Launch
The newest fork of the bitcoin blockchain is officially live after a rocky start. Developers for the project, dubbed bitcoin gold, published software for the breakaway cryptocurrency today, releasing the code on GitHub as well. Aimed at blocking the use of specialized chips for mining, the project revealed last week it was eyeing a formal launch on Sunday, weeks after it first initiated a split from the main bitcoin blockchain.
Source: coindesk.com
Bitcoin Cash Hard Forks In Bid to Ease Mining Difficulties
Bitcoin cash appears to be successfully navigating a planned hard fork. At press time, the majority of the network nodes (roughly 82 percent) have transitioned to new software (version 0.16.0 or later) that includes rules aimed at making the protocol's reward distribution more attractive to the miners that secure its blockchain.
Source: coindesk.com
Mark Yusko Is Confident Bitcoin Can Reach a Value of $800,000
We have heard some very interesting Bitcoin price predictions over the past few years. Some individuals such as Boston University’s Mark T. Williams, better known as Professor Bitcorn, expected Bitcoin to die a few years ago. Others think now is only the start of a major Bitcoin price rally. No one knows for sure who is right and who is wrong in this regard. Morgan Creek Capital Management CEO Mark Yusko is confident that one Bitcoin will be worth US$400,000 someday.
Source: themerkle.com