Category Archives: Coinmarketcap

Auto Added by WPeMatico

CoinMarketCap’s Historical Snapshots Put Crypto Market in Perspective

CoinMarketCap offers historical snapshots, which are basically like a time machine that allows you to look at the state of the crypto market at a point in the past. These historical snapshots give perspective on the crypto market, showing how far it has come and how the 2018 bear market isn’t bad at all.

Plenty of crypto investors have become depressed with the situation in 2018, having seen Bitcoin decline from USD 20,000 to as low as USD 5,800, a 71% decline. The CoinMarketCap snapshot from 17 December 2017 shows Bitcoin with a market cap of USD 327 billion, versus USD 111 billion today 13 September 2018. At that point, five other cryptocurrencies had a market cap in excess of USD 10 billion: Ethereum, Bitcoin Cash, Ripple, Litecoin, and Cardano, and those altcoins actually rose significantly through January 2018. Whereas now, the entire altcoin market has a market cap of USD 84 billion, with only Ethereum and Ripple holding above USD 10 billion.

However, when rewinding to 5 January 2014, during the rally that brought Bitcoin to USD 1,000 for the first time, it can be seen how much the crypto market has grown, even at current levels. In early 2014, Bitcoin was becoming mainstream and there were building hype and optimism, yet Bitcoin’s price was less than USD 1,000 with a market cap just over USD 10 billion. This is about the same as the market cap of Ripple currently, which is an altcoin that is much weaker than Bitcoin and less than 10% of the current Bitcoin market cap.

At that time, there were no other cryptocurrencies with a market cap in excess of USD 1 billion. Litecoin was #2 at USD 617 million, with Ripple a distant #3 at USD 219 million. Compare this to the present day where there are 15 cryptocurrencies with a market cap in excess of USD 1 billion. Also, at that time, only 67 cryptocurrencies were listed on CoinMarketCap, versus 1,944 on CoinMarketCap as of this writing.

When looking at 28 April 2013, the difference with the present day is even more extreme. This was around the time that Bitcoin first rallied to over USD 100. At that time, Bitcoin’s market cap was USD 1.5 billion, equivalent to modern day Dash which sits at #12 on CoinMarketCap. Also, there were only seven cryptocurrencies recorded on CoinMarketCap at that time, the six altcoins having a combined market cap of less than USD 100 million, most of which was Litecoin at USD 75 million.

Essentially, there was practically no altcoin market only five years ago when compared to the present day. The number of altcoins has proliferated from fewer than ten to nearly 2,000, and market caps have boomed from millions to billions of US dollars. CoinMarketCap historical snapshots make it clear that 2018 is not that significant a bear market at all.

 

Follow BitcoinNews.com on Twitter: @bitcoinnewscom

Telegram Alerts from BitcoinNews.com: https://t.me/bconews

Want to advertise or get published on BitcoinNews.com? – View our Media Kit PDF here.

Image Courtesy: Pixabay

The post CoinMarketCap’s Historical Snapshots Put Crypto Market in Perspective appeared first on BitcoinNews.com.

Almost Half of Investors See Bitcoin as World Changing Technology

Visual Capitalist, a digital media company, has put together a report highlighting how investors interact with digital currencies and what might be their future aspirations for the space.

Qualitative and Quantitative data,  features of news reporting that informs about how people feel about, and use of digital currency in the financial sector, is increasingly being referred to in the industry as a way of measuring which direction the sector is moving in the light of digital currencies’ fluctuating fortunes.

The Visual Capitalist analysis focusses on the thinking behind the statistics rather than simple numbers of participants adopting, selling or hoarding cryptocurrency.

According to the firm, it’s reported that 41% of those investing in Bitcoin specifically, do so as they perceive it as a world-changing technology. Consequently, these respondents see cryptocurrencies having a major role in the future and about 22% of them are holding bitcoins long term. Over 15% have had friends or family members suggesting or recommending it to them, whereas only a few (8%) simply see it as a utilitarian tool for purchases rather than cash, or credit cards. Another 14% see prices going high, offering investors a healthy return on investments, compared to banks.

In this particular report, it is suggested that over 60% of investors started investing in 2017. 56% of holders are planning further investments within a year.

Another report from March 2018, published by Huobi, claims that almost 80% of investors see a 30% increase in portfolios over the next three years, perhaps a refreshing thought for investors monitoring the market downtrend this year to July.

A Lenedu poll from November 2017 agreed that Bitcoin is for investing long-term, suggesting that investors are for holding rather than short-term commitment. A one to two-year hold seemed the most popular option at 40% with significantly smaller numbers holding for over 10 years or selling in the next 12 months.

As has been seen recently, readers, investors or would-be-investors are affected by media reports and consequently, this results in a fall in markets. Individual coins are affected in the same way. Today’s Bitcoin price, at the time of writing, is $6446 (CoinMarketcap) which demonstrates a bullish shift from recent falling prices of the past week.

Follow BitcoinNews.com on Twitter at @BitcoinNewsCom

Telegram Alerts from BitcoinNews.com at https://t.me/bconews

Image Source:Pixabay

The post Almost Half of Investors See Bitcoin as World Changing Technology appeared first on BitcoinNews.com.

CoinMarketCap Removes Bitcoin.com Amid Bitcoin Cash Controversy

Bitcoin.com has been deleted from CoinMarketCap‘s Bitcoin page after being listed as the secondary Bitcoin website for many years.

CoinMarketCap is an extremely popular tool that lists important information about almost every cryptocurrency in existence, which includes over a thousand different coins, and is ranked by Alexa as the 181st most popular website in the world. It is a big blow to Bitcoin.com’s legitimacy and future traffic to be delisted from CoinMarketCap.

There was no official announcement from CoinMarketCap regarding the deletion of Bitcoin.com, but the action occurred amid threats of legal action from the cryptocurrency community that Bitcoin.com was misleading and defrauding users by showing Bitcoin Cash as the default currency. Both the Bitcoin.com wallet software and a page to buy Bitcoin with your credit card displays Bitcoin Cash as the primary and recommended option, with actual Bitcoin being secondary.

The CEO of Bitcoin.com, Roger Ver, has been an avid supporter of Bitcoin Cash and argues that it is the “real” Bitcoin. He has been promoting Bitcoin Cash on his twitter feed and on his websites. Bitcoin Cash was created in August 2017 and directly forked from the Bitcoin blockchain; the main difference from Bitcoin is that Bitcoin Cash has a larger block size of 8 MB which allows more transactions per block, lowering transaction fees.

Bitcoin transaction fees exceeded USD 50 at one point during the last year, and was over USD 20 for two months straight. These extremely high fees per transaction made Bitcoin unusable as a currency to buy everyday things like a cup of coffee, and instead made it only feasible to use for investment purposes when dealing with large amounts of money.

Bitcoin Cash transaction fees have been much lower than Bitcoin since its inception in August 2017, although this is also partially owing to a lower value (Bitcoin Cash trades at about 15% of Bitcoin value) – hence its name since it is purportedly cheaper to use Bitcoin Cash as a currency due to the lower fee. Fortunately, Bitcoin transaction fees have declined to less than USD 1 at time of writing, although it is inevitable that transaction fees will increase as the value and popularity of Bitcoin rises in the future.

Regardless of transaction fees and the arguments of Roger Ver, Bitcoin Cash has much to catch up on if it were to consider itself a “true” version of Bitcoin. For one, it would have to address the fact that Bitcoin has far more mining power maintaining and securing the Bitcoin blockchain, with a more numerous and diverse – hence, more decentralized – distribution of nodes.

Considering how misleading it is for new users to be told that Bitcoin Cash is the real Bitcoin, it would make sense for this recent move by CoinMarketCap.

 

*Follow BitcoinNews.com on Twitter at https://twitter.com/bitcoinnewscom*

*Telegram Alerts from BitcoinNews.com at https://t.me/bconews*

The post CoinMarketCap Removes Bitcoin.com Amid Bitcoin Cash Controversy appeared first on BitcoinNews.com.

Bitcoin Charges Past $8,000 on Bullish Run

Bitcoin moved above the USD 8,000 mark yesterday for the first time since March after a bearish run and today jumped nearly USD 400 in an hour.

Bitcoin is currently hovering just above USD 8,000 (2pm UTC), representing a 17% gain since this time yesterday. The cryptocurrency topped out at USD 8,011 on Coinbase yesterday and against some analysts’ expectations, has maintained these recent price gains. According to Coinbase, Bitcoin moved through some volatile trading, reaching a low of USD 6,786 on Thursday morning.

The sharp rally was reportedly fueled by the unwinding of short trades (also known as short liquidation). The rise confirmed a double bottom bullish breakout backed by strong volumes encouraging buyers back into the market.

BTC margin shorts on Bitfinex stood well above December 2017 highs and volume analysis suggests that the rally is here to stay. Yesterday, the total trading volume across all exchanges topped USD 8 billion according to CoinMarketCap. Exchange platform Bitfinex registered a two-week trading high.

Cryptocurrencies have been under pressure over the course of the year, due in part to pending government regulations in the virtual currency environment and tax considerations. According to David Johnson, CEO of Latinum, another factor was the Mt Gox trustee’s sale of hundreds of millions worth of the digital currency. He added, “I believe the surge in Bitcoin price is connected more with decreased selling pressure than anything else.”

Another theory on the Bitcoin revival is the current global geopolitical situation with US tariffs threats on China and the threat of military action by the US in Syria, both events tempting Russians and Chinese to secure assets in Bitcoin.

Bitcoin investors had been bracing themselves for a market sell-off after it was announced at the beginning of April that US households could owe USD 5 billion in capital gains taxes for crypto holdings.

Recent developments regarding big players entering the industry such as George Soros and the Rockefellers are often viewed by commentators with a degree of positivity for the future of virtual currencies. Billionaire trader Tim Draper made his 2018 Bitcoin prediction in the last 24 hours, suggesting a coin value of USD 250,000 by 2022.

 

The post Bitcoin Charges Past $8,000 on Bullish Run appeared first on BitcoinNews.com.