Though expected, but still surprising events took place over the last one day. A new cryptocurrency created because of hard fork of bitcoin blockchain didn’t do that well in the investment market. World’s third largest cryptocurrency exchange, Bittrex, officially denied to integrate Bitcoin Gold trading due to its lack of code testing, auditing and replay protection. Bittrex stated-
“At this time, the information and codebase presented by the Bitcoin Gold team is not in a functional state and Bittrex will not commit to opening a Bitcoin Gold trading market. When considering adding tokens to Bittrex exchange we look at the risks involved. Bitcoin Gold does not satisfy our criteria for safety for our users.”
However, I believe many more things happened, if we analyse the cryptocurrency holistically.
The global market capitalization of cryptocurrencies declined from $173.1 bn on Oct 22, 2017 to $169.1 bn on Oct 24, 2017. This means a decline of 2.31% in total money circulating in the crypto world. Within these two days, the global market capitalization touched a bottom of $163.5 billion, i.e., decline of 5.54%. An exit of ~$9 bn of money from the cryptocurrency, majorly for profit booking on Bitcoin and then, an inclusion of ~$5 bn fluctuated the bitcoin dominance number, but didn’t give other a chance to put in a challenge.
Bitcoin’s percentage share in market capitalization declined by ~2.5% on October 24, 2017 between 1:17 UTC and 2:17 UTC time. Ethereum resonated in the similar manner but in opposite direction, which clearly indicates inclusion of funds from Bitcoin to Ethereum. Though, it gained roughly around 1%.
Another gainer in this shift are the Altcoins. Omisego, Stellar, Stratis and Syscoin have gained considerably in a day’s period. The gain has been as high as more than 20% in Altcoins.
This momentum in Ethereum and Altcoins clearly indicates the shift of money from Bitcoin to other cryptocurrency. However, at one point in two days period, there was a loss of around $9 bn and during that period there was no much change in percentage share of cryptos. With inclusion of ~$5 bn, the Ethereum and altcoins definetly surged. Though, still the gap of $4 bn can make the market rally, specifically the altcoins to new high.
Are the key investors waiting for the next bitcoin fork to induce few more billion dollars in the system?