We started this year with this growing cryptocurrency market at $40 Billion we are close to ending this year and the market is already at $200 Billion.
Thats a 400% increase in total market cap, in just over 10 months! Pretty incredible for an entire market!
We are seeing that many altcoins are very volatile, they can quickly go up in price and then they drastically go down. In one instance, prices built up over time greatly went down within a time frame of 48 hours.
The pioneer coin, BTC is still staying strong and has grown to over $7,000 and there’s more exciting news for BTC, there will be btc futures, allowing BTC enthusiasts to close out this year with a bang
Volatility Rules over the Alts
An observer of the crypto markets can see that there is great fluctuation across the altcoin market and this is the norm. It seems that despite price growth over various coins which were thought to have signaled faith and stability, volatility has only ratcheted upwards.
This volatility situation can be affecting the altcoins due to a variety of factors, lack of knowledge by investors in the intrinsic value of these altcoins spurring speculation, herd mentality and varying movements in the markets at the drop of a hat.
Despite the volatility, these altcoins still play a role in the market value of this cryptocurrency and should not be discounted.
Will BTC continually rule them all?
BTC, the first worldwide decentralized cryptocurrency and digital payment system, founded in 2009, is still the one with the most worth. One would be hard pressed to find someone who has trouble understanding why this one would be the one to have so much value. It’s incontestable, it has been around the longest, has inspired the others and provides sort of standard. Everyone watches BTC, they want to know what happens with BTC, if, why and when hard forks are happening. BTC with its high price tag of 6590.14 USD (at the time of this writing) holds a significant portion of the market value. Bitcoins make up at least $125 billion of the market value.
Ethereum, holds the second place rank for market cap with over $28 billion allocated to it.
BTC cash comes in at thirst place.
We started the year with BTC being held at $997.69. We’re about to close the year with bitcoin being about $7000.
Think about that gain. That’s one year. That’s an impressive growth streak that it has had over these past couple of months. 2017 will have to go down as a strong year in BTC history.
BTC is still the strongest coin in the present and one wonders what sorts of issues will have to happen for BTC to fall significantly and altcoins to gain in significant value? Is BTC driven solely by speculation just as the case with alt coins or is there more to BTC which props up the value?
People like Bobby lee, founder of BTCC, say that “Bitcoin’s value does not come from the endorsement, acceptance or regulation from governments. Bitcoin’s value comes from the inherent failures, limitations and inconveniences of the fiat money system,”, they believe the value comes from it’s reason for being, and the faith in that belief that is shared by many.
What sort of factors will have a significant effect on BTC?
Finally, 200 Billion Total Value is not something truly significant in terms of the overall general markets but it is something that one can’t scoff at as fortunes rise and fall on a regular basis.
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