Bitcoin has always been the most important cryptocurrencies in the market. Its market capitalization accounted between 80 and 90 percent of the total market value until June 2017. Half a year ago, its market share touched its lowest point: 37 percent.
Is Bitcoin Recovering its Market Share?
This year was a different one, various new cryptocurrencies appeared and ICOs were launching their tokens. This new situation in the cryptocurrency world created that Bitcoin lost great part of its market capitalization. Even when Bitcoin price kept growing, other currencies like Ether or Ripple were near to challenge Bitcoin’s hegemony.
June passed and bitcoin started to recover, little by little, its market value. In nominal terms, it was always growing in the middle term. On September, when China decided to shut down cryptocurrency exchanges, Bitcoin remained stable as regards the market share. In October, it has increased substantially from 50 percent up to 62 percent at the beginning of November.
As of today, Bitcoin owns 65 percent of the total cryptocurrency market. In the last hours and days, Bitcoin has seen an incredible price surge. At the same time, other currencies have been operating negative. What we appreciate in this situation, is that Bitcoin has received support from other cryptocurrencies.
Could Bitcoin Reach $20,000 Before 2018?
The Chicago Board Options Exchange (CBOE) and the Chicago Mercantile Exchange (CME), have helped the sentiment of the investors to grow. Bitcoin has just reached $16,000 dollars and we don’t know which could be its roof. If money keeps entering in the system, we could see Bitcoin surpassing $20,000 in just some days.
Meanwhile, Ethereum, Bitcoin Cash, Litecoin and Ripple are suffering from this Bitcoin Craziness. But we must be careful. We can’t just take for granted that Bitcoin will cross $20,000 in some days and we will all be millionaire. We also need to take into account that the CBOE and the CME have investors that do not want Bitcoin alive. Banks and other investors could go short and create a Bitcoin market crash.
If Bitcoin keeps growing, will it outperform all the other cryptocurrencies or they will follow Bitcoin’s trend? Will the market share keep growing for the king of the virtual currencies or it will stabilize around 60 percent? Do other currencies have any possibility to grow and surprise the markets the next year? In recent weeks we have seen IOTA and Dash growing fast and more than other traditional currencies.
What will happen after the CBOE and the CME will launch Bitcoin futures? Will one go short and the other long? Will you invest in Bitcoin now or you would invest in another cryptocurrency?
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Tags:bitcoinbitcoin priceBitcoin ValueBlockchainBTCCryptocurrency MarketMarket CapitalizationMarket Share