Global market bleeding despite Bitcoin gain

Hello all. Everyone would agree that past trends can’t predict future of markets. Similar market trend was observed in 2017 as it is seen today. We see money coming back to the father of all coins (Bitcoin) and mostly altcoins can be seen bleeding.

Excluding Bitcoin, the global altcoin market is down 2%, or about US$5 billion from the start of the day, and down almost 10 billion from the 24 hour high. Exceptionally ReddCoin (RDD) has grown 30% in BTC to 89 sats, and a handful of other coins saw BTC growth of 5% or less on the day.

During this time of the year in 2017, when cryptomarket first began sky rocketing and gained attention of general public, BTC had about 86 percent market dominance, a figure that has been falling on average ever since, despite its short rise up to 66 percent in early December. Bitcoin transaction fees also saw all-time highs in January 2018, rising to about $37 for a fee that would have your transaction mined fastest, on the next mined block.

Crypto investor and Expert Roger Ver tweeted last week about the benefits of BCH over BTC, calling Bitcoin, “slow, expensive to use, and unreliable for transactions.”

 

Total market cap is around $457 bln, down from last week’s high over $500 bln.

SegWit:

Support for the Bitcoin scalability upgrade Segregated Witness (SegWit), which is designed to make transaction fees slower and transactions times faster on the Bitcoin network, was added to the latest Bitcoin Core client version released on Feb. 15, 2018. SegWit support was also added to major exchange Bitfinex today, Feb. 21, and scheduled to be released on the exchange and wallet platform Coinbase by mid-next week.

Final opinion:

It’s logical to predict the immediate future of altcoins will be largely determined by the price fluctuations of Bitcoin. When Bitcoin begins to move sideways, or dip, altcoins will once again start to prosper.