It’s been a very eventful week for the cryptocurrency market, which saw Bitcoin ( -17.5% week-on-week) which shot up to $7800 on Wednesday before beginning its current downtrend to the current price levels of around $6129 as of publishing this article. The surge in price was largely because of the expected Segwit2x Hard Fork which was scheduled to take effect around November 16, 2017. But things did not go as planned and the SegWit 2x Hard Fork was suspended indefinitely due to the inability of the community to find a consensus around ideal block sizes for Bitcoin. Due to the suspension of SegWit2x Hard Fork, Bitcoin price initially went high upto $7900 but later started falling. This fall in Bitcoin price, boosted the price of altcoins. Here is the Top Ten Cryptocurrency list post the market changes.
The biggest gainer from the infighting that has plagued the Bitcoin community for over 3 years was undoubtedly Bitcoin Cash which has gone up a whopping 600%. The sudden surge in interest for Bitcoin Cash is due to a large number of Bitcoin users who finally switched to Bitcoin Cash in order to reap the benefits of the larger 8 MB blocks. For years, Bitcoin has been controlled by a small team of Core developers who want to artificially keep transactions slow and expensive in order to force users to pay for their 2 layer scaling solutions that Blockstream, the company they work for, has in the works.
Dash (up 37.5% w-o-w), Monero (up 38.5% w-o-w), Ethereum Classic (up 31% w-o-w) and Iota (up 69% w-o-w) are the other major gainers this week largely in part due to the confusion that the Bitcoin community has created with regards to calling off the Segwit2x hard fork. Since Bitcoin is turning more and more into a corporate controlled payment settlement layer for Blockstream members, users are looking at alternatives to fulfill the goals that Bitcoin initially set out to solve.
List of Top Ten Cryptocurrencies as of November 12, 2017
KryptoMoney.com publishes a list of top ten cryptocurrencies on every Sunday. This is our 27th weekly report and the previous one was published on November 5, 2017.
|3||Bitcoin Cash||$26,550,701,719||$1,288.68||16,797,013 BCH|
|4||Ripple||$7,628,319,950||$0.20||38,531,538,922 XRP *|
|8||NEO||$1,759,894,500||$27.08||65,000,000 NEO *|
|9||Ethereum Classic||$1,678,178,191||$17.23||97,372,622 ETC|
|10||IOTA||$1,629,079,919||$0.59||2,779,530,283 MIOTA *|
*Market Capitalization is calculated by multiplying the price with the supply of coins in circulation.
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