The cryptocurrency market has seen explosive growth this past week, mostly in Bitcoin price creating new all-time high which went from the $4400 range at the start of the week to over $5800 on October 13, 2017. The Total Cryptocurrency Market Capitalization stood at just below the $150 billion range at the start of the week but has skyrocketed to $175 billion over the course of the week, fueled mostly by the meteoric rise in the price of Bitcoin. The current swift rise in Bitcoin price is being attributed to the upcoming Segwit2x hard fork which is expected to take effect in November 18, 2017. With rise of Bitcoin price , the cryptocurrency market changes and here we are with Top ten cryptocurrency list as on 15 October 2017.
Unfortunately for Altcoins, none of the growth of Bitcoin has trickled down to them. In fact, most Altcoins have started the slow bleed in price this week as stated in the last week’s analysis. Of the Top Ten cryptocurrencies by market capitalization, Bitcoin (+30%), Litecoin (+30%) and Bitconnect (+40%) have seen the most growth while Bitcoin Cash (-11%), Neo (-22%) and IOTA (-16%) have seen the most decline. This decline seems to be the result of people dumping their alt coins to join the Bitcoin chain before the hard fork occurs in order to get free Bitcoin Gold.
Established cryptocurrencies like Ethereum, Dash and Monero have seen very little price movement as they have a lot of support at their current price levels. To be price Ethereum witnessed a recent gain of over 10% from $300 to over $330. This price rise in Ethereum was attributed to the recent listing of Ethereum Exchange Traded Notes at NASDAQ Stockholm.
Overall, the market is showing very bullish signs and if it were to emulate the behavior of the last Bitcoin hard fork on August 1,2017 , which resulted in the creation of Bitcoin Cash, we could expect to see this week’s trends continue well into mid November which would mean new all time high prices for Bitcoin and market cap in general.
What remains to be seen is when the growth starts trickling down to the other alt coins which haven’t seen any piece of the pie so far.
Top Ten Cryptocurrency List as on October 8, 2017
KryptoMoney.com publishes Top Ten cryptocurrency list on every sunday. This is our 23rd weekly report and the previous one was published on 8 October 2017.
|4||Bitcoin Cash||$5,307,298,579||$317.78||16,701,225 BCH|
*Market Capitalization is calculated by multiplying the price with the supply of cryptocurrencies in circulation.
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