Bitcoin (+ 28.5% week-on-week) has seen explosive growth this week going from the $5800 range last week to a high of $7500 as of writing this article amid expectations of the Segwit2x hard fork which is expected to take effect on November 16, 2017 at Block 494,784 adding about $30 Billion to the cryptocurrency market capitalization catapulting the market to the highest it’s ever been.
The only other cryptocurrency to have seen similar growth this week is Bitcoin Cash (+ 37% week-on-week) due to the uncertainty regarding the dominant chain when the fork takes effect.
In the opinion of Vinny Lingham, the CEO of Civic and an early adopter of Bitcoin tech, Segwit2x chain will outcompete the original chain since neither 1x or 2x has EDA (Emergency Difficulty Adjuster) which means blocks could be extremely slow for weeks for whichever chain is left with lower hash power. As of right now, round 85% of blocks are signalling for 2X.
NEM (– 14% week-on-week) is the only other major mover in the top the cryptocurrency list while Ethereum (– 0.3% week-on-week), Ripple (+ 0.8% week-on-week), Litecoin (+ 0.04% week-on-week), Dash (-2% week-on-week), Neo (– 6% week-on-week) and Monero (+ 1% week-on-week) have all pretty much seen sideways movement for the entire week.
The next 10 days could see some of the capital flowing back into altcoins as people start slowly accumulating before the fork but for the most part alt-coins are expected to see major recovery only after the fork after people have acquired the free Segwit2x coins which is currently trading as futures on Bitfinex at 2X/BTC = 0.17; 1X/BTC = 0.83 of the value of Bitcoin.
The biggest event in cryptocurrency market till date was experienced on Thursday, November2 , 2017 when Bitcoin Price crossed $7,000.
Top Ten Cryptocurrency List as on November 5, 2017
KryptoMoney.com publishes top ten cryptocurrency list on every sunday. This is our 26th weekly report and the previous one was published on 29 October 2017.
|3||Bitcoin Cash||$10,310,846,559||$615.10||16,762,988 BCH|
|10||Ethereum Classic||$1,155,854,248||$11.90||97,138,772 ETC|
*Market Capitalization is calculated by multiplying the price with the supply of coins in circulation.
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