Looking at the crypto space recently, alt coins seem to be gaining a great momentum at the expense of Bitcoin. Since the launch of Bitcoin features, Bitcoin has seen a slow down in its “massive price spike” with its price hovering between $16000 and $17000. It is also rumored that many hedge funds are busy shorting Bitcoin since the introduction of features as they think the price is overvalued. Nevertheless, while Bitcoin’s growth has slowed, here is what has been happening in the market space;
Recent gains of alt coins and global market cap.
The market has generally seen a huge gain in its capitalization from about $350B at the start of the week to more than $500B as of press time. These huge gain in the market capitalization seems to be coming from money getting into altcoins as Bitcoin has seen a drop in its global market share of last week from 62% to 53% as of price time while global market cap rose at the same time.
However, some of the top 10 alt coins have seen a massive run this week. Litecoin began the bull run on Monday with the coin hitting new record highs of $341 doubling its market capitalization to more than $15B. This comes after the coin has experience months of stagnancy in its growth. This was then shortly followed by Ethereum which saw massive gains and a market capitalization growth from $30B to over $65B as of press time. Ripple was not left out. Yesterday, it saw a huge surge on its price as it gained more than 84% over a period of 24 hours surpassing both Litecoin and Bitcoin Cash to settle at 3rd place in terms of market capitalization (though this position keeps changing between BCH and XPR over the past hours )
What do you think about the recent gains in alt coins? Should it be seen as the beginning of a Bitcoin takeover?
Let us know your thoughts in the comment section.