Study: Bitcoin Market Share Slips To 5-Week Low

Nov 7, 2018 at 21:00 Update Date :Nov 7, 2018 at 21:00 UTC

Bitcoin (BTC), the number one virtual currency, shows down in the market shares of the whole cryptocurrency market to five weeks low of 51.8%.

On Tuesday, other major cryptocurrencies were showing up in the market, whereas, XRP, which is run by Ripple Labs, were showing double-digit uplift in the trading prices. Since Monday, 5 PM, Bitcoin shown 0.3% up in the value, traded at $6436.

Bitcoin value in the virtual industry is a barometer to see the progress of the whole space. If the value of BTC was at 100%, then the price shifts would impact the capitalization more than it does now.

Ripple, Growth, and Ethereum

The market performance of Ripple is most remarkable, that led coming as equivalent to Ethereum. The demand for Ethereum comes from multiple sources in a constant flow, as the sources require Ethereum to process transactions and launch of ICOs.

Ripple is continuing its flow, impressing after a long low valuation period, and pushing towards the dollar parity. If someone takes a dollar and exchanges it for a Ripple, then it might be distinct than the prices on the XRP and BTC charts on a particular day.

XRP is closing at the second position in largest virtual currencies; the market capitalization of XRP was recorded last at $21.8 billion and Ether with $22.3 billion.

Bitcoin Cash Graph

There are many factors influencing the rise in the Bitcoin Cash price as well as the volume, but the most significant one is the hard fork which will have two camps around the currency. The people who forked BTC into Bitcoin Cash are now trying to fork the Bitcoin Cash into something.

While most of the people won’t believe this but this decline of Bitcoin in the market shares is a positive sign of health. It also needs to consider that this is nowhere a zero-sum game. Ethereum, in particular, presents lot opportunities for investment and utilization of the blockchain that companies have been attracted to, and on the other hand, Ripple serves large institutions. At present, together they both represent around 20% of the total market capitalization, and this contribution can’t be taken lightly.

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